Home Buyers, Who Are They?

When you think of someone on the hunt for a home, you might picture a family or a married couple. Historically, households like this have dominated the market, but that’s changing. Single homebuyers are on the rise and have significant buying power in the market.

So why is knowing home buyers noteworthy? Because it’s essential to keep in mind all prospective buyers when it comes to selling your home.

Changes in society over the years have had some significant effects on the nuclear family. Individuals are now marrying or starting families later in life, and the buyer power of the Millennial generation has increased. For example, those in their 20s and 30s are better equipped now than ever to buy a home of their own, single women are more likely to buy a home than single men, and the single-parent demographic is on the rise as well.

If you’re planning on selling your home, it’s crucial to account for what type of buyer will be buying your home. If it’s a Millennial, you’ll want to capitalize on location, while parents may worry more about size and functionality. The point is to have in mind that there are other groups of buyers than the traditional family, to keep an open mind for all kinds of buyers, including the traditional family.

Guro Midtsund is a Realtor with eXp Realty, LLC in Birmingham, AL. This information is deemed reliable but not guaranteed.