Agents – How Can You Appeal to the New Generation of First Time Home Buyers?
Karen Deis recently wrote an interesting analysis of NAR’s latest Profile of Home Buyers and Sellers for The Niche Report. The analysis focused specifically on the effect first time home buyers are having on current real estate trends and how agents and brokers can use this knowledge to their advantage. How can you use these insights to shape your future marketing plans?
Here are some highlights and tips from the article:
92% OF FIRST TIME HOME BUYERS START THEIR SEARCH ONLINE
This is no surprise given that the largest percent of FTHB are in the 24-35 age demographic. Is your marketing plan catering to the needs and interests of potential first time home buyers who are searching online? If you are spending a considerable amount of your marketing budget on print advertisement, perhaps you should consider reallocating some of those funds toward reliable sources of internet marketing.
INCREASE IN MARRIED COUPLES BECOMING FIRST TIME HOME BUYERS
There are some home buying and loan approval issues that can be unique to those that are single, married, or divorced. When preparing a seminar for home buyers, perhaps you can tailor sessions that are specific to the needs and concerns of married FTHB or divorced FTHB, etc.
MOST FIRST TIME HOME BUYERS WILL PURCHASE A HOME FOR $150,000 OR LESS
Of course, home prices vary from one area of the country to another. Nonetheless, this statistic gives insight into the goals and circumstances of many FTHB. Can you help these buyers by working to negotiate seller incentives or special financing options for them?
95% OF HOME PURCHASES WERE MADE WITH FIXED RATE MORTGAGES
Try offering a twist on the standard 30-year fixed rate mortgage term. Why not suggest a 25-year fixed rate option? For FTHB that can accept a slightly higher monthly payment, a 25-year fixed rate mortgage gives them a chance to build up equity at a faster pace.
Clearly, real estate professionals must not ignore the needs and interests of first time home buyers in their market. Why not apply some of these suggestions to improve your business?
Do you have additional suggestions for how to appeal to first time home buyers? Please share your ideas with other readers in the comments section.