Writers have a target audience in mind when they start writing. Radio DJs are advised to have a mental image of their audience – one person of a certain age group, by the way – every time they open the mic. And for professional marketers, the key to success is to “know your audience.”
These marketers use market research to determine from what pool of consumers will come their potential customers. When your Southern Maryland home is the product, though, we don’t need expensive research or a crystal ball to determine who will be most interested in it.
Thankfully, the National Association of REALTORS (NAR) and others have done the legwork for us, giving us a pretty good idea of which demographics like which types of homes. Of course, there are the basic needs that seem to cut across all demographics, but some homes appeal to certain folks.
Once you have a clear picture of your likely buyer, we can better focus our marketing efforts.
The luxury home buyer
In the first quarter of 2017, high-end home process soared to an average of $1.65 million. Is this a trend? Only time will tell. What we do know is that if you own a high-end (meaning, high-priced) home, your most likely buyer will be a woman who is 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.
Another survey reveals that most homebuyers who buy at the top of the luxury home market – in the $10 million and up price range – are entrepreneurs. Finally, most of the people that will tour your home are local to the area.
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; they want a home in which to raise a family and build memories.
This information helps me, as your listing agent, narrow our 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, owners of the detached homes will have a better chance of selling. This isn’t to say that condo owners can’t sell their homes — on the contrary!
As a condo seller, your buyer will likely be a retiree who is looking to downsize. This is especially true if the condo is located in a walkable area that offers plenty of recreational opportunities.
Urban condos are attractive to young, single professionals who want a home close to work and 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
This category represents a broad range of Southern Maryland homes, from small starter homes to luxury homes and even ranches on multiple acres. The most popular single-family home, according to NAR, is one that was built in 1991 and has three bedrooms, two bathrooms, and 1,900 square feet of living space.
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 Millennial buyers 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 we can market your home 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,” according to the National Association of Realtors 2017 Home Buyer and Seller Generational Trends Report. “They are both the generation most likely to be married and most likely to have children under the age of 18 in their home.”
Why does it matter?
Earlier, I mentioned that knowing who your likely buyer is will help us hone our marketing efforts. While we won’t exclude other possible buyers, if your home fits perfectly a certain demographics 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 Southern Maryland home for sale entails so much more than entering the details into the MLS database and pounding a sign into the front yard. I’m happy to discuss my marketing plan with you when you’re ready to sell your home.
La Plata MD Homes for Sale and Real Estate Services in Southern Maryland. You now have a search engine to help you with your Southern Maryland home search! And I’m ready to provide you with a custom home valuation if you’re considering selling your home. Let’s connect to discuss how I can help you. Contact Kimberly Bean at 301-440-1309
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