You may just be targeting the wrong market. Young families, Gen-Xers and 30-somethings tend to want to move into a Santa Cruz home with high technology: expensive items like home theatres or home automation. Older buyers, however, have a frugal mindset, are often on a fixed income, and have a different set of requirements for their potential Santa Cruz home.
Why would you want to market to older buyers? Several reasons, but the main reason is the size of this market, especially the size of the baby boomer generation.
The Population Reference Bureau reports that there were 76 million births during the 19 years covering the baby boomer generation. A large percentage of these baby boomers, who are now between the ages of 46 and 64, are looking or soon will be looking for a home to live in during their retirement years.
What are they looking for? The National Association of Home Builders says this market wants practicality over technical advances:
• Storage space – Most have amassed a lot of personal belongings they aren’t willing to get rid of when they move.
• First floor master bedrooms – The older you get, the less stairs you want to climb as a rule. First floor master bedrooms are an excellent selling point.
• Easy-open windows – No one wants to struggle with opening windows. This is especially true with the older generations.
• Room-related aids – Grab bars in the bathrooms, easy-to-reach kitchen cabinets, railings on the porch: these aids can make a big difference to older buyers.
• Public transportation access – Many of the older generations prefer public transportation to driving, and easy access to that transportation is paramount.
• Non-slip flooring – It’s a fact of life. The older you get, the more fragile your bones and muscles are. Non-slip flooring reduces the chance of severe injury.
The two major features older generations want fall under the categories of “easy living” and “security.” Home maintenance and repair services, outside lawn maintenance and security systems are big sellers. As well, home entries without stairs, lever-handled doors, wider hallways and walk-in showers and tubs are all extras that raise the chance of the older generation buying a home.
If your Santa Cruz home isn’t bringing younger buyers, take a second look. You may very well be targeting the wrong market!
If you’re trying to sell your home, or if you’re looking for a home to live in during your retirement years, I can help. Call me at 831.662.6522 or email me at Lauren@LaurenSpencer.com for more information.
Links:
National Association of Home Builders
Posted by Lauren Spencer on
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