Home Buying Habits in the Colorado Real Estate MarketPosted on Feb 04, 2019
According to a survey by Porch.com, some home amenities are non-negotiable. But how much home buyers are willing to pay for amenities depends on their generation. In the Colorado real estate market, there are a lot of baby boomers who want to downsize for retirement. On the one hand, baby boomers are used to some of the upgraded features in their homes. On the other hand, they are often shifting to a fixed income after having one or two income streams. Consider the different housing amenities worth paying for when buying a Colorado home.
The Millennial Home Buyer
The survey showed Millennials are the most likely to spend the most on must-have features in a home. They want amenities that add to the comfort and convenience of their lifestyle. It's not a surprise that Millennials are willing to pay more since they are entering their prime wage-earning years. Some of the top amenities they want include private backyard with patio. In fact, if are selling your home, consider sprucing up your backyard. Millennials say they will pay an extra $7,000 for a home with a patio and private backyard. They also pay more for eco-friendly solar panels, central A/C and swimming pools.
The Generation X Home Buyer
Members of Generation X in their 40s and 50s also rank a swimming pool and private backyard at the top of their list. They would pay $5,500 more for a guest bedroom and $5,800 more for good views. If you want to sell your home in Colorado, talk to your real estate agent about the idea of turning an extra room in the home into a guest bedroom or staging one as a guest bedroom.
The Baby Boomer Buyer
Baby Boomers are a rather frugal group of people, especially as they retire in droves. The study showed they would pay about $5,600 more for a pool, $5,100 for a good view and $4,600 more for a private backyard.
Before listing your home, consider the home buying habits of different generations as well as their budgets. Experts say Millennials have the most generous home-buying budgets at about $193,000 (on average) with baby boomers planning to spend only about $166,000 and Generation X budgeting $171,000. At Team Lassen, we help our clients find the buy and sell throughout the year in Colorado. Whether you want to list in Spring, Summer, Fall or Winter, we can market your home for a quick and stress-free sale. For more information, contact us today.