Girls Just Wanna Have Equity
As we celebrate Women's History Month, don't forget to celebrate the rise in home ownership achieved by women through the years. Last year, this number surpassed 52%, which outpaced that of single men by around 2%.
Over the last 30 years, the average single woman's wealth has increased 88% on an inflation-adjusted basis. This took the numbers from just over $142,000 in 1989 to $267,000 in 2019. Just last year, the home ownership rate was over 52%.
Home ownership continues to pay across the board. A recent survey of consumer finances found that housing wealth made up 68% of total assets among single women in lower income ranges, while it represented only 22% among single women in the highest income bracket.1
How To Adjust Your Marketing for Generation Z
Research on the youngest home buyer demographic, Generation Z, is increasing as more of them graduate and enter the workforce.
These 18-26 year olds are as dependent on technology as Millennials, but that's where the similarity ends. They're the most plugged-in generation. Here are some Gen Z-specific habits to remember when preparing marketing that targets them.
- While older prospects may appear ambivalent about home ownership, Gen Zers have a surprisingly traditional outlook.
- Unlike Millennials, Gen Z are more likely to use click-to-call features, especially after texting or chatting with you first.
- If they attempt to call you, grab it quickly. They tend to hang up if their calls have no immediate answer.
- Unlike Millennials, many Gen Z buyers are trending back to traditional buying habits, checking out items in person instead of making most purchases digitally.2
Spring Marketing Ideas to Get Sales Hopping
The Easter holiday arrives April 9th, which means you have plenty of time to prepare some springtime promotions for your territory/farm. One or more of these is sure to fit your marketing budget and prospect database.
Vendor Spotlight: Local business owners can be great referral sources. Choose one with spring-related merchandise, such as a bakery, children's clothing shop or an art supplies store. Feature them in some social media posts or take a selfie of yourself and the proprietor that can go online. Your community will take notice and the business owners will appreciate the free PR.
'What You Can Get For' Posts: These are short walk-through videos of homes that show what buyