PART TWO – WHO’S BUYING IN TODAY’S MARKET?
– – This is the 2nd 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?
64% are married couples between the ages of 42-56 with at least two school-age children. These buyers are typically in their peak earning years and often buy to upgrade amenities or neighborhood.
In the past few years, these buyers benefited from historically low-interest rates and appreciation on their current homes. This allowed them to purchase higher-priced homes without their payment increasing substantially.
Most of these buyers own homes with a mortgage rate under 4.5%. We will be watching closely to see if the higher interest rate environment gives these buyers a pause in today’s market.
Give Them a Reason to Buy…
This group of buyers thrives on convenience and is willing to pay more to have it. If you are a seller trying to attract a move-up buyer, here are some features that will help your home stand out:
This sector spends more time traveling between work, school, and kids’ activities. Access to favorite grocery stores, Target, Costco and restaurants are often a primary consideration when deciding on a neighborhood.
NEW MECHANICALS & WINDOWS
This sector has lived in a home and understands the cost of utilities and the chill of drafty windows. Features like a new furnace/AC and windows will attract them.
Whether setting the temp remotely or getting notified when Amazon is at your front door, smart home features already in place are a bonus.
Whether they are making a gourmet meal or just cooking a pizza, they want to cook it with restaurant-quality appliances.
Freshen up painting and flooring – and don’t forget lighting and hardware. These buyers want to move in and start living.
Look for PART THREE – Empty Nesters/Retirees – next month.
Be in touch if you’d like to get a plan in place for buying or selling in 2023! EMAIL US.