Written By: Karen Deis
Around this time every year, the National Association of Realtors® publishes a report on the home buying and home selling habits, ethnicity, age, income and demographics of different areas of the country.
This survey has been published for over 12 years (that I know of) and while it is written specifically for the real estate industry, the information is invaluable for both loan officers and agents because it helps identify niche markets and trends, so you can target where it might be best to spend your marketing efforts and advertising dollars.
I can also assure you that not many people even know that this survey exists. Share the contents of the survey with real estate agents and affinity partners (insurance agents can use this data, too). We have created a white paper (also word doc to cut and paste for an email message) exclusively for subscribers.
Here are a couple of statistics that you will find in the report:
- First Time Homebuyers Made 39% of All Home Purchases.
If you don’t have a system to attract first time homebuyer prospects, you are missing almost 40 percent of the purchase market. Yes, you can have more than one niche, however, your marketing, seminars and the way to sell to them has to be unique and different.
- Living Arrangements Prior to Buying Their First Home.
Now you know where to find them. Over three-fourths are living in apartment complexes or renting single-family homes. Mailing lists to market to potential first time homebuyers can be found at www.ApartmentToolKit.com.
For 18% who are living with parents, consider marketing to your database of clients, who have children within the 24-35 age group. Parents will recommend people they feel comfortable with and have a big influence on whom they choose.
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