January 08 2018
Where did all of the first time home buyers go? Actually, that question started to be a big one around 2008, right in the heat of the housing and mortgage crash. There were plenty of reasons:
Now the bigger question is when are the first time home buyers coming back? The happy answer is that it is beginning now and will be gaining ground through 2018 and beyond. The new question is, "Is it time to market to first-time homebuyers again?" The answer is a major YES.
Don't just jump in and definitely don't just drag out old first-time buyer marketing plans and reuse them. Come up with a new plan that takes into account the past eight years of housing market history. Think about the attitudes they're entering the buying market with. More than that, take into account the fears they may have.
You can start asking your millennial generation potential buyers what they want and what bothers them about buying a home. Some statistics can help as well. In a 2016 NAR survey, 35 percent of buyers were first time home buyers with a median age of 32. Fifty-one percent of all buyers found their home on the Internet. For all buyers, 90 percent typically financed 90 percent of the purchase price.
Worrying about having the required down payment, as well as whether they'll make the right choice or end up taking a hit on home value, is high on the list of many. Come up with a list of what they want and what they fear, and it's the best way to move forward.
No, you don't have to go through and change all of your content or do major updates. However, you do need to think about how you can add or adapt content to appeal to this resurgence of first-time homebuyers.
If you already have a prominent navigation tab and destination just for first-time buyers, then just adapt as necessary. If not, create one. Then fill it with the type of content that meets their wants and fears.
Get your website ready to provide the information and answers they need.
Content isn't the only thing you need to adapt. Some of your calls-to-action or lead generation offerings will not be up to the new task. You'll need to go through them as well to determine what works as-is or what needs changing.
Look at the special reports, data and statistics and other offerings and the calls-to-action to make them fit your new content and the needs of your first-time homebuyers. Make sure they know that your new offerings and content have been updated to today's market conditions.
Follow these simple steps and you'll be far ahead of the competition. Make the most of that lead.
To view the original article, visit the WebsiteBox blog.