2013 HOMEBUYER TRENDSINSIGHTS ON NEW BUYER BEHAVIORS

2013 HOME BUYER TRENDS

SHIFTING HOME BUYER BEHAVIORS

It’s an improving economy and consumer confidence is on the rise.

Does that affect buyer behavior when purchasing a home? Yes, a trend of new buyer behaviors is emerging in real estate.

WHO IS THE NEW BUYER?

To better understand new behaviors in the marketplace, we collected insight from: Acclaimed clinical psychologist Leslie Reisner, Ph.D ERA Real Estate brokers

2013 HOME BUYER TRENDS

DR. LESLIE WEIGHS IN

“As our economy continues to recover, buyers are definitely on the move. However, the way consumers approach buying a home today is different than it was during the real estate boom. Lifestyles have changed and therefore, behaviors have changed. Having insights into these evolving attitudes and behaviors not only helps consumers identify their priorities, it also enables real estate professionals to appropriately tailor their level of service to reflect those needs.”

 - Leslie Reisner, Ph.D, clinical psychologist and a national expert

on behavioral change

THE NEW HOME BUYERS4 BEHAVIORS TO LOOK FOR IN 2013

2013 HOME BUYER TRENDS

IN THE KNOW

Well-researched and knowledgeable, “in the know” buyers have invested a great deal of time understanding the many options available to them and are very clear on their preferences.

In the Know buyers are tech-savvy, informed and active in the home buying process. They know what they want and how to get it.

View home as a foundation for their life rather than an investment

Know their thresholds, i.e. researching school districts, commuting times, etc. – will not compromise on must-haves

May compromise in areas such as house size in order to land at desired location

2013 HOME BUYER TRENDS

ALL IN THE FAMILY

Planning for their future, these buyers keep their immediate and extended family top-of-mind when house hunting.

All in the Family buyers bring new meaning to ‘family ties’ with everyone living under one roof.

Multiple generations are living under one roof more often now due to eroded personal finance (Baby Boomers) and a tight job market (young professionals)

Choose a home based on its ability to accommodate more than one family group

Take their extended family’s opinions and needs into consideration when deciding on a property and location

2013 HOME BUYER TRENDS

MOVING UP

As consumer confidence improves, many consumers are saying “no” to do-it-yourself projects and “yes” to move-in-ready homes.

Move Up buyers say no to the hammer and yes to low-maintenance.

Move up buyers now have the means to pay a little more for up-to-date properties versus the days when investing sweat equity was the trend to save cash

These buyers tend to prefer premium properties

Some may have to compromise on price to get them but will do so in order to gain a home in great condition

2013 HOME BUYER TRENDS

SIZING DOWN

Many current buyers who adjusted their lifestyles to simpler means to weather the recession intend to maintain that lifestyle even as signs of a recovery prevail.

“Do not supersize me!” This is the Sizing Down buyer’s motto. They want less upkeep and more free time.

Prefer smaller homes with less upkeep so they can enjoy their hobbies, travel, etc.

Includes empty nesters wishing to downsize and eco-conscious buyers looking to reduce their carbon footprint

2013 HOME BUYER TRENDS

ERA REAL ESTATE’S 2013 HOME BUYER TRENDS HAVE BEEN FEATURED IN THE NEWS RECENTLY, INCLUDING:

• THE STREET

• BANKING MY WAY

• REAL ESTATE ECONOMY WATCH