Older Home Buyers Less Willing to Compromise?

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.

Source: “The Older the Home Buyer, the Pickier,” The Wall Street Journal (Sept. 30, 2013)

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