By Dr Denver H. Bubble
Home buyers facing tough conditions this spring are keeping their home preference very traditional in an untraditional market. Housing supply has been flirting with record lows, prices touching record highs and the median home price in metro Denver area is over a half million dollars. Yet in spite of all this, home buyers want a three-bedroom, two-bathroom home, complete with a garage and a kitchen that is updated according to realtor.com. There are some generation differences though in the type of homes. The majority of millennials home buyers are seeking a Colonial or contemporary home while baby boomers (those defined as 55 plus) are seeking a ranch.
According to realtor.com, each group have different reasons for seeking a home to buy in this tough market. Millennials are getting sick and tired of paying rent with almost a quarter citing this as the top reason to buy a house, followed closely by family needs. Boomers are being driven by comfort, privacy, and stability. Whatever the reason home buyers are in the market they will confront high prices, low supply that makes it hard to find a dream home, and rising rates.