Health & Fitness
Older Home Buyer are Picky! And This Week's Closed Sales
When you’ve already bought one or two homes in the past, you might know exactly what you want in your next one. On top of that, you'll probably want a home that’s move-in ready since you’ve “been there done that” at least a few times with the home renovation thing-y.
Fewer buyers in their 50’s and older will compromise on a home purchase and there’s research to back this up. In a survey of over 90,000 recent home buyers and sellers, about half of people 58 and older made no compromises at all during their recent home purchase, according to the National Association of Realtors. By comparison only 28% of the youngest home buyers didn’t compromise, with most making all sorts of trade-offs on price, lot size, distance from job and the style of home. As the age increased the compromises went down.
First-time buyers may not have a clear idea what they really need. They might want a five-bedroom but find they never use two of them or want a formal dining room but only use that once or twice a year. When you reach a certain age, you have a much better idea of how you live or how you want to live and you’re going after what you want or really need. You’ve likely raised your family, now you’re interested in focusing on what your life-style not your kids.
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The older you are, the newer you want your home to be, too, according to the NAR survey. In fact, older buyers may give up on finding an existing home that fits all their wants and go the route of building new instead. In new homes, empty nesters typically value entertaining spaces—their kitchens, eating spaces and gathering spaces—both inside and out, many work from home, so they value designated office space that doesn’t make them give up a bedroom. Ample storage is another popular desire. Location also is important, and many empty nesters prefer to be within walking distance of amenities including coffee shops and theaters. After raising a family often in an area not to close to commerce in order to have a nice yard, older buyers will often return to areas where things are in walking distance.
Resource: Amy Hoak Amy Hoak’s Home Economics, Sept. 30, 2013, MarketWatch
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Pat Linde-Neidermeyer, Veltri Realtors
Email: PatatVeltri@Gmail.com
Call: 732-598-8348
www.VeltriRealtors.com
Now Here are this Week’s Closed Sales for your area.
LAKE COMO
614 North Blvd, $385,000
MANASQUAN
43 Main St, $557,000
SEA GIRT
9 Sea Girt Ave, $160,1000
SPRING LAKE HEIGHTS
2100 Old Mill Rd, $570,000
SPRING LAKE
425 Essex Ave, $820,000; 7 Elizabeth Ct, $964,000
207 Ocean Ave, $3,000,000
WALL
1796 Belmar Blvd, $298,000; 1601 Sue St, $320,000
1122 Minnehaha Trl, $459,900; 1127 Mohegan Rd, $477,000
All closed sale prices listed are as submitted and recorded by the Monmouth Multiple Listing Service. Not responsible for typographical errors.