Writers have a target audience in mind as they peck away on the keyboard. Radio DJs are admonished to hold a mental image of their audience (one person of a certain age group, by the way) every time they open the mic.
And, the key to success for professional marketers is to “know your audience.” They use market research tools to determine the pool of consumers from which their potential customers will come.
When a West Chester home is the product, however, we don’t need expensive research or a crystal ball to determine who will be most interested in it.
The National Association of REALTORS and others have done the legwork for us, so we have a pretty good idea of which demographics drool over which types of homes.
Naturally, there are the basic needs that seem to cut across all demographics, but some homes appeal to certain folks. Once you have a clear picture of your likely buyer, we can better focus our marketing efforts.
The Byers Station Luxury Home Buyer
High-end home prices soared in the first quarter of 2017 to an average of $1.65 million. Is this a trend? Only time will tell.
What we do know is that if you own a high-end (meaning high-priced) home, your most likely buyer will be a woman and a member of the baby boom generation.
This group of Americans, by the way, controls 51.3% of the country’s wealth and that percentage is expected to grow.
According to CBS News Money Watch, “America’s most affluent women are typically in their 50s and 60s.” And a recent survey of real estate agents finds that 62% of their luxury home buying clients are between the ages of 45 and 54.
Another survey reveals that most homebuyers who purchase at the top of the luxury home market—in the $10 million+ range—are entrepreneurs. There aren’t many homes in that price range in Byers Station/West Chester area, but there are a few. And the profile is still helpful in planning to sell.
Finally, and maybe most importantly, most of the people that will tour your Byers Station or West Chester-area home are local to the West Chester area. That’s not much of a surprise. But it does mean that sellers and their agents can narrow their marketing to potential homebuyers in the West Chester area.
By the way, today’s luxury home buyer doesn’t necessarily view the purchase as an investment, as was the case before the recession. Instead, it’s more of a lifestyle choice – a home in which to raise a family and build memories.
This information helps us, as your West Chester listing agents, narrow our marketing focus to appeal to these buyers.
The West Chester Condo & Townhome Buyer
When it comes to condos vs. single-family detached homes, the owners of the latter will have a better chance of selling. Now, this isn’t to say that condo owners can’t sell their homes. On the contrary.
Your buyer will likely be a retiree, seeking to downsize. This is especially true if the condo is located in a walkable area that offers plenty of recreational opportunities—something West Chester has lots of.
Urban condos in West Chester are attractive to young, single professionals who are seeking a home in close proximity to work and to social opportunities. The bonus for them is that condos are generally less expensive than single-family homes and require far less maintenance.
Then, there are the young couples who aren’t planning to start a family right away. Naturally, the location of your condo and the amenities the community offers will help us narrow down your ideal buyer pool.
The single-family, detached home buyer
The single-family, detached home category represents a broad range of homes, from small starter homes to luxury homes, and even ranches on multiple acreage.
The most popular single-family home, according to NAR, is one that was built in 1991 and has 3 bedrooms, 2 bathrooms and 1,900 square feet of living space. In Chester County, it’s probably a little larger than 1,900 sf. Call me and I’ll pull some numbers for you 🙂
Most real estate agents will tell you that the home needs to be in move-in condition to sell quickly but recent studies show that millennials actually want a home that needs a little work if it means they don’t have to buy a cookie-cutter home. Good news for fixer-upper owners.
If your home is large—2,000+ square feet—and in a quality school district, your buyer will most likely be a Gen Xer.
Buyers 37 to 51 are in their peak earning years and thus their incomes are the highest among all generations of buyer types at $106,600. They are both the generation most likely to be married and most likely to have children under the age of 18 in their home.
Why does it matter?
Earlier, we mentioned that knowing who your likely buyer is will help us hone our marketing efforts. While we won’t exclude other possible buyers, if your home fits perfectly a certain demographic’s wants and needs, it only makes sense to stage the home and craft marketing pieces to attract them.
As you’ve probably guessed, marketing a home for sale entails so much more than entering the details into the MLS database and pounding a sign into the front yard.
We’re happy to discuss our marketing plan with you when you’re ready to sell your home!
Office: 610-430-8100 or Cell: 484-995-5559 — Let’s talk!