Coldwell Banker recently assembled a small group of sales associates and brokers to discuss their thoughts on today's group of buyers. From the following overview, it showcased interesting results.
The panel noted a surprising trend where baby boomers are not having to settle for apartments, as expected. Instead, people in their 50s to 70s are enjoying the convenience, single-level living space, and privacy of a single-family home that comes with a smaller home. Where multi-story apartments have to be built, elevators are increasingly being incorporated into the design of new homes.
On the other hand, younger buyers primarily in their 30s and 40s still prefer larger homes. Rising incomes and evolution of technology allows them to choose their lifestyle, not just their location. Primary residences provide all the aspects needed for a higher quality of life, while secondary living is closer to the workplace. Non-traditional living spaces such as converted lofts, barns, and churches, continue to appeal to these buyers.
It has also been noted where the boundaries between indoors and outdoors are blurring. Outdoor living areas, dining areas, and even bedrooms are more popular than ever, with more luxurious finishes.
They also mentioned the increasing use of distinctive building materials such as metal, glass, porcelain, and superior quality manufacturing materials. Increased durability and reduced maintenance, coupled with an aesthetic forged by the fusion of unexpected materials, increase the appeal to buyers.
Immigrants are also influencing the housing market - for example, Chinese buyers in Seattle expect a house with two kitchens, and many of them want larger homes that are suitable for several generations.
Some panelists observed the "offshoring" of homes, which was attractive to those moving to countries such as the Caribbean, Bermuda, and Europe.
As a conclusion, two common highlights were added to the list - double closets and double offices. The bigger the closet, the better. When it comes to offices, two is better than one. Jade Mills says, "Even people in their 60s and 70s are looking for a double office.
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The column of Joyce Rey:
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This article is contributed by Juwai Columnist Joyce Rey.