This group is typically well-established in their careers and have stability in both their professional and personal lives.
With today’s economy and the influx of Internet entrepreneurs, many of these families are getting to this stage in their early thirties. Bearing in mind the shrinking family size, the trade-up buyer is motivated by prestige; therefore curb appeal and nice neighborhoods are high on their priority list.
Their principal goal is to find a larger home. Specific features that this group considers important include a formal living room with a separate family room and a formal dining room, extra closet and pantry space, and an impressive entry.
Price is not as important to this segment as the size of monthly payments, a motive that provides the opportunity for creative financing.
Nearly 60% of people 55 and older who plan to move, do so to smaller homes. They want lower cost and maintenance, better security and more convenience.
They also prefer a more casual living space. They would opt for a great room over a formal living room and they prefer a combined kitchen and eating areas.
By emphasizing different features of your home, you can appeal to the special needs or desires of each market segment.
The unique skill of the realtor is to match a homebuyer with a home seller, so that they both get what they need and desire out of a home. Chances are, as a seller, you are also in one of these categories. What are you going to do after you sell? Move into a larger home, or move into a smaller one?
Mistakes to Avoid
Trying to "Hard Sell" While Showing
Buying a house is always an emotional and difficult decision. As a result, you should try to allow prospective buyers to comfortably examine your property. Don't try haggling or forcefully selling. Instead, be friendly and hospitable. A good idea would be to point out any subtle amenities and be receptive to questions.
Spend a Little, Get a Lot
Check out these tips that will spruce up your home and keep costs down.
- Use the proper type of paint for each surface you need to cover. Kitchen and bathrooms require paint that can withstand heat and moisture. Consult a professional at a paint store for advice.
- Create an information booklet containing property tax statements; records of maintenance, service work, warranty work and improvements made to the house; utility bills; and warranties for the roof, pool, spa, electrical systems and major appliances.
- Immediately before showing the house, make the home inviting by cleaning windows, opening the drapes, turning on lights and playing soft music.
- Keep under-the-bed storage containers handy for last minute clean up. Fill them with clutter and shove them out of sight.
- Light a couple of lightly scented candles to give a feeling of warmth and add a nice aroma.