For the first time since 2014, millennials are no longer the largest group of buyers in the housing market. According to the 2023 Home Buyers and Sellers Generational Report, Baby Boomers now make up 39% of home buyers, compared to their 29% share last year.

Not only are Boomers the largest portion of buyers, but they are also the most qualified and eligible. After years of the real estate industry focusing on millennials, a shift is coming, and it’s time to think about who Boomer Buyers are and what they want in their next home.

Boomers Are Ready To Buy

Because Boomers typically stay in their homes for 20+ years, they have the advantage of housing equity that has accumulated over the past two decades. Compared to millennials, who stay closer to an average of 10 years, this gives the older generation an upper hand.

Boomers are also considered the wealthiest generation. Their ability to leverage their current home sale to purchase a new home makes them a very appealing home buyer. In a housing market with limited inventory, they are likely to win a bid over a millennial buyer with student debt and high childcare costs impacting their buying power.

Although a large portion of this generation is becoming empty-nesters, they are not necessarily downsizing for their next home. They are living healthier and longer, looking for homes of equal or greater size, closer to family and friends.

Appeal To Boomer Buyers

One thing that millennials and Boomers have in common is that they are looking for homes that are move-in ready. Around 41% of recent buyers who purchased new homes were looking to avoid renovations.

Although those in the younger end of the Baby Boomer generation are only around 59 to 65 years old, they are still approaching, and in the midst of, retirement, and are therefore not interested in investing time and money into renovations. With Boomers also making up the largest portion of sellers - jumping from 42% to 52% in 2022 - finding a renovation solution that will help your Boomer clients, buyers and sellers, is more important than ever.

That’s Where We Come In

With Renovation Sells, you can help your clients make the strategic, quick updates that will not only help Boomers sell their home faster and for more but will also appeal to buyers who are looking for a move-in ready home for the next chapter.