Different Types of Home Buyers in Todays Market

On a daily basis, real estate agents have to deal with people who have all types of personalities. Sometimes it might feel like home buyers have some sort of multiple personality disorder, but the truth is that the average home buyer isn’t so average. You can’t lump all of them into one category. Realtors have to understand that not every prospective home buyer thinks like they do, or even thinks like the next potential client.

Agents need to figure out what makes each group of potential buyers tick. You can’t expect a first-time home-buying millennial, to act or think, like a married person already working on obtaining their third house.

Here are some of the specific groups that real estate agents need to get on the same wavelength with:

Bachelor/Bachelorette

These are not the people who hand out red roses on reality TV. Single people who are unattached have a lot more freedom. It’s more than just financial freedom too. Buying a home as bachelor or bachelorette means starting a new and exciting life chapter. While they might find the thought of moving, or fixing up a new home all alone a bit daunting, they should be up for the challenge. You can expect them to be more open to suggestions, especially if they have never owned a home before.

Single Parents

Sticking with the single theme. Single parents are not exactly the same as free-spirited bachelors or bachelorettes. When children are living with one parent, after a divorce or separation or a death, you can expect emotional decisions to be made by the single parent. Single parents are usually working extra hard because someone in the family needs to earn money to pay for food, clothing, and this new home mortgage. An agent must be sensitive to their needs.

Retirees

The “baby boomers” now have a new name…”the retirees”. Yes, it’s happening. People born between 1946 and 1964, have either retired or are about to. The children have been long-gone from the household and now these boomers are ready for a smaller home. In all likelihood this will be their last home purchase, so an agent can expect this group to really double and triple check everything. The house choice will be a lot easier for them than the home’s location. The right community will be their top priority.

Married Couple/Large Family

No, I’m not talking about the Duggars. The “average” American family consists of two parents and 2.5 children. Gotta love that .5! A realtor needs to show this family a house with some size. Sharing bathrooms and bedrooms isn’t going to fly with this group. A spacious backyard would be an added bonus.

Newlyweds/Childless

This one is a little tricky. A married couple without children might be looking for a home that will be perfect for a future baby, or perhaps the couple doesn’t plan on having any children. An agent shouldn’t pry, but it doesn’t hurt to study their body language while showing them homes.

Recent College Grads

Don’t let the stereotype fool you. There are some millennials looking to buy homes in this ever-improving housing market. There needs aren’t quite the same as the other groups listed above. But they too want some stability and a home to call their own. Even if it is to still party like they did in college.

Pet owners

I know we have already discussed married couples and children, but believe it or not, pets are the new infants. They are like babies that never grow up. Pet-loving people want the perfect home too. Each decade we become more pet-friendly as a nation, so a real estate agent has to make sure the family dog/cat/etc. feels just as welcome as his human masters.

I understand you are only a real estate agent, and not a mind reader, but you need to be a people person first, and figure out why these potential home buyers think the way they do.