With changing needs for homebuyers combining with record-breaking low interest rates and dwindling inventory, what are potential clients really looking for from a home in 2021 — and what is your role in the process?
Are they all jumping on the bandwagon for fear of missing out on the next great listing? Or seriously looking to fulfill their needs— for comfort, shelter, a remote workplace, and a sense of home?
Either way, they are not just looking, they are buying at a rate not seen in years.
Riding the Wave
If your listings are selling even before you finish inputting the data and organizing your first virtual tours, you are definitely riding the wave of the current trend in the market.
You need to keep the momentum, but what have you learned about buyers?
The Real Estate Buyer Persona
According to the most recent NAR study, the typical homebuyer was 47 years old with an annual income of $96,000. They plan to live in their new 1,900 square foot home for around 10 years, and they really want to buy sooner rather than later.
If the buyer contacted you first, it is likely that you became their real estate agent for the transaction. Studies show that 73% of consumers used the first agent that they contacted.
What about the other 27% and the ones who didn’t choose you? How can you increase your leads and turn them into repeat buyers?
The Journey Starts Online
Since 97% of all buyers start their search on the internet, it is evident that you need to have a great online presence. How do you get your brand out there and compete with the thousands of other real estate professionals vying for the same buyers? (Editor’s Note: Watch the CVAR Calendar for free classes that can help!)
What are homebuyers looking for and what makes them choose you as their real estate agent?
Presentation skills are first and foremost when you market a property. Seeing is believing now more than ever. As a real estate professional, you have to show value to your buyer and that means giving them what they want.
The homebuyer’s preferences haven’t dramatically changed in comparison to a year ago, but what has changed is the way they view potential homes. When you provide immersive 3D tours and accurate square footage on an easy-to-follow floor plan, the buyer is better informed to make a decision on whether or not the property is suited to their needs.
The world was shaken up by the events of 2020 and it has caused a ripple effect throughout the real estate industry. How can you help buyers find what they want going forward into 2021?
Here’s a look at what’s trending:
Renovations are a no-go for almost half of today’s buyers
There is an increase in the demand for multi-generational homes
Pets are now additional family members and they need their space too
More than 87% of buyers are financing their homes (Editor’s Note: CVAR offers free financing classes, including Mortgage Financing 101 on June 24, see the CVAR Calendar to find out more!)