Want More Buyers? Understand the New Homebuyer “Must-Haves”

Oct 14, 2020

Pandemic-related uncertainty has incentivized many Americans to want to “. . . permanently relocate to more sparsely populated areas,” according to Redfin.com’s Dana Anderson.

“Overall, searches for homes in small towns are surging on the Redfin.com website,” she explains.

“Pageviews of homes in towns with fewer than 50,000 residents were up 87% year-over-year recently, more than triple the 22% year-over-year increase in page views of homes in cities with more than 1 million residents.”

The ability and acceptance of working from home and new technology to make that easier has changed many home shopping wish lists on which “a quicker commute” once ranked high.

As long as there is decent internet service, small towns and suburbia offer far more security to the new migrators.

Residents of San Francisco, Seattle and the District of Columbia lead the way, with many expressing interest in homes in Montana and rural areas of Oregon and Colorado along with Nevada and Arizona.

Aside from a safe haven, away from the craziness of the cities, what else are these homebuyers seeking? Right now, what we’re hearing is anecdotal, but here’s what we’ve learned.

Space – the new frontier

“Stayhome” is more than just a term preceded by a hashtag. Isolation, hunkering down, self-quarantine – they all describe our lives during the first two months or so of the pandemic.

We couldn’t help but get to know our homes, flaws and all. I always knew my pantry was dinky, but two months of stuffing it full of “stocking up” supplies made it so painfully evident that I really resent it now.

Others have mentioned clients seeking more outdoor room for the kids and pets instead of having them constantly indoors where parents are trying to work remotely.

The desire for more elbow room is also topping the lists of luxury homebuyers. “We’re getting calls from people wanting acreage. They want grass, they want greenery, and they don’t want the city,” Colorado agent Jennifer Markus tells Mark Samuelson at DenverPost.com.

A lot of your migrating clients may have an anti-wish list – a list of what they don’t want in their new home.

Smart home security systems are all the rage

Electronics manufacturers are already seeing a growing demand for home security solutions, according to Zack’s Vasundhara Sawalka at Nasdaq.com. Sawalka also promises that new DIY home security is being rushed to the market.

You won’t be surprised then if you have homebuyers who are demanding such technology in the homes they view and your listings that offer it fly off the market.

We’d love a home gym … or at least room to create one

Gym equipment manufacturers and retailers are loving life right now. “I sold over 61,000 pounds of dumbbells, plates and kettle bells in the last eight weeks,” Stan Soboleski, operations manager at Fitness Brokers USA, told Anaridis Rodriguez at CBS Boston.

In fact, don’t bother shopping for kettle bells in New York City because you most likely won’t find any.

Even with many states relaxing restrictions and gyms reopening, social distancing rules create lines at the door and long waits to use equipment. Many Americans don’t plan on returning to their gym until the pandemic is over.

Enter, the home gym. Americans have converted their guest rooms, studies and even garages to accommodate their workout equipment. When they move, they’ll want a dedicated area to put all that stuff, or at least a room that they can convert into a home gym.

Smart agents will appeal to the gym rats in listing descriptions.

Agents we’ve spoken with, depending on region, also mention that swimming pools, pergolas in the backyard and floorplans that allow privacy are on many homebuyers’ lists.

When it comes to home buyers, it appears that we may have a “new normal” in the real estate world.

Send the Multi-Photo Blue postcard from the Multi-Photo Series to promote your new listing to the surrounding area.

Need help targeting a specific niche of buyers or sellers? Use our prospect list tools to create the ideal list (it’s easy) or call our support team for assistance at 866.405.3638!

Take advantage of this week’s FREE Direct Response Report, “Are People Buying & Selling Post-Pandemic?”

Download the “Post-Pandemic” Direct Response Report now and keep copies available and on hand. Use the PROMO CODE: FREEREPORT at check out to get this report Free (a $19.95 value). – Click Here.

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Meet your 2020 homebuying clients

Dec 11, 2019

It may seem like buyers are buyers, from one year to the next. Buyers’ agents understand, however, that no two clients are alike, and that “buyers,” as a group, hold certain commonalities.

We’ve already officially entered the decade of the first-time buyers, as millennials aged into the housing market. Classifying “buyers” became immensely easier. We know a whole lot about the largest group of them in the market.

Of course, whether buying or selling real estate, who reaches out to you for help depends on the types of consumers you’ve been stuffing into your pipeline this year and last.

And, how consistently you’ve kept in touch with these real estate leads.

In a perfect world, your CRM is impeccably organized, your leads segmented, your follow-up spot on and you perform multiple touches throughout the year.

The Ready to Own postcard from the First Time Buyer Series is available in the postcard section.

