PART ONE – FIRST TIME HOME BUYERS
Who’s Buying in Today’s Market?
– – This is the first in a three-part series as we look closely at what attracts and motivates today’s buyers at different stages of their lives. We will look at the first-time home buyer, the move-up buyer, and the empty nester or retiree. What are these buyers looking for? Where they are moving? How might a seller position their home to attract them?
Who are they?
You may be surprised to learn that the average age of a buyer purchasing their first home is 35 years old—an increase over the past ten years, when the average age was 30. Buyers saving for a down payment and marrying later in life seem to be two factors contributing to this change.
According to Zillow analysts, they are both older and single, with only 40% of first-time home buyers now married.
Where are they moving?
According to the National Association of Realtors’ 2022 survey, first-time homebuyers purchased within 50 miles of where they were currently living, a significant shift from 2018-2021, when a first home was purchased within 15 miles of where they currently lived. The association attributes this shift to buyers looking farther out from city cores for more affordable housing and remote work lifestyle where office commute time was not as important.
What features are they looking for?
If you are a seller trying to attract a first-time home buyer, here is how you can make your home a standout:
IN THE KITCHEN
New Appliances are the first kitchen upgrade to consider. Don’t go too cheap on these; upgraded appliances sometimes stand out more than upgraded cabinets.
CLOSET & STORAGE SPACE
Create space in your closets by clearing out and adding organizers. A buyer starts looking for a home because they have stuff and need space to store it.
FRESH PAINT & FLOORING
Gone are the times of letting buyers pick their colors and carpets; they want move-in ready and will pay more for homes that allow them not to have a long to-do list before they move in.
Buyers who have been renting may have had shared units in a building and find these a luxury.
Look for PART TWO – The Move-Up Buyer next month.
Be in touch if you’d like to get a plan in place for buying or selling in 2023! EMAIL US.