We’re big proponents of real estate farming. Whether it’s circle geographic farming, niche farming, or something else, we repeatedly hear stories about the hefty benefits of this marketing method.
While researching different real estate farming niches, we came across one that we found especially brilliant: long-time homeowners in good school districts.
The advantages of this niche real estate farm
Homes located in a “good school district” increase in “value over time,” according to Jamie Johnson at QuickenLoans.com. This is especially important to a homeowner who needs to sell during a market in decline.
About 31% of homebuyers surveyed by the National Association of REALTORS® for the 2022 Home Buyers and Sellers Generational Trends Report have at least one child under the age of 18.
The study also found that 23% of the buyers surveyed said that the quality of the school district was a factor that influenced their choice of neighborhoods.
When broken down by age, 41% of homebuyers aged 32 to 41 expressed the importance of buying in a higher-quality school district.
The higher demand for homes in a well-respected school district also means the home for sale may remain on the market for less time than other homes. Which homeowner and listing agent doesn’t want a quick sale for a decent price?
The Empty Nest Series is shown above. To see more designs, Click Here.
The kids grow up, eventually
When they do, they will (hopefully) strike out on their own. Mom, Dad, and an empty nest are what they leave in their wake.
Once you’ve chosen a school district to focus on for your farm, you’ll need to narrow down your “audience.” Start by using the median tenure of homeowners. Nationwide, it’s 13.2 years.
Coincidentally, that’s just about the same amount of time that it takes for a child to progress from kindergarten through high school graduation.
Homeowners with a 10-year or longer tenure should be among your target audience.
How is the sales activity in the prospective farm area?
Known as the turnover rate, this is an important metric when choosing a geographic farm area.
Take the number of homes sold in the past 12 months and divide that number by the number of homes in the prospective farm area. Multiply the result by 100.
“You typically want to see a 5% turnover rate or higher,” according to the experts at Realtors Property Resource®.
The next step
If the number of homes left is too large for your liking, weed out smaller homes and concentrate on those with square footage large enough to make these empty nesters want to downsize.
Now that you have your farm area nailed down, it’s time to get a prospect list. We would love to help you with that. to get started quickly and easily creating your prospect list using the Demographic Search Tool, Click Here.
Empty nesters in large homes within highly-rated school districts are a micro-niche that, if approached right, can be quite lucrative. And just in time for the spring market!
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