The answer to finding real estate purchasers is knowing exactly who you're trying to pinpoint. The biggest reason investors (and even Realty agents) have a hard time when it comes to finding real estate homebuyers is that they purely believe in the idea of casting the vast net and hoping for the best.
While this may seem the most rational way to target real estate purchasers, it's particularly putting you at a disadvantage. You have to focus on a specific type of investor to ensure that you can speak openly to his/her requests and demands in the property buying procedure.
There are many of "types" of real estate buyers out there, but for the sake of STAYING narrow, in this piece of writing, we're going to focus on the initial home buyers.
Why first time homebuyers?
It's simple actually... With the current economy and real estate market conditions, coupled with administration services and income tax incentives, they're a single of the great types of homebuyers because the financing programs are leaning in their side and they're also wishing to take advantage of the real estate market affordability so they can get in on their piece of the American Dream.
In fact, according to the National Association of Realtors' 2009 Profile of Home Buyers and Sellers, 47% of the real estate market was set of first time home purchasers.
As a result, let's describe the first time purchasers so you can target them more intimately.
Who ARE the First Time Home Buyers?
Here are 4 info that you can use to locate first time purchasers and market to them efficiently.
Age: Over half of all first time homebuyers are by the ages of 24-34 and 12% are more youthful than that of 24.
Location: In accordance to this information, 22% want to purchase a house in an urban area while 52% have a preference to purchase in the suburbs.
Marital Status: Almost twenty-five percent of all first time purchasers are single women and 49% are married. Single men only account for 12% of all first time investor obtains.
Diversity: More and more first time buyers are part of a minority group and/or were being not born in the United States. In fact, 22% are part of minority group and 6% talk a language besides English.
NOTE: First time homebuyers are more open to the idea of buying a foreclosure or short sale. The truth is 56% included dealing a house in this class whereas mere 41% of repeat homebuyers considered a property in foreclosure. So, if you are focusing on foreclosures, short sales, or REOs, it could be an extremely profitable buyer market for you (and awfully few people actually know how to target them).
The best part about knowing these demographics is the ease of focusing on them.
As soon as you are aware of accurately WHO you are in search of, it will become much less difficult to locate them, and to offer them the communication that is important to them. Consider utilizing virtual storage like Facebook or targeted direct mail campaigns.
Just bear in mind that a first time real estate buyer uses an average of 12 weeks to make a choice, so it's best to begin building your buyers list early and keep growing it whilst you go out and search for the transactions.
While this may seem the most rational way to target real estate purchasers, it's particularly putting you at a disadvantage. You have to focus on a specific type of investor to ensure that you can speak openly to his/her requests and demands in the property buying procedure.
There are many of "types" of real estate buyers out there, but for the sake of STAYING narrow, in this piece of writing, we're going to focus on the initial home buyers.
Why first time homebuyers?
It's simple actually... With the current economy and real estate market conditions, coupled with administration services and income tax incentives, they're a single of the great types of homebuyers because the financing programs are leaning in their side and they're also wishing to take advantage of the real estate market affordability so they can get in on their piece of the American Dream.
In fact, according to the National Association of Realtors' 2009 Profile of Home Buyers and Sellers, 47% of the real estate market was set of first time home purchasers.
As a result, let's describe the first time purchasers so you can target them more intimately.
Who ARE the First Time Home Buyers?
Here are 4 info that you can use to locate first time purchasers and market to them efficiently.
Age: Over half of all first time homebuyers are by the ages of 24-34 and 12% are more youthful than that of 24.
Location: In accordance to this information, 22% want to purchase a house in an urban area while 52% have a preference to purchase in the suburbs.
Marital Status: Almost twenty-five percent of all first time purchasers are single women and 49% are married. Single men only account for 12% of all first time investor obtains.
Diversity: More and more first time buyers are part of a minority group and/or were being not born in the United States. In fact, 22% are part of minority group and 6% talk a language besides English.
NOTE: First time homebuyers are more open to the idea of buying a foreclosure or short sale. The truth is 56% included dealing a house in this class whereas mere 41% of repeat homebuyers considered a property in foreclosure. So, if you are focusing on foreclosures, short sales, or REOs, it could be an extremely profitable buyer market for you (and awfully few people actually know how to target them).
The best part about knowing these demographics is the ease of focusing on them.
As soon as you are aware of accurately WHO you are in search of, it will become much less difficult to locate them, and to offer them the communication that is important to them. Consider utilizing virtual storage like Facebook or targeted direct mail campaigns.
Just bear in mind that a first time real estate buyer uses an average of 12 weeks to make a choice, so it's best to begin building your buyers list early and keep growing it whilst you go out and search for the transactions.
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Another great article by London Ontario Real Estate. Free reprint available from: The Way To Find Prospective Real Estate Buyers.
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