NAR’s 2021 Profiles on Home Buyers and Sellers offers agents and brokers information and suggestions about best serving their specific type of clients (luxury, seniors, new home, investors, etc.) based on well-researched analytic data.
2021 Data Mattering Most to Luxury Agents
- 11% of buyers purchased a multigenerational home – lux homes with private living spaces and separate entries are in high demand
- 46% of sellers traded up to larger homes and 28% of sellers purchased a same-size home – forget downsizing because lux owners tend to be older with aging parents/adult children and/or grandchildren
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Agents Specializing in New Construction
- New home buyers want to avoid renovations and utilities problems
- Effective marketing messages emphasize long-term savings, opportunities for customization and higher ROI
Seniors Real Estate Specialists
The average age now stands at an all-time high of 56, according to the 2021 Profile of Home Buyers and Sellers published by NAR.
In 2021, senior-related housing accounted for a market share of 14%. Of those senior buyers,
- 68% bought a detached, single-family home
- 50% bought a house in a suburb or subdivision
- 17% are looking to buy in resort/recreational areas
- 16% bought a home in a small town
Even though senior buyers have bought before, a lot has changed in the housing market since they last purchased a house. Senior buyers both welcome and need the same types of information about homebuying that younger buyers welcome and need. And, likely, senior buyers need as much or more hand holding as younger and/or first-time buyers in order to achieve their goal of having an active, independent lifestyle.
Agents/Brokers Working with Investors
Investor housing market share in 2021 hit a record-high of 16% for a record-shattering total spend of $64B. Investors know that what “works” in one market of the country may not work in another so it’s critical that agents/brokers are fluent in the trends and demand in their specific market area to best help investors.
Investors are always looking for investor-savvy agents/brokers who can identify potential pre-market and off-market purchase opportunities.
In 2021,
- Fewer than 1% of sellers used an iBuyer or Power Buyer. Even fewer investors looked to iBuyers or Power Buyers as a resource for potential investments.
- Investors shifted their focus from formerly hot in-town neighborhoods to suburbs and subdivisions. Some investors partnered with developers/builders to construct their own single-family rental neighborhoods.
- Condo sales had a market share of only 4% in 2021. Condos for buy-and-hold portfolios make much more sense than investing in condos to buy and flip.
Agents/Brokers Working with First-Time and/or Millennial Buyers
For the first time, Millennial and/or first-time homebuyers took over from Baby Boomers as having the largest market share in the housing industry in 2021.
We’ve written a lot about the needs and preferences of first-time and/or Millennial housing consumers so we won’t go on and on here.
- Meet and maintain your connections with this demographic where they are, not where you are – on their mobile devices.
- Consider offering online educational webinars, live and virtual events, and website resources on the various aspects within the transaction process such as, but not limited to
- How to “shop” for a mortgage
- First-time buyer seminars/programs
- Where to find and research down payment assistance programs
- How to buy and sell simultaneously
- What to expect in closing costs
- Remodel/renovation projects that offer the highest returns
- Interior design/staging tips
- Remember, this client type needs your help in learning
- Millennials/first-time buyers most trust their peers so walk the fine line of welcoming friends and family into the buying/selling process while making it clear to your clients that they are the deciders.
- Focus on unique, value-added content via your videos, photos, blog posts, infographics, social media
- Create specialty hashtags to leverage your services and events
Thanks to the National Association of Realtors®.
