Older Home Buyers Less Willing to Compromise?
October 2, 2013
Older home shoppers are more picky in their home purchases than younger buyers, according to a survey of nearly 94,000 recent home buyers and sellers.
About half of the those surveyed who were age 58 and older say they made no compromises during their recent home purchase. On the other hand, only 28 percent of the youngest home buyers surveyed said they didn’t compromise, according to the survey conducted by the National Association of REALTORS®.
For the most part, younger home buyers reported having to compromise on price, lot size, distance from job, and style of home.
“First-time buyers are starry-eyed and have no idea what they really need. They might want a five-bedroom and never use two of them,” says Stephen Melman, director of economic services for the National Association of Home Builders. Those in their 50s “are better than most housing consumers at knowing what they want — and won’t be shy.”
After all, many older home buyers have already purchased a home in the past, so they may know more about what they want and don’t want in their next home.
Older home buyers also showed a preference for newer homes, moreso than younger home buyers, according to the NAR survey. For example, home buyers born between 1925 and 1945 tended to buy a home built around 1996 — nearly a decade newer than what millennial buyers (those born between 1980 and 2000) tended to purchase.
Source: “The Older the Home Buyer, the Pickier,” The Wall Street Journal (Sept. 30, 2013)
Updated: February 21, 2020