23 Dec 13
Today’s home buyers are a diverse group and what they want in a property is just as diverse. Generally speaking, they fall into three categories; owner/occupiers (including first time home buyers), investors and developers. Each of these groups has very different wants and needs and trying to satisfy those needs has given us the variety of dwelling sizes, styles and locations that we see in the market today.
What appeals to one segment of the market will not attract a buyer interested in a different segment. Some buyers are tied down to a budget while others will pay a premium to live in a certain area or own a certain type of house.
First Time Home Buyers Confined by Price
Over the years we have been involved in the industry, we have seen certain preferences become the norm for the different types of buyers. For example, first time home buyers looking for their piece of perfect real estate are usually confined by price. They are just starting out and have only saved a small deposit so we would not be taking them to properties with high price expectations.
Owner/occupiers on their second or subsequent properties will still have a price guide, but they are able to raise additional funds if their ideal home is more expensive than first thought. They usually look for a large block of land, especially if they have a family. At All Residential Real Estate we specialise in both these types of property and we understand that our role is to match appropriate qualified buyers to a particular property.
Investors Look for Low Maintenance Properties
Investors prefer newer, low maintenance homes on smaller blocks of land because they are easier to rent. All Residential Real Estate is also a property management agency, and prospective tenants always ask us about the size of the block. They have told us many times that they don’t want to spend hours at weekends mowing, weeding gardens and watering plants. They want a no-fuss lifestyle, and based on this feedback, our investors have moved away from large blocks with high maintenance costs.
Developers Love Large Blocks of Land
Developers are completely different. If they buy a house and land, it is usually because the land is a large block that can be subdivided and they often demolish the house to make way for a new development. Ideally, they like a large block of vacant land in a premium area that can be developed without major planning hassles.
With all these diverse wants and needs, it is impossible to develop a profile of a typical buyer. Knowing the market is what we do best, so if you are thinking of selling and you’d like to discuss the best marketing strategy to target buyers for your property, we’d love to hear from you. Give All Residential Real Estate a call (02 4228 2555) or send us an email (firstname.lastname@example.org).