Did you know that knowing information about who your prospective buyers are can help you sell your home? It’s called knowing the demographics and with that knowledge you can be sure to market and price your home correctly to appeal to them.
NAR white paper
The NATIONAL ASSOCIATION OF REALTORS® 2021 white paper entitled “Profile of Home Buyers and Sellers” spells out the characteristics of home buyers from June 2020 through June 2021. For instance, 31% of all home buyers are first time buyers. Eighty-two percent of buyers 22 to 30 years and 48 percent
of buyers 31 to 40 years were first-time home buyers. Behind these
groups, 22 percent of buyers 40 to 54 years were also first-time home
Here are more stats
The typical buyer had a median household income of $92,150.00. 62% of buyers were married couples, 18% were single women, 9% single men and 9% were unmarried couples. 12% of buyers bought a multigenerational home so they could care for aging parents, returning adult children or extended family. 18% were veterans and 2% were active duty military.
So what does this, and other stats in the report show?
Well, life events and changes at different ages can and do spur home buying. Marriage can be a catalyst for buying that first starter home. Having children can spur looking for a bigger home in a good school district. Children growing up and leaving home can spur downsizing. Taking care of parents can mean looking for a different type of home. Life changes can mean buying a home, but the desire for a home of their own is still a part of the decision process.
How does this help you?
If you live in a great school district, you know you can target young families. If you live in an area where multi-generational families tend to live, target them. Make that extra space an in-law suite. Talk with your Realtor about the demographics in your area.
Information was obtained from ©2021 NATIONAL ASSOCIATION OF REALTORS®. https://www.nar.realtor/reports/highlights-from-the-profile-of-home-buyers-and-sellers.