Which type of buyer tends to rely on knowledge from previous homebuying experiences, and is often looking for a better location or a home with more space?

First-time buyers are typically individuals or families purchasing a home for the first time, so they often lack prior homebuying experiences to draw upon. Their focus is usually on entering the housing market rather than upgrading, which means they are less likely to prioritize location or space improvements compared to trade-up buyers.

While retirees may have specific needs when relocating, such as downsizing or seeking a retirement-friendly community, they do not inherently seek better locations or larger spaces as trade-up buyers do. Their motivations often revolve around lifestyle changes rather than a direct comparison to previous homebuying experiences.

Trade-down buyers are those who are looking to sell their current home and purchase a smaller or less expensive property, often for reasons such as downsizing after children have moved out. They typically do not seek more space or improved locations, which are primary considerations for trade-up buyers.