What Motivates Costa Mesa Housing Buyers and Sellers?
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 Costa Mesa 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 Costa Mesa housing initiatives is always our motivation—call anytime!
We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at info@thel3.com
