Today’s standard home buyer looks a lot different than that of yesterday’s. Along with changes to what the traditional home buyer looks like, home buyer needs have also changed dramatically over the years.
What are their needs now? Let’s continue to evaluate the 2018 homebuyer.
Then vs. Now
According to a Realtor.com video on how buying a home has changed in 30 years, our median buyer today, at 44-years-old, is significantly older than the 33-year-old buyer of 1985. The percentage of married couples buying is also down from 81% to 67% with single female buyers dominating as the second largest demographic of homebuyers at 15%.
Today’s desired home also looks different than that of yesterdays. In 1985, buyers sought out 1,600 square foot 1-story ranch homes with 3 bedrooms and 1 bathroom. Today, buyers are looking for a little extra space in their homes coming in at a median range of 1,900 square feet for a 2-story traditional home containing 3 bedrooms and 2 bathrooms.
As far as homebuyer needs go, wood-burning fireplaces, carpeting, and laminate countertops were a must have back in 1985. Today, buyers seek central air conditioning, hardwood floors, stainless steel appliances, and open kitchen concepts.
Sure, home buying and home buyers have changed a lot over the past 30 years. The question is, have your mortgage programs and platforms changed to meet these needs?
Has Your Mortgage Platform Evolved?
Are you still stuck in the past offering mortgage products that only cater to a traditional homebuyer?
If your institution’s mortgage lending program is looking to evolve, Inlanta’s Third Party Origination (TPO) program can help you take advantage of every mortgage opportunity, including FHA, VA, and USDA Rural Development and help your business survive in today’s competitive marketplace.
Evolve your mortgage business today with an Inlanta TPO partnership! Need more information? Email our TPO Manager, Dave Stephan, at email@example.com or call 262.754.6494 or visit our LinkedIn page.