Dogs – a driving force behind the home buying market

A major reason I bought my first home was to adopt a dog; I couldn’t confidently bring a dog into my home when I was renting.

I see that I was a woman ahead of my time (Gen X – not Millennial).  A study by SunTrust Mortgages from the USA reveals some interesting trends for first-time home buyers:

Harris Poll on behalf of SunTrust Mortgage Infographic

That’s right – not children or marriage, but dogs were one of the top 3 motivators for buying a home.

“Millennials have strong bonds with their dogs, so it makes sense that their furry family members are driving home-buying decisions,” said Dorinda Smith, SunTrust Mortgage President and CEO. “For those with dogs, renting can be more expensive and a hassle; home ownership takes some of the stress off by providing a better living situation.”

Among millennials who have never purchased a home, 42 percent say that their dog – or the desire to have one – is a key factor in their desire to buy a home in the future, suggesting dogs will also influence purchase decisions of potential first-time homebuyers.

What does this mean if you are selling a home (or are a real estate sales agent)?  Make sure you strongly advertise a securely-fenced section, local parks and dog-friendly facilities such as dog parks or cafes.

Kathleen Crisley, specialist in dog massage, rehabilitation and nutrition/food therapy, The Balanced Dog, Christchurch, New Zealand

Source:  PR Newswire

 

 

 

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