19 Aug What do Buyers Want?
National Association of Realtors (NAR) released a profile of home buyers and sellers. It was interesting to see of the over 5700 respondents just what buyers are looking for in their search.
Knowing this makes the realtors more attuned to the market and better to meet their client’s needs.
The quality of the neighborhood, convenience to the job, and overall affordability are the top three factors. Nothing really new but interesting enough among families with children under 18 residing in the home, 46 percent chose based on school district quality, down from 55 percent last year. Southern California those figures are of course a bit higher, closer to 53 percent but still down, just a point or two.
Today’s buyer are in fact staying longer in their home that they purchase. The typical buyer expects to stay in their home 12 to 15 years, up from 8 to 10 years. However it seems younger buyers (22-26 years) are more mobile and look to stay only 5 years.
Buyers know it’s harder to get a loan, but they still look for their realtor to help them through the process. A realtor who has a good relationship with a mortgage company will certainly be helpful and will be looked upon by their client as a good CONSULTANT.
It is always best to stay in the loop, not to interfere but to be a resource, a sounding board for the buyer. The process today can be lengthy and difficult; sometimes the realtor can be there just to listen.
While information like this from NAR is not surprising, it is always good to tap into this type of survey to stay focused on buyers needs.
Asking questions from your buyer’s, always is best, getting information about their needs AND helping them to prepare for a home mortgage is what a good Realtor is all about. They look to us to help them through this most expensive investment they may ever make.
And its good business, because your buyer today will be a seller in the future, and that means additional business for the SAVVY Realtor.