Get To Know Your Typical Home Buyers (Part 2)
As promised I’m returning this week with another batch of homebuyers in the UK. This time, we’ll be tackling a pretty diverse group of buyers with different demands. Be sure to read every one, so you’ll have a better understanding of your client the next time you sell a house:
Buyers of multi-generational housing
Buyers of multi-generational housing are not only diverse in age but also in ethnicity. In data supplied by the National Association of Realtors, 25 per cent of buyers in this group belong to races other than those with Caucasian ethnicity. In addition to that, 39 per cent of these buyers are living with a child 18 years old and below.
The same data also show that these buyers are highly motivated to buy their own property, so be sure that you assist them in any way possible in finding the appropriate house for their needs.
This group is the most senior out of the other types of buyers I’ve discussed, since its members range from 64 years old and above.
For the past couple of years, I’ve witnessed a trend with seniors buying more properties in senior communities, but the numbers say a different thing. Apparently, only 13 per cent of this group buy properties located in active adult communities and 41 per cent purchase a house in a planned community which is close to a neighbourhood they’ve grown accustomed to.
Expect these buyers to stay around 15 years in the property at most, except in extraordinary cases when the buyer lives up to a hundred years old!
Buyers who find costs very important
When your buyers are conscious about household costs, this may indicate that they are buying a new house because they experienced out-of-this-world utility costs in their previous home.
Survey from the National Association of Realtors reveals that these buyers typically owned property built during the 80’s, hence its energy efficiency is not that well.
As a result, 32 per cent of these buyers value energy efficient appliances compared to other buyer groups and another 52 per cent consider heating and cooling costs as a crucial factor in determining whether they will buy a house or not.
Buyers who downsize their homes
Based on my experience, owners of homes with 2,500 square feet or more downsize after a change in their living status occurs. For instance, kids leaving home for college or children trying to take care of their aging parents.
Most buyers from this demography likely purchased their original property in 1995, so you will have to inform them about new trends on how to buy property in 2016.
In a survey conducted for the National Association of Realtors, 43 per cent of these buyers say that affordability will greatly affect their choice, while 44 per cent claim that proximity of a property with their family and friends influence their final decision to purchase.
I hope these buyer profiles will help you find the best buyer for your property. Until next time!