Since the world isn’t perfect (nor are most agents’ CRMs), 2020 may be feast or famine time (as usual, right?).

Here’s what the “experts” are saying

Don’t you love reading the year-end prognostications about next year’s real estate market? While in late 2018 the experts were far more committed to their guesstimates of the 2019 market, this year, they are all hedging their bets.

Nobody is really sure what the real estate market will be like in 2020. Except for Nobel-prize winning economist Robert Shiller.

In September, he stated “that the U.S. housing market could start to see a fall,” according to Harsh Chauhan at CCN.com. Chauhan bases his predictions largely on the fact that existing home sales fell 2.2 percent in September.

Hey, isn’t that the time the market slows every year?

The Six Move-Up Mistakes Homebuyers Make Report is available in the Free REport section.

The truth is, Americans, by and large, are optimistic about the economy. NAR’s latest quarterly survey finds that 63 percent of buyers “feel optimistic” and 52 percent are happy with the way the economy is humming along.

So, will 2020 be a buyers’ market or a sellers’ market?

I really wish that the media would survey the country’s real estate agents when putting together their year-end roundup of expert opinions.

What are the chances that an economist or other “expert” sitting behind a desk, set in front of a wall of framed college degrees, has actually worked with real estate clients? Day in, day out, over the past year?

It’s agents who are closest to the market’s pulse, who feel the changes as they happen. It often takes a month or more for the media to catch on.

Agents across the country have told us they agree with Freddie Mac’s forecast of “a projected upward tick in housing supply” next year. While it may not be upward enough to balance the market, it will bring relief to many buyers.

Speaking of which, look for demand to remain high for homes in the lower price ranges. In Chicago, for instance, this includes anything priced lower than $325,000

Who are these buyers and what do they want?

“If you’re selling a house next year, expect to see a lot of young couples walking through your doors during open houses,” claims an unnamed writer at AZBigMedia.com.

Oops. Millennials, by and large, don’t like open houses. Members of Generation X, on the other hand, love them. According to NAR studies, 63 percent of Gen X homebuyers claim to have visited open houses before buying.

Which is great news for open-house holders

Unlike Millennials, Gen Z clients are more likely to have a home to sell before buying, giving their lucky agents a twofer.

They’re buying more expensive homes as well. They require less hand-holding. Hopefully, you’ve been pursuing this cohort because they and baby boomers will be the clients who bring you the best commission checks.

Yes, Millennial first-time buyers are expected to still loom large in the 2020 real estate market, so if the cohort is among your target clientele, relax.

If, on the other hand, you’re pursuing the more-bang-for-the-buck type of Gen X transaction, get to know the master-planned communities in your market. Specifically, those that offer homes with:

Three to four bedrooms in a minimum of 2,300 square feet
Single-story homes for the older members of the cohort (many hope to age in place)
Plenty of nearby amenities, such as parks and good schools
Quick commutes to the nearest city

Baby boomer homebuyers, on the other hand, are typically looking to downsize, so they’re competing with Millennials for those low-priced smaller homes.

Many in the cohort have decided to rent while others are aging out of the housing market entirely.

Boomers’ hot buttons?

Efficient floorplans with lots of storage options
A laundry room is a must
Energy-efficient appliances and windows
Homes that offer smart-home technology
Home office
Lots of natural light
Single-story homes with no stairway access
Homes in walkable neighborhoods near shops and eateries

The cohort’s cold buttons are just as important, so don’t show them:

Homes in golf course communities (unless they voice a preference for them)
Homes with an elevator or wine cellar
Anything with more than one story

The Perfect Timing postcard from the First Time Buyer Series is available in the postcard section.

Fortunate is the agent who steadfastly targeted the older demographics this year and last. Next year may just be your most prosperous yet.

Send the Perfect Timing postcard from the First Time Buyer Series to a targeted list of renters.

Need help targeting the perfect list of renters? Use our mailing list too l to create the ideal list (it’s easy) or call our support team for assistance at 866.405.3638!

PLUS: When you have time…here are Free killer tools to help your success this year!

1. The 12 Month Done-For-You Strategic Marketing Plan – NEW 2020!

2. The Free One-Page Real Estate Business Plan – NEW 2020!

3. Get the ALL-NEW “Insider Secret “Real Estate Marketing Guide “CRUSH IT”

The “Crush It” Guide includes easy steps to launching an effective direct mail marketing campaign, how to create a targeted mailing list, the perfect way to layout marketing materials for success, seven opportunities available to target in your area right now. –Click Here

4. Become a Listing Legend Free eBook

5. The Free Online ROI Calculator

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