Realtors and home sellers both need to have certain insights into the minds of homebuyers in order to make fast, efficient sales. Whether you’re hoping to update prior to putting a house on the market, or just wondering who your target audience is, paying attention to industry data can really pay off.
Each year, Fixr conducts a survey amongst industry professionals as a way of uncovering useful trends that can aid homeowners and other industry pros. These reports include insights into single-family home trends, such as buyers and what it is that they’re looking for. Realtors and home sellers looking for those trends that can help them get ahead in a competitive market can make great use of the information uncovered in this report.
While the entire report is filled with valuable information, the following 5 trends may be of particular interest to Realtors and homeowners hoping to sell in the near future.
Who’s Buying Homes
One of the things uncovered in the report is a unique look at who’s buying homes right now, and what identify features they share. According to the survey results, homebuyers right now are predominately married couples with children. Older millennials make up the biggest population of buyers, followed by members of Gen X.
They’re also more likely to have an average income above $200,000 and are most likely to finance their purchase through a home loan.
Knowing this information is important, since knowing your target audience means that you can make choices that can speak to them more clearly. When you know who you’re supposed to be reaching, you can get to them more effectively.
What People Want in a Home
When it comes to the homes that buyers are currently looking for, it’s houses that are between 2,500 and 3,000 square feet in size, and that feature open floor plans, three or four bedrooms and three bathrooms.
This information is of particular importance to sellers who may be considering renovating. Converting unused space to an extra bathroom or bedroom or creating a more open floor plan may help you attract more buyers if your current layout falls outside of these parameters.
Homebuyers today are particularly interested in energy efficiency, but it’s where you invest in this area that really counts. HVAC systems are the most popular energy efficient appliances to add to a home. Considering that heating and cooling together make up 46% of most homeowner’s energy bills, this makes sense that homebuyers are going to look at this area first. The next most popular device to invest in an energy-efficient model for is the clothes dryer. While not all home sales include the laundry appliances, throwing in an energy efficient dryer as part of the sale can help to close the deal.
Smart home popularity continues to grow each year. In fact, as many as 81% of people have indicated that they would be more willing to purchase a home that has smart technology already installed than a similar home without it.
When it comes to smart home additions, most people want to see lighting, followed by home security and smart home appliances. Upgrading any of these areas in your home to a smart version could be enough to attract more interest and can help result in a faster home sale.
If you’re considering a remodel prior to selling or you just want to reach a wider demographic of buyers, there are some special features that homebuyers are more likely to be looking for in a home.
This includes rooms such as home offices, as well as accessibility features, like grab bars installed in the bathroom and shower.
These types of upgrades aren’t large, but they do increase the number of people who may be interested in a home, making them some of the most effective that can be done to a property prior to sale.
Make the Most of the Trends
Trends can be used to predict the future movements of homebuyers. Remember that a trend is considered anything popular that has a staying power of at least 10 years, so if you’re planning on selling within the next few years, these kinds of upgrades can help set your home apart. Take a look at the full report on Fixr’s blog to learn more, and start making more strategic choices to help get homes sold faster.