Buyers and sellers are having a difficult time making decisions. Should they buy or rent? Should they sale or stay put? Big decisions to make. Real estate agents are used to helping our clients weigh the pros and cons of buying, selling and renting, but as we think about what to say we must now give greater weight to the audience we are speaking to.
Downsizing is Not Easy
Baby boomers comprise the largest group of people in our country. As the baby boomers age and become empty-nesters they consider downsizing from the large family home to something as little more manageable. Usually, moving from the suburbs into the city and most often looking for one level living accommodations or something with minimal stairs. But one of the major things that can hold them back from selling and buying is their current low interest rate. Although they will be downsizing and perhaps paying less for a new house, they may be paying a higher mortgage payment because the interest rate will be higher. So in their minds it's easy to stay put...at least for a while. If they are able to get past the interest rate hurdle they will want a property that is easy to maintain, most likely a luxury condo that offers lots of service and amenities.
Millennials Are in Debt
On the opposite end of the spectrum are the Millennials. Research has shown that Millennials are straddled with college loan debt...more so than any other generation and are fairly indifferent to buying a home. They are questioning the "American Dream" and what it means. Regardless of the benefits of home ownership, Millennials like the ease of renting. It fits in with their carefree mindset. If something goes wrong they simply call the management company. If they get a new job in another city, state or country they don't have to be concerned with selling a house...they can pick up and move. Regardless how much they may pay in rent, renting is easy and fits their lifestyle. If they do decide to buy, the property needs to be renovated and ready to move in.
What is Their Mindset
Knowing your audience can save you a lot of time and energy. By understanding their mindset upfront, it will help you ask the right questions to determine if they are ready to make a purchase or stay put.
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