Understanding who today’s buyers and sellers are, what motivates them to move, and what features buyers are looking for in a home will help you expand your marketing reach, provide customers with valuable insights, and turn the focus on the right real estate imagery to help your listing resonate with your target market.
Who are today’s prospective buyers and sellers?
According to Zillow Consumer Housing Trends Data 2023, today’s typical buyer is a married or partnered young adult in their 30s or 40s, has some college education, owns at least one pet and is likely to live in the South (34 percent) or the West (29 percent).
Similar to buyers, today’s typical U.S. seller is 45 years old; partnered, married or previously married; has some college education; and is most likely to sell in the South (40 percent). In mid-2023, the typical seller’s home was a single-family detached house with three bedrooms, 2.5 bathrooms and between 2,000 and 3,000 square feet.
Why are buyers and sellers looking to move?
One of the first questions you may want to ask a prospective client during a digital listing presentation is why they want to purchase a new home or sell.
In the latest Zillow Consumer Housing Trends Report, about 82 percent of sellers reported that at least one life event had an impact on their decision to move and sell their home. More than half (56 percent) cited a change in household or family size, while 41 percent reported remote work, and 37 percent said a new job or job transfer were influential factors triggering their move. For buyers, affordability and job relocations top their motivating factors to move.
What are today’s home buyer looking for in real estate?
Home Office or Flex Space. One consequence of remote-based work is the continued desire for a home office or flex space in a home. According to the Zillow Consumer Housing Trends Report, most prospective homeowners (64 percent) report having an extra room for use as a home office as “very or extremely important” in their search.
Energy-efficient features. The increased awareness of environmental concerns and rising energy costs are helping raise the bar on a home’s energy-efficient features among prospective buyers. According to a Zillow study, homes with energy-efficient features, such as double-pane windows and solar panels, are not only more appealing to buyers but may also sell for more and, sometimes, faster.
Tech in the home search. According to Zillow’s trends data report, today’s buyer wants digital tools that assist remote viewings. A majority (72 percent) report that 3D tours would give them a better feel for the home space than static photos.
Digital options, such as remote viewings and 3D tours, like Listing Showcase’s virtual tour and interactive floor plan, also curry favor with sellers. The Zillow report found that sellers are more likely to hire an agent who includes virtual tours and/or interactive floor plans in their services (78 percent).
Outdoor living spaces. The pandemic triggered a national trend toward outdoor kitchens, patios, decks and al fresco entertainment spaces. Agents can help highlight these coveted features by widening the lens in their listing imagery to show the full property, including adjacent exterior landscaping, pool spaces and outdoor kitchens, with hi-res photography and aerial photography from Listing Media Services.
By checking in often and staying updated with your customers’ changing family dynamics and needs, you’ll be more likely to develop long-term client relationships, win more listings and ultimately help them find home when they’re motivated to move.