Target Your Real Estate Marketing for Success with Detailed Buyer and Seller Profiles – Part Two
Ancient Greece famously popularized the saying, “Know thyself.” But when it comes to real estate marketing, the phrasing should be, “Know thy clients.”
Here’s part two of our look at profiling real estate clients based on data from the National Association of Realtors®, this time focusing on sellers.
- The age of the typical home seller is 56, which corresponds to the typical age of a repeat buyer, now at an all-time high. Not surprisingly, 69 percent of sellers have no minor children living in the home.
- In another meaningful change, sellers reside in their homes for eight years before selling, the biggest one-year jump since 1985.
- What do you think is the top reason that people choose to sell their homes? Coming in at #1 with 18 percent is the wish to move closer to family and friends. Closely following at #2 with 17 percent is a desire to upsize, while 11 percent cited a decline in their current neighborhood.
- When reasons for moving are filtered by first-time sellers, the rankings are shuffled. Nearly one-third of first-time sellers are motivated by a desire to upsize. Change in the desirability of the current neighborhood is #2, with moving closer to family and friends coming in at #3.
- While many sellers want to relocate near family and friends, 69 percent of sellers ended up purchasing a home in the same state.
- Much like home buyers, the majority of sellers chose to work with a real estate professional, for a total of 90 percent. Only seven percent of sales were FSBO (for sale by owner), which is a historic low dating back to 1981, the first year of NAR’s report.
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