Selling Your Home? Here’s What You Need to Know About Homebuyers

The idea of selling a home has always been daunting, but this year the thought of a real estate transaction was even more unsettling with the backdrop of a continuing global pandemic.

Were you thinking of selling your home this year? Did you hit the pause button and decide to wait to put your house on the market?

You may want to reconsider given fresh information about the real estate marketplace. Let’s take a look at the recently released 2021 Consumer Housing Trends Report.

This fascinating report offers a glimpse into the behaviors of consumers, and the results just might surprise you.

Let’s start with the basics. What does the average buyer look like right now? Well, it turns out that he or she is 45 years old, has a partner or is married, and has some college education.

What kinds of homes are these buyers looking for? Most are purchasing a single-family detached house with three bedrooms, three bathrooms and measuring approximately 1,000-1,999 square feet. In addition, most moved from a previous home they owned or still own.

What else motivates buyers? The report shows that buyers are most interested in a home within their budget and one that has A/C. Other top motivating buying factors are the overall number of bedrooms and amount of storage.

Why are they looking for a new home? The majority of buyers are prompted to move by a life event like a change in household or family size, working remotely or a new job or job transfer. Low mortgage interest rates also play a large role.

What about a fixer-upper versus turnkey? Buyers in 2021 are more likely to buy a home with the intention of renovating it, rather than doing smaller-scale repairs. How far are people moving from their current house? Many buyers stay in the same city, but change neighborhoods.

“As you can see, this report reveals some very interesting data underscoring that now is an excellent time to think about taking steps to put your home on the market,” remarked Dave Wetzel, President and CEO, MLSListings. “Autumn is a time to think about a new start with the change in seasons. It can also be a catalyst to new beginnings like a change in address.” As fall leaves turn to a blaze of orange, red and gold, consider the signal of the coming shift in weather to take the time to think about buying or selling a home, with your Realtor® as your guiding star. Armed with MLSListings data, your Realtor® can help you

navigate the real estate market in good stead.