If you’re about to list a property for sale, there’s one helpful thing you can do to get keen buyers queuing up for a viewing.
And that’s to identify the type of buyer who is most likely to be interested in your property.
Know your target buyer and what drives their decision-making, and you can fine-tune how you present and market your property to win them over.
So who is most likely to fall in love with your home? Here’s a list of the most common types of property buyers.
First-time buyers (FTBs)
FTBs have always played a key role in the housing sector, but according to Zoopla’s executive head of research Richard Donnell, they’re “driving the charge” right now.
They currently account for about a third of all home purchases – their highest level of market share for two decades.*
With a good level of stock on the market providing ample choice, and many lenders, including NatWest and Barclays, cutting mortgage rates, FTBs have plenty of reasons to be active.
For sellers, FTBs bring a lot to the table. They tend to be chain-free, lending a high degree of flexibility to the process, and eager to move quickly (after years of living with parents or renting, they want to strike out on their own).
Many FTBs are willing to do some renovation work and prize properties that are well-located near transport links and shops.
However, FTBs are price-sensitive (about a quarter of FTBs purchase on a 90%+ LTV mortgage)** and will want reassurance that a home has been well-maintained over the years.
So ensure any minor DIY jobs have been completed before listing your home, and emphasise nearby amenities and energy-efficient features in your marketing.
Needs-driven buyers
While some buyers are biding their time due to economic uncertainty, needs-driven buyers are not waiting.
As Zoopla’s Richard Donnell puts it: “Buyers with a clear need to move have continued to make offers on homes, pushing sales higher.”
These committed movers need to relocate for work, to accommodate a growing family, get into a school catchment, or due to a relationship breakdown. They tend to be pragmatic but may also be working to a specific timeline (which you’ll need to accommodate).
Discretionary buyers
Downsizers and upsizers both fit into this category. This includes empty-nesters moving from a family home and those looking to move up in the world to something bigger and more luxurious.
As they tend to move for lifestyle reasons, discretionary buyers often look for high-quality finishes, so presentation is key.
Discretionary buyers may not have a real sense of urgency, so expect them to be less active in the current climate.
Investors
Some landlords are currently selling up and leaving the rental market altogether (largely due to regulatory changes). However, other landlords are leaning into the current situation and expanding their property portfolios.
Property investors tend to prioritise neutral décor, low-maintenance gardens and proximity to transport links, cafes and restaurants, and good schools.
Looking to sell up? To get a free property valuation, contact us today.
