Currently Reading

Young and Restless: Meet the Growing Families Rushing to Buy Homes

Advertisement

Young and Restless: Meet the Growing Families Rushing to Buy Homes


May 4, 2020
Young Family
By Syda Productions

Sales seemed to be in free fall, but now that they are creeping up, builders are already seeing a trend: Clients tend to be young, first-time buyers or growing families that are experiencing cabin fever, according to John Burns Real Estate Consulting. By knowing who will be a major demographic for home buying post-pandemic, builders can best prepare themselves for when demand fully recovers. These buyers want different things than the buyers of the past, desiring design features inspired by their extended time at home such as efficient square footage and flex space that can be used as a second office.

After four weeks of plunging new home sales, transactions have roughly doubled in the last two. The jump in demand has largely been driven by Sharers (31–40-year-olds), a term we developed in our book Big Shifts Ahead to describe the older millennials born in the 1980s. The buyers are mostly couples and individuals who:

  • Have been wanting to buy for some time
  • Are cooped up in a living situation they don’t like
  • Have little fear of losing their job soon
  • Are more focused on low payments than on future price appreciation

The headlines would have you think that few people are in that situation, but numerous builders confirmed during their earnings calls this week that they are seeing the opposite. While the size of this pent-up demand is hard to determine, here is where we see the opportunities for builders to target and adjust to the buyer:

Read More
 

Related Stories

Market Data + Trends

Is Urban Flight to the Burbs Golden?

The future of urban and suburban housing post-COVID-19

Demographics

Millennials Lead in Home Service Projects and Spending

Being cooped up at home pushed Americans to spend more on home improvement projects this year instead of entertainment or travel. The National…

Demographics

Win Over Active Seniors With Hospitality-Inspired Entertainment

A focus on entertainment and educational amenities will be the winning combination for selling to active seniors post-pandemic. Forbes says many…

Advertisement

More in Category




Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.