What Motivates Boise Housing Buyers and Sellers?

Dated: June 7 2023

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 When you thumb through this year’s comprehensive housing report on the identities and motivations of U.S. home buyers and sellers, you are reminded anew of how wide-ranging the results turn out to be. It’s a truism among Boise housing industry professionals that you can’t predict just who the ultimate buyer of any property will be—young, old, in-between? It is wisest to create a marketing campaign that appeals to as broad a swath of the public as possible.

The National Association of Realtors® 2023 edition of their Home Buyers and Sellers Generational Trends Report provides the latest word on the subject. It is short on surprises. 

For instance, Millenials (ages 24-42) were having trouble becoming first-time homebuyers, while a greater percentage of buyers belonged to the Boomer generation (ages 58-76). Since a large proportion of Boomers already own a house, they can use the equity from its sale to buy a new one, so that’s a given. Since many Millennials are saddled with student debt, the result is naturally to delay their first home purchase.  

As always, mathematically pinning down the motivations of homebuyers is a thankless task. Let’s face it: why anyone chooses to buy a house is likely to result from a combination of circumstances in addition to the personal motives of what is often a pair (or more) of buyers—so publishing a chart like “Primary Reason for Purchasing a Home” yields percentages that are actually more squishy than the statisticians would wish. Clustered as equal motivations (at 8% of respondents) are “Retirement,” “Desire for a home in a better area,” “Desire for a smaller home,” and, in a near-tie (7%): “Desire for a larger home.” 

Just two Reasons claim larger percentages. “Desire to be closer to family/friends/relatives” gets a 13% chunk, although the difference between ‘family’ and ‘relatives’ begs for a footnote. Also, the greatest number of respondents apparently answered, “Desire to own a home of my own,” a head-scratcher which it’s safe to say accounts for a hefty portion of homebuyer motivation. Helping you make the most of your own Boise housing initiatives is always my motivation—call anytime! 

 

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Sarah Tunnell

Hey there, I'm Sarah!I have been local to the Treasure Valley for over 25 years (moved here as a kid in the mid 90's)! After many years of working in the service industry I decided to utilize my ....

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