March 31, 2021
Lifestyle – The New Buyer Must Have
Recent trends have indicated that buyers are placing an increasing amount of importance on the lifestyle that a potential home would give them, and not basing their decision solely on the tangible assets that the home can offer. Whether this is based upon the emerging homeowning generation’s (Gen Z) emphasis on experiences rather than tangible commodities or the fact that people are choosing to reside in their homes longer: the evidence shows that lifestyle is an ever-important factor in the home purchasing process.
As noted earlier, homeowners are choosing to stay in their homes for an extended period of time in comparison to the early 2000s. On average individuals are staying in their homes between 8 to 10 years, where in the early 2000’s the average was only at 5 years. There are various factors that affect these averages such as changing mortgage rates, supply & demand, and the economic state of the country. Yet the emerging trend of lifestyle is likely to be a heavy influence.
What lifestyle truly boils down to is the location. As people often say “location, location, location” as it truly is imperative to fostering a desired lifestyle for potential buyers. When deciding where you would like to move and the lifestyle that you would like to accompany your home it is important to consider factors such as outdoor activities, local entertainment & shopping, and the overall feel of the community. This can be accomplished in virtually any setting, whether it be in a rural area, a city landscape, a family-oriented community, or as specific as popular locations for specific age ranges. Knowing what hobbies, you would like to have access to in the area, your desired commute, preferred school districts, and geographical landscape can help narrow down specific communities that can offer your desired lifestyle.
Having your dream lifestyle to accompany your dream home is not solely limited to the rich and famous. Buyers of all incomes can find homes that fit their lifestyles in any price range. This is especially evident in the current trend of “Tiny Homes”. Individuals have grown to love having a small space and are given the opportunity to enjoy their local surroundings thus creating a lifestyle in itself.
Overall, knowing what lifestyle you envision yourself in is an important part of finding your dream home. Additionally, having a realtor who understands the importance of desired lifestyles is imperative as they will be your greatest asset to finding your dream home and community.