What Are Home Buyers Looking for in 2021?

Current trends in the real estate market have got everyone's attention. Record-breaking low interest rates, dwindling inventory, and the changing function of a home are affecting sales. What are home buyers really looking for? Are they all jumping on the bandwagon for fear of missing out on the next great listing? Or perhaps they are seriously looking to fulfill a need—for comfort, shelter, a remote workplace, and a sense of home. Either way, they are not just looking, they are buying at a rate not seen in years.

Riding the Wave

You have just had the best year of your real estate career. Your listings are selling even before you have finished inputting the data and organizing your first virtual tours. You are definitely riding the wave of the current trend in the market. You need to keep the momentum. So looking back, what have you learned about your buyers and what are they seeking in 2021?

The Real Estate Buyer Persona

According to the most recent NAR study, the typical home buyer was 47 years old with an annual income of $96,000. They plan to live in their new 1900 square foot home for around 10 years and they really want to buy sooner than later.

If the buyer contacted you first, it is very likely that you became their real estate agent for the transaction. Studies show that 73% of consumers used the first agent that they contacted. So what about the other 27% and what about the ones who didn't choose you? How can you increase your leads and turn them into repeat buyers?

The Journey Starts Online

Since 97% of all buyers start their search on the internet, it is evident that you need to have a great online presence. How do you get your brand out there and compete with the thousands of other real estate professionals vying for the same buyers? What are home buyers looking for and what makes them choose you as their real estate agent?

Show Value

Presentation skills are first and foremost when you market a property. Seeing is believing now more than ever. As a real estate professional, you have to show value to your buyer and that means giving them what they want. The home buyer's preferences haven't dramatically changed in comparison to a year ago, but what has changed is the way they view potential homes. When you provide immersive 3D tours and accurate square footage on an easy-to-follow floor plan, the buyer is better informed to make a decision on whether or not the property is suited to their needs.

What Is Trending for Home Buyers

The world was shaken up by the events of 2020 and it has caused a ripple effect throughout the real estate industry. Buyers have been snatching up listings fast due to low-interest rates paired with a little fear of missing out. How can you help them find what they want going forward into 2021? Here's a look at what's trending with home buyers:

• Renovations are a no go for almost half of today's buyers
• There is an increase in the demand for multi-generational homes
• Pets are now additional family members and they need their space too
• More than 87% of buyers are financing their homes

Your role as a real estate agent is to help your buyer find the home they are looking for at a price they can afford. Help them navigate through 3D tours and explore the floor plans of their potential new home. When they need a multi-generational home, a floor plan is a great tool to let them interact and easily visualize where they can set up a secondary suite. Exploring the 360° tour lets them know if renovations are a necessity or if the home is in move-in condition. When you help them make an informed decision, they will avoid buyer's remorse.

Buyer optimism remains high and if the past few months are any indicator of the future, then you know the real estate tsunami has not retreated. Expect the unexpected – we didn't see 2020 coming until it hit us all in our (masked) faces.