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Consumer Trends and The Modern Home Buyer
The modern home buyer is tech savvy, cost conscious, and is looking for a high quality of life. People are flocking toward urban downtown areas with walkable lifestyles. Higher quality of life in a given area takes many factors into consideration: access to quality health care and education, low crime rates, availability of recreation, low commute time, and economic stability.
According to the U.S. Bureau of Labor Statistics, a third of Americans plan to work past the age of 70, generally to be able to afford a more comfortable retirement, including buying a home in a location they believe offers this high quality of life—but not just any home will do.
Home buyers have strict criteria when searching out their new place, and with today’s lean inventory, many may consider new construction when unable to find a home that fits their criteria. Trending buyer preferences include: updated kitchens and baths, open concept floorplans with lighter colors and more simplistic lines, energy-efficient or water saving appliances and fixtures, and inviting outdoor living spaces. The warm neutral beige and tan tones are being replaced by a spectrum of cooler gray & white tones.
Buyer market confidence continued to rise in 2017, with approximately 30% of properties selling at list price nationwide, and receiving an average of two offers.