Thinking about selling your Carroll County home? Where do buyers come from, and what are they looking for? How can you be assured your Carroll County home will sell? The key to success for professional real estate agents is to “know your audience.” A real estate pro will know, and share with you, where buyers are coming from, and will market your home to those buyers.
A trustworthy real estate agent uses market research to determine not only a reliable listing price, but also what type of buyers will be interested in a particular home. Naturally, there are the basic needs that seem to cut across all demographics, but certain homes appeal to certain folks.
Once you have a clear picture of your likely buyer, marketing efforts should be targeted to those buyers.
The luxury home buyer
High-end homes in Carroll County are not the norm, although they certainly do exist. Luxury home prices in Carroll County have soared to over $1 million. Is this a trend? Only time will tell. What we do know, however, is that if you own a high-end (meaning high-priced) home, your most likely buyer will be a woman and a member of the baby boom generation. This group of Americans, by the way, controls a large share (51.3 percent) of the country’s wealth and that percentage is expected to grow.
According to CBS News Money Watch, “America’s most affluent women are typically in their 50s and 60s,” and a recent survey of real estate agents finds that 62 percent of their luxury home buying clients are between the ages of 45 and 54.
By the way, today’s luxury home buyer doesn’t necessarily view the purchase as an investment, as was the case before the recession. Instead, it’s more of a lifestyle choice – a home in which to raise a family and build memories.
This information helps listing agents, narrow the marketing focus (sophisticated and laser-targeted) to appeal to these buyers.
The condo/townhome buyer
When it comes to condos vs. single-family detached homes, the owners of the latter will have a better chance of selling. Now, this isn’t to say that condo owners can’t sell their homes. On the contrary. Some Carroll County buyers prefer a condo or townhouse. Typically, they sell for less. Although they have either a condo association or a homeowner’s association, some buyers like knowing that certain maintenance items are included in the monthly fees.
Condo buyers will likely be a retiree seeking to downsize, or a first-time buyer. Retirees prefer condos with elevators, or first-floor units that have no steps. First-time buyers appreciate the affordable prices, as well as having someone else mow and remove snow.
Urban condos are attractive to young, single professionals who are seeking a home in close proximity to work and to social opportunities. The bonus for them is that condos are generally less expensive than single-family homes and require far less maintenance.
Then, there are the young couples who aren’t planning to start a family right away. Naturally, the location of your condo and the amenities the community offers will help us narrow down your ideal buyer pool.
The single-family, detached home buyer
The single-family, detached home category represents a broad range of Carroll County homes, from small, starter homes to luxury homes and even ranches on multiple acreage. The most popular single-family home, according to the National Association of Realtors, is one that was built in 1991 and has 3 bedrooms, 2 bathrooms and 1,900 square feet of living space.
Now, most real estate agents will tell you that the home needs to be in move-in condition to sell quickly but recent studies show that millennials actually want a home that needs a little work if it means they don’t have to buy a cookie-cutter home.
What they don’t want are old appliances, dinky master bedrooms and a one-car (or no-car) garage. Fix those problems and your home can be marketed to this demographic.
If your home is large, more than 2,000 square feet, and in a quality school district, your buyer will most likely be a Gen Xer.
“Buyers 37 to 51 are in their peak earning years and thus their incomes are the highest among all generations of buyer types at $106,600. They are both the generation most likely to be married and most likely to have children under the age of 18 in their home,” according to the National Association of Realtors 2017 Home Buyer and Seller Generational Trends Report.
Why does it matter?
Earlier, it was mentioned that knowing who your likely buyer is will help hone the marketing efforts. If your home fits perfectly a certain demographic’s wants and needs, it only makes sense to stage the home and craft marketing pieces to attract them.
As you’ve probably guessed, marketing a home for sale entails so much more than entering the details into the MLS database and pounding a sign into the front yard. Let’s discuss a marketing plan before you’re ready to sell your home. You only have one opportunity to impress buyers, let’s get it right from the start.
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