In today’s housing market, real estate professionals need the most up-to-date data to stay competitive. They also need to know who to target and when. The Orchard Marriage or Mortgage Report published earlier this month highlighted some interesting trends regarding relationship stages and family planning.
Orchard’s survey information may be used by real estate agents in order to target certain demographics and create smart marketing strategies. So what can real estate agents learn about their potential buyers from the survey results?
1. For many homebuyers, mortgage first, marriage second
One of the main takeaways from the Orchard report relates to the buying tendencies of couples who are not yet married or who are not planning to get married at all. A whopping 58% of unmarried couples would consider buying a home before getting married and of those unmarried couples, 37% said they would want both names on the title deed. In contrast, 51% of married couples prefer to have both names on the list.
When it comes to timing, buying a home can happen earlier than expected in a relationship. 25% of Americans would start exploring real estate with a partner they’ve been dating for six months. While it might surprise many of us, a more surprising 10% of North East residents would consider saying “yes” to buying a property with a partner they’ve been with for less than six months. On the West Coast, however, that number drops to just 3%.
And when it comes to a potential separation or divorce? Half of couples, married and unmarried, say they would choose to sell the home and split the equity equally if they separated. 27% of married people, however, would prefer to stay in the house and buy out their partner’s share in the event of a divorce.
As the mortgage-first, marriage-second trend normalizes, real estate agents can’t drop cohabitants who aren’t in romantic relationships. 26% of Americans hope to own a property with one or more family members and 6% would even opt to buy a house with a platonic friend.
2. Parents-to-be have their own home-buying tendencies
Finding out there’s one on the way can have a serious impact on life plans, including buying a home. In fact, 88% of parents expressed increased interest in buying a home when they learned they were expecting. 24% of expectant parents said they were already looking at home listings during the first trimester of pregnancy, and an additional 38% began their search in the second trimester.
For parents expecting multiples, such as twins or triplets, 97% said their interest in buying a home increased and 4 in 5 parents viewed listings before they were delivered or due. adoption. And as families grow, so does their desire for more square footage.
39% of US parents who regret buying a home feel they don’t have the right size home for their current needs and 15% of parents said one or more children would be enough to upgrade to a larger home big. 29% of parents said two more children would be the tipping point in terms of needing more space and a third of parents would improve the size of their home if three children joined their family.
But the size of the house is not the only factor that concerns expectant parents. Access to nearby extended family members was ranked as the most important consideration for parents, with 92% sharing this importance. Additionally, 81% also identified neighborhood diversity as an important factor when choosing where to raise a family.
Real estate agents can use this information to help their clients find the right listings and can take pride in knowing that 86% of parents who bought a home believe they made the right decision. These parents feel they have made a solid investment and feel their own pride in their ownership status.
3. Singles still aspire to become homeowners
While singles may not have been big buyers a decade ago, the tide is changing. Today’s real estate agents need to get to know the unique clientele in their area and learn how to serve them better. Especially single women in their area.
50% of women have viewed real estate listings online, compared to just 37% of men who said they browsed casually. Additionally, 75% of women hoping to buy a home have saved $20,000 or more for a down payment, compared to 69% of men. And 51% of women have applied for a mortgage or home loan, compared to just 41% of men.
Getting acquainted with the single home buyer could turn out to be a great move for real estate agents. It has been reported that single, divorced or widowed women are 2.5 times more likely to have savings for a down payment than men at a similar stage of life and 38% of divorced women currently own or hope to own property. in the future.
Whether it’s unmarried couples, expectant and new parents, or single people looking for a home, knowing the wants and needs of first-time home buyers can up your game as a homebuyer. real estate agent. Armed with the right data, real estate agents can target promising homeowners and arrive ready with listings for every type of buyer.