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  • "C.A.R. releases its 2019 California Housing Market Forecast" - PRNewsWire.com"A combination of high home prices and eroding affordability is expected to cut into housing demand and contribute to a weaker housing market in 2019, and 2018 home sales will register lower for the first time in four years, according to a housing and economic forecast released today by the CALIFORNIA ASSOCIATION OF REALTORS®' (C.A.R.). C.A.R.'s '2019 California Housing Market Forecast' sees a modest decline in existing single-family home sales of 3.3 percent next year to reach 396,800 units, down from the projected 2018 sales figure of 410,460. The 2018 figure is 3.2 percent lower compared with the 424,100 pace of homes sold in 2017..."
  • "Who is taking a stand on affordable housing in Pittsburgh?" - NextPittsburgh.com"Since the turn of the century, Pittsburgh has emerged as a story of reinvention and rebirth in the face of a changing economy. While the gains from our emergence as a hub of research and technology are real and hard-won, they don’t tell the whole story. Since the year 2000, housing — perhaps the most basic human right — has become significantly less affordable in Pittsburgh. According to a study commissioned by the city’s Affordable Housing Task Force, the average cost of a rental home has increased by $116 monthly, far exceeding the rate of inflation, while the median income of renters has remained stagnant at around $26,000 per year..."
  • "Requested amendment to downtown project could be 'deal-breaking' for Tulsa Development Authority" - TulsaWorld"Urban renewal and city officials have concerns over a developer’s request to remove the retail portion of a proposed downtown project. The Tulsa Development Authority tabled the item at a meeting Thursday. Developers Neal Bhow and his son Shaun Bhow of Hartford Crossing LLC have asked the TDA to amend an agreement for a development at 111 S. Greenwood Ave., allowing them to eliminate a proposed ground-floor food hall and dropping the building from five stories to four. The proposal for 55 housing units remains unchanged..."
Home Sellers: A Generational Guide to Home Buyers - a review by offrs.com

Home Sellers: A Generational Guide to Home Buyers - a review by offrs.com

Considering listing your home for sale? You're going to want to know who you'll likely be selling to. For proper target marketing and negotiation interaction, take a look at this guide. It will walk you through some of the many points of importance for these demographic generations.

As seen on HotProForum.com...

 

Home Sellers: A Generational Homebuyer Guide

If you’re planning on selling your home, you’ll find that the more you know about the buyers you're more likely to end up dealing with, the better prepared you will be to strategize a marketing approach with your real estate agent. This generational guide is a good place to start. Obviously, there are exceptions and outliers to every demographic, but if you're not certain what you're heading into, this may help point you in the right direction.

 

Gen Y and Millennial Homebuyers

In 2017, these homebuyers were 19 to 37 years of age (mostly born between 1980 and 1998). They represent the largest group of recent homebuyers.

 

Characteristics

  • Portion of recent homebuyers: 34 percent
  • Have children under the age of 18: 49 percent
  • Were first-time homebuyers: 66 percent
  • Had incomes between $65,000 and $125,000: 47 percent


Should You Market to This Generation?

 

  • Is it likely that first-time homebuyers will look at homes in your home’s price range (given their income level)?
  • How many children live in your neighborhood and how are the local schools ranked (a kid-friendly culture may work for them)?
  • Are there amenities such as restaurants, bars and recreation close by (amenities, social lifestyle and culture are very important to this group)?

 

Gen X Homebuyers

In 2017, Gen X homebuyers were 38 to 52 years old, having been born in 1965 to 1979. These buyers were often caught mid-career by the last downturn in the economy and may be more conservative than other buyers.

 

Characteristics

  • Portion of recent homebuyers: 28 percent
  • Have sold a home in distress: 14 percent
  • Couldn’t move earlier due to low value of existing home: 21 percent
  • Had incomes between $85,000 and $150,000: 41 percent


Should You Market to This Generation?

  • Is your home in a strong neighborhood with good appreciation rates (these buyers have been burned before)?
  • Have you priced your home to sell quickly? Gen X buyers looking for a deal to safeguard their equity will want to know.
  • How turnkey is your listing (really)? Gen X buyers will likely be factoring this into what they can afford.

 

Younger Baby Boomers

In 2017, younger baby boomers were 53 to 62 years of age, having been born between 1955 and 1964.

 

Characteristics

  • Portion of recent homebuyers: 16 percent
  • Bought a multi-generational home: 20 percent
  • Have income between $75,000 and $150,000: 42 percent


Should You Market to This Generation?

  • Does your home have a separate mother-in-law suite or guest cottage? Younger baby boomers are part of the “sandwich” generation and often have parents or older children living with them and love to find multi-generational homes.
  • Along with older baby boomer homebuyers, baby boomers as a group are the second largest demographic bracket among recent homebuyers, so they’re a good target.


Older Baby Boomers

In 2017, older baby boomers were 63 to 71 years of age, having been born between 1946 and 1954.

 

Characteristics

  • Portion of recent homebuyers: 14 percent
  • Purchased a senior housing option: 17 percent
  • Buy due to retirement: 19 percent


Should You Market to This Generation?

  • Does your home appeal to baby boomers? Very often this can mean one-floor living with low maintenance.
  • Do you live in a location known to be favorable to retirees? Keep in mind that a solid food culture and award-worthy regional healthcare facilities will make your listing very favorable.


Closing Thoughts

You know from buying your own property that homes don’t come in one-size-fits-all categories. To get the most profit from the sale of your home, it helps to think about the type of buyer who is most likely to be attracted to your home. You can then arrange your staging and everything written about your home to draw in buyers who will love your home at first sight! It's all about telling your home's story in a consistent and easy-to-consume message. Be sure to discuss this with your agent. They'll have lots of home marketing advice to share with you.

 

 

 

 

offrs collects and provides topical insights, statistics, reviews, humor and best practices gathered from real estate professionals and consumer homeowner industry peers. Are you an agent or broker? Learn more about getting real estate seller leads in your inbox! Visit www.offrs.com or continue to browse our growing collection of industry articles at www.offrs.net.
 

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