Highlights From the Profile of Home Buyers and Sellers

By | October 25, 2022

In the process of determining your target buyer, you should try to understand the needs and wants of different groups of homebuyers. These needs and wants are dictated by the style of the home, the number of rooms, the size of the lot, and other factors. For example, some home buyers want to live closer to the center, others – in new buildings, some are attracted to the environmental cleanliness of the area, and others – the proximity to workplace, cultural and sports facilities, etc.

Searching for housing

Website of Home Buyers found out how much time people spend searching for homes. The results show that it is faster to find a home than it appears in the planning stage. Among those who have already purchased a home, 52% spent one to two months actively searching. Nearly a quarter of those surveyed (24%) took between two months and six months. Forty-four percent searched and explored options every day, and 30% spent two to three times a week.

The home search process:

  • Buyers typically searched for 8 weeks and viewed an average of 8 homes, and 3 of those only online.
  • Almost all buyers used online tools during the search process – 95%.

When buying a new home, the most popular finish is the standard finish. Nearly a quarter of those who have already purchased a home chose a rough finish, and among those planning to buy, pre-finish is the second most popular.

Experts asked respondents whether virtual reality tours (VR-tours) can help with the search for real estate. Most respondents – both former and prospective buyers – are confident that VR tours can facilitate the choice of housing at various stages.

Characteristics of Home Buyers

Three-quarters of survey participants who have purchased a home or are considering a purchase are looking for a home in their city. Only 8 percent of respondents changed states when buying a home. This trend is most common among Texans, with 15% having purchased homes in other states.

Among users, respondents aged 18-24 are least interested in buying a home in their city. In this segment, the share of those who have moved to another city in the same area or plan to do so is one and a half times higher than average. Half of the future buyers are planning to look for a house with the help of classified aggregator sites. Those who have already made their choice most often went to a realtor.

The majority of those who have bought a home and are planning to buy (about 80%) choose a home for themselves or their family. Almost every tenth has bought or is thinking about buying a home for relatives. More often than others, users over 45 years of age who are only planning to look for a home (26%) consider buying a home for relatives.

Real estate neighborhoods

Some like nature and look for tree-filled gardens, access to parks, and enough space between them and other neighbors. Others think of children first and foremost. For them, proximity to schools is the main thought. They also look for neighborhoods with playgrounds, sports, and medical facilities. Some buyers are focused on convenience. They are concerned about the latest advances in home fixtures. Such people want everything in their homes to be modern, and state-of-the-art.