When assessing buyer preferences, looking beyond generational stereotypes is essential. “All age groups are teaching us what they want,” says strategist and Meyers Research principal Mollie Carmichael. At a presentation during this year’s International Builders’ Show, Carmichael outlined trends shaping buyer desire across demographics.
In 2018 and 2019 a vast share of homebuyers will be Baby Boomers and Generation Xers, yet Millennials make up the largest group of potential buyers. In her presentation, Carmichael stressed the power of female buyers, technology, and the importance of efficiency in selling and delivering a home.
“She Power” is a dominant market force, says Carmichael, who cautions builders not to overlook women in their marketing strategies. Women control 51 percent of personal wealth in the U.S. and drive 85 percent of all consumer purchases. Single women are the second largest group of homebuyers, after families.
In the buying process, mounting numbers of consumers seek automated commerce—virtual-reality tours, electronic paperwork, and the ability to purchase a home sight-unseen. Smart home technology is becoming essential, but buyers are also seeking technology that accounts for emotional and physical well-being and promotes wellness. Design and location are the most important factors to homebuyers, as more than half surveyed want better design from their new homes and are moving due to life stage. Carmichael also advises builders to maximize their buyers’ personal time and convenience before, during, and after the home building project is underway.