Real Estate Trends 2020 — Gen X Buyers

Real Estate Trends 2020 — Gen X Buyers

January 10, 2020 5 By Luis Garrison


Iif you’re hoping for a little sold sign
in your life for 2020, this is the video for you, because when you are in the
market to sell your home it pays for you to do market research on your buyers.
This is your video. Real Estate Trends 2020– Gen X Buyers. Hey! Important little news flash here. If
you are in the process of doing your research in order to put your own home
on the market, I have a valuable offer for you, and it’s free! Be sure to
download my free seller’s guide. I’ll leave the link for it down below. It’s
full of all sorts of valuable tips and tricks in order to help you go from just
having a sign in your yard, listing your house for sale, to having one of these. Hi
there, my name is Emily Farber, and I’m a Realtor® with Lepic-Kroeger, Realtors® in
Iowa City, Iowa. I create video content all about real estate and the Greater
Iowa City area. If you are interested in either one of those things I would
highly encourage you to subscribe, and pro tip, don’t forget to ring the bell
down below, that way you’ll be notified every time I put out a new video, which
is every single Friday. This video is the second in a series all about home buying
trends in 2020. As a home seller it pays for you to know your target audience. The
more you know about the buyer, the better able you will be to target your
marketing and perfect your product. You’ve probably heard quite a bit about
different age demographics in the media lately, but here in the world of real
estate, I don’t really care how old or young a buyer is as long as they are
qualified. People who are part of the Gen X
generation were born between 1965 and 1979. Gen X buyers make up about 24% of
home purchases in the United States. Here are some interesting facts about Gen X
buyers to help you in your research about how to better prepare and market
to your buyers. First off, Gen X buyers are in the peak of their
earning years and have the highest median income of all generational age
brackets. According to research, in 2017 the median income for Gen X buyers was
$111,100. Correspondingly, Gen X buyers are
interested in the largest and most expensive homes on the market with
luxury finishes. Most Gen X buyers are experienced in the world of real estate,
having bought and sold a few times over, so they know what they want and
generally they know the path to get there. So what does this mean to you as a
seller? In order to tap into that Gen X demographic, and their buying power, as a
seller you are going to need to make your property appealing to an
experienced consumer. That means having both the interior and the exterior of
your property as close to perfect as possible. Don’t be afraid of doing some
luxury upgrades because that is what this sort of buyer is looking for. The Gen
X buyer is probably not interested in a fixer-upper at this point in his or her
life. Move-in-ready is the name of the game. Like many Millennials, Gen X buyers
are growing increasingly interested in eco-friendly features, although
eco-friendly features may not be a deal breaker, or maker, the way it would be for
Millennials. If you’re interested in more about Millennial buyers, be sure to watch
my video right here. I’ll leave a link for it in the cards.
A very interesting fact about Gen X buyers is that one in six, or about 16%
of them who are looking to purchase a home and end up a multigenerational
home. The reason for this varies, but the biggest factors have to do with Gen X
adults needing to care for their aging parents, also another large factor in
this is the phenomenon of the boomerang child, adult children who have flown the
nest but then need to come back home and live with their parents. As you can see
from this data from the National Association of Realtors 2019 Home Buyers
and Sellers Generational Trends Report 28% of those who buy a
multigenerational home do so because they’re caring for their aging parents,
and 25% do so because their adult children are moving back home. In 27% of
those cases Gen X buyers looking for one of those
multigenerational homes is doing so because they have adult children who
have not yet even left the home. The high cost of rent and lack of affordable
housing options is the driving economic factor that push a lot of adult
children back home or keep them there in the first place. Children living at home
are generally trying to build up their savings so that eventually they can fly
the nest. In addition to caring for their aging parents, as well as welcoming adult
children back into their homes, 56% of Gen X buyers still have children under
the age of 18 in the home, so as you can see having a nice-sized
multigenerational home set up for a variety of different living situations
can really be ideal for a lot of Gen X buyers. If you’re trying to get a picture
of who the Gen X buyer is overall, Gen X buyers are made up of 65% married
couples, 17% single women, 9% single men, 8% unmarried couples, and 2% other. Gen X buyers search for their next new home for about ten weeks, which is about
average across age brackets, however they reach out to a real estate
agent for assistance sooner than just about any other age
bracket, at only two weeks into their home search. And why do they do that? Well, in speaking from experience as a Gen Xer
myself, I would have to say that Gen Xers are just super busy we know what we want
and we know the path of least resistance in order to get there, and in the case of
real estate, that means contacting a real estate agent to assist you with your
home purchasing journey. Hey, thanks for joining me today on my video, Real Estate
Trends 2020 — Gen X Buyers. I hope you found it to be helpful in gaining a deeper
understanding of likely buyers for your house if you’re putting it on the market.
Remember to subscribe. I’d hate to have you miss out on any valuable content
that could help you in your real estate journey. I’ll catch you next time!