Find Out More About Who Is Looking At Buying Your Home
Why on earth would you want to know more about who is looking at your home? Simply put… to help you sell it!
The more you know about the types of buyers, the better prepared you and your Realtor will be to package it for sale.
In real estate there are some commonly used classifications that cover the majority of homebuyers. They are the First-Time Homebuyers, the Trade-Up Buyers, the Trade-Down Buyers, and the Empty Nesters.
First-Time Homebuyers
Over a third of homebuyers fall into this group. They typically seek modestly priced homes, just enough to move out of a rental. This first home serves them until their family or finances grow and stabilize.
Coming from a rental situation, their requirements are privacy and storage space, although the true motivation is pride of ownership and getting away from paying rent.
Because this is a new experience for them, they’re more nervous about buying than someone who’s done it before.
A special effort has to be made to assure them that they are considering a sound investment, which they will have no trouble selling in later years.
For first-time buyers, financing is often the biggest hurdle. A great mortgage lender is crucial. Many people in this group who actually could buy your property don’t believe that they have enough money or good enough credit to own a home.
Trade-Up Buyers
This group is typically well-established in their careers and enjoys stability in both professional and personal life.
With today’s economy and the rise of entrepreneurs, many reach this stage in their early thirties.
With shrinking family sizes, trade-up buyers are motivated by prestige, prioritizing curb appeal and nice neighbourhoods.
Their main goal is a larger home with features like a formal living room, separate family room, formal dining room, extra storage, and an impressive entry.
For this group, monthly payments matter more than price, opening opportunities for creative financing.
Trade-Down Buyers
As baby boomers approach retirement and life spans increase, more buyers are moving from large homes to smaller ones. This group includes those downsizing due to divorce or financial challenges.
With rising divorce rates, single-parent households have grown.
Trade-down buyers often face the emotional challenge of adjusting to a lower standard of living and prefer homes that maintain a similar lifestyle to trade-up buyers.
Empty Nesters
Nearly 60% of people 55 and older who plan to move, do so to smaller homes.
They want lower cost and maintenance, better security and more convenience.
They also prefer a more casual living space and would opt for comforting over a formal living room and they prefer a combined kitchen and eating areas.
By emphasizing different features of your home, you can appeal to the special needs or desires of each market segment.
The unique skill of the Realtor is to match a homebuyer with a home seller, so that they both get what they desire out of a home.
Chances are, as a seller, you are also in one of these categories… What are you going to do after you sell?
Spend a Little, Get a Lot
✅ Use the right paint for each surface. Kitchens and bathrooms need paint that can handle heat and moisture. Ask a professional at a paint store for advice.
✅ Create an information booklet containing property tax statements; records of maintenance, service work, warranty work and improvements made to the house; utility bills; and warranties for the roof, pool, spa, electrical systems and major appliances.
✅ Before showing the house, clean windows, open drapes, turn on lights, and play soft music to make the home inviting.
✅ Keep under-the-bed storage containers for last-minute cleanup. Store clutter in them and hide them away.
✅ Light a couple of lightly scented candles for warmth and a pleasant aroma.
How To Avoid The Most Expensive Mistakes Smart People Make When They Sell A Home…
Mistake #6: Mistaking Re-Finance Appraisals for the Market Value.
Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price. Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing. The market value of your home could actually be lower. Your best bet is to set a price based on the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.
Want early access to serious buyers?
If you’re going to be moving in the next six months, what you might not realize is that there are a significant number of buyers searching for homes like yours.
In fact, for every buyer actively viewing homes right now, there are 5-10 more about to begin their search, or eagerly waiting for the perfect property to come up.
If you’re interested in getting a head start on finding a buyer for your home, leave us some details below… We’ll see if we can find a match!
Want to know what your home is worth?
Before you put your house on the market, you need to find out how much it’s worth in today’s market, so you can make your plans based on the most current information available.
We can prepare a detailed Pin-Point Price Analysis for you that shows the most current market activity in your area for homes like yours, and we can recommend an optimal marketing price range that will give you the best odds of selling quickly – and for top dollar!