Buyers Today - Sellers Tomorrow

                                                                                       by Eddie Callender, Jr.

It is occasionally my pleasure to list a forty to fifty year old home that has had only one owner.  Usually the scenario involves children selling the home their parents purchased or built before the kids' birth, or while they were very young.

These older, one owner homes are generally well maintained and in many cases have been updated or enlarged over the years.  Other than the bitter-sweet emotions, the children and other heirs go through during the sale and closing, and the subsequent drama that sometimes takes place, it's generally a great experience to list and market these homes.

A fifty year old one owner home makes a statement.  It says the owners built their dream home, and lived out their dreams.  It generally indicates the owners were frugal and financially stable, as well as content with their lives.  These homes most often possess innumerable fond and precious memories.

One owner homes are themselves a dying breed.  We see fewer and fewer of them as time goes by.  Our society has changed. We have changed.  Home ownership has changed.  We are told by experts that the majority of homebuyers move every twelve years or less.  With this in mind, I urge buyers to think, while purchasing a home, about how they will sell it in a decade.  The first time home buyer will someday be a first time home seller.  As sellers, today's buyers will face a completely different set of emotions, needs, and challenges.

While I believe it is important for buyers to purchase the home of their dreams and needs, it is also important that they fast-forward eight to twelve years and try to anticipate selling that home.  Whild nobody can access a crystal ball that will clearly define all of the market variables a decade from now, the following are some points to ponder about that future sale.

1. How will the neighborhood look in ten years?  While no one knows the answer to this question, buyers need to look not just at their possible dream home, but at the "big picture" as well.  Does the neighborhood consist primarily of homesteads, i.e. owner occupied homes, or is there a large percentage of tenant occupied properites?  Is the area in and around the subdivision built out, or  is there vacant land that could turn into industrial or commercial use?  Are the schools, roads and infrastructure well maintained, or already falling victim to neglect and age?  What do the city and business leaders see happening in the area in the future?
2. Who is likely to be in the buyer pool ten years from now?  At first glance, this question seems ridiculous.  Who could possibly know the answer to this question?  I certainly don't!  I can assure you, though, of at least two things.  The first is that the more exclusive and expensive the home, the fewer buyers there will be.  I would never discourage anyone from purchasing a unique, exclusive home, or even a more traditional home at the top of the local market.  Buyers need to know, though, that the more unique and expensive the home, the fewer will be the buyers who may be viable candidates to purchase it when today's buyer becomes tomorrow's seller.
3. In addition to the anticipated future of the neighborhood and the exclusivity of the property, today's buyers should also be mindful that, overall, there are more buyers in the pool who will purchase only a one story home than there are who will purchase a mulitlevel one.  It is my belief that this phenomenon will become a greater resale factor in the next ten to thirty years because of the ageing of the baby boomers.  Mulitlevel home with at least the master bedroom downstairs may be an acceptable alternative to mitigate the undesirability of the two story home for some ageing buyers.  The bottom line, though, is that today's buyers should at least consider that while the multistory home likely provides the most living area for the dollar today, it may present a greater challenge to sell in the future.

Home ownership is a positive thing.  It lends stability to both families and communities.  It's good for our country.  It's most generally a fine wealth building tool over time.  Buy a home.  Just think about how you will sell it in the future.

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