What Do Home Buyers Want?

Most buyers want the same thing in a Realtor: someone they can trusts who understands them and what they’re looking for. Along with these desires, of course, your local real estate knowledge also tops the list in terms of importance. But without that understanding and trust, all the knowledge in the world won’t help you […]

Most buyers want the same thing in a Realtor: someone they can trusts who understands them and what they’re looking for. Along with these desires, of course, your local real estate knowledge also tops the list in terms of importance. But without that understanding and trust, all the knowledge in the world won’t help you with your buyers (or their potential future referrals).

Data from NAR 2008 Profile of Home Buyers and Sellers

As the saying goes, “people don’t care what you know until they know that you care”.

To know the buyer, you must first understand the buyer:

Characteristics of Home Buyers from the 2008 NAR Buyer & Seller Profile:

  • 41% of recent home buyers were first time home buyers.
  • The typical first-time home buyer was 30 years old, while the typical repeat buyer was 47 years old.
  • The 2007 median household income of buyers was $74,900. The median income was $60,600 among first-time buyers and $88,200 among repeat buyers.
  • About one-quarter of first-time buyers identified their race or ethnicity as non-white.
  • Twenty percent of recent home buyers were single females, and 10 percent were single males.
  • For two-thirds of recent home buyers, the primary reason for the recent home purchase was a desire to own a home.

Our age also plays a huge part in our personalities, and our preferred working style. The same holds true with buyers. The largest chunk of buyers, 33%, are between the ages of 25 to 34 years old. The second largest group, at 23%, is buyers between the age of 35 to 44 years old.

Considering the average age of Realtors is over 50, this is an important difference. Younger buyers are far more likely to use technology and social media. They are also accustomed to a more open and casual work style.

The hard part is balancing professionalism with authenticity… a cheap suit and tie makes just about all 20-30 year olds think “saleseman”. At the same time, buyers of all age value competence and professionalism.

Another area to consider is female buyers. Whether you are male or female yourself, this is a market segment you can’t afford to ignore. Consider making a web page devoted to female buyers, to not only provide them information but to show them that you’re committed to serving that area of the market.