A decade since the most severe economic downturn since the Great Depression, we’ve seen a significant shift in buyer behavior. The post-crisis ripple, coupled with changing technologies and a demographic shift entering the housing market en masse, catalyzed a unique and perhaps once-in-a lifetime confluence of events, redefining real estate as we know it.
Where Buyers Come From – 2009 vs. 2017
"Buyers overwhelmingly favor a balance of convenience and community like never before."
Today’s buyer feels a need for security in their home purchasing decisions. Millennials who came of age through the tumult entered professional life in times of tepid job growth and student loan debt. Many witnessed their parents endure significant financial loss, and as a generation overall they’re earning less. As a result, their mindset as home buyers is informed by caution, analysis and pragmatism. They’re underspending vs. overspending. Buyers from New York City are tolerating urban life and confined space longer. Marriage and kids are happening later when they feel stability and find firm financial footing.
Today’s buyer has re-prioritized and shown preference for a new set of needs. At a high level, they overwhelmingly favor a balance of convenience and community like never before. Many are willing to forgo amenities and large acreage for a property with less maintenance requirements that allows them to lead more experiential focused lifestyles.
The new generation values real estate differently than their predecessors.
We see the definition of value of a home shifting from simply dollars and cents to a generation of buyers that appreciates the merits of experiencing the lifestyle their home and community offers. As we look ahead to the next decade, we believe that Westchester, the Hudson Valley and Fairfield communities will continue to remain the gold standard. We anticipate a stable market with steady growth potential as a new generation discovers the benefits of living in our area.