Knowing your target market is essential for successful property transactions. Hence, for this week’s tips for buying and selling property, I’ll be sharing info on typical home buyers in the UK so you’ll know what your target market is looking for when choosing a house to buy.
Married with kids
For this group, they usually want easy access to quality schools for their children. That’s why they prefer to buy houses which are near school districts. This is one requirement they usually don’t compromise on, with some parents willing to buy a house that’s quite a distance from their workplace if it means being situated near their children’s school.
Most families usually have 2 to three kids, so they’ll likely be interested in houses with at least 4 bedrooms, 2 bathrooms, and around 2,300 square feet.
Single male and females
Let’s start things off with single females.
Single female buyers prefer to own houses that are close to where their family and friends live. They are also more likely to make financial sacrifices just to buy the house they want in comparison to other buyer groups.
According to a study from the National Association of Realtors, 55 per cent of single female buyers see themselves leaving the house they bought if they experience a change in their circumstance in life such as retirement, marriage, or even when their children move out.
In the case of single male buyers, I call them every real estate agent’s best friend.
I give them this pet name, because 40 per cent of single male buyers buy a house which their agent finds and recommends. This is a higher rate compared to other buyer groups. Another peculiar thing about this buyer group is that they choose their houses based on its proximity with entertainment and leisure centers.
Interestingly enough, 83% of unmarried couples believe that buying a house is a good investment, so they are likely to be committed to purchase. However, they usually rely on savings to pay for a deposit, which means they may not have that much leeway with the price. You’ll prbably have to be more mindful about their budget in order to close the deal.
More to come in Part 2!