Before listing your Northville, Michigan home for sale, it’s crucial to identify your potential buyer demographic. While predicting this doesn’t require clairvoyance, ample statistics exist on what different types of buyers seek in a home and neighborhood.
Certain fundamental needs span across all buyer groups, but having a clear understanding of your likely buyer enables more focused marketing efforts.
First-Time Buyers:
Surprisingly, even with higher prices and interest rates, first-time buyers are still showing interest in starter homes. According to the Associated Press, they accounted for 28% of home sales in March. To attract these buyers, emphasize features such as a dedicated laundry room, which ranks high on their wish lists. Consider staging the space with shelving, storage solutions, and a laundry-folding table if feasible.
Don’t be surprised if baby boomers fall in love with your home
In today’s market, baby boomers play a significant role. While millennials previously dominated, nearly half of the homebuyers now belong to the older generation. Fortunately, their preferences align with millennials in several areas, including a laundry room, hardwood floors, open floor plans, and outdoor spaces. However, there are slight variations: boomers favor one-level living, dislike basements, and appreciate features like a patio, a small private yard, and an outdoor kitchen. Highlighting energy efficiency improvements can also be a selling point.
There are a few minor differences, however. Boomers crave one-level living and aren’t at all interested in a basement, Paul Emrath with the National Association of Home Builders tells Michele Lerner at NewHomeSource.com.
He goes on to claim that this cohort is looking for a patio, a “small private yard” and an outdoor kitchen.
Tip: Energy efficiency, especially when it comes to heating and cooling costs, is a homebuyer hot button, so if you’ve made any improvements in that area, they will make perfect marketing points.
The time to get the home on the market is a.s.a.p.
Considering the projected decline in house prices, it’s advisable to get your home on the market promptly. PNC Bank’s Senior Economist, Abbey Omodunbi, forecasts a 10% decrease in house prices this year, indicating a more balanced market with increased supply and reduced demand. To maximize your profit potential, it’s crucial not to delay.
If you have any questions or require assistance, feel free to reach out. We’re always here to help you.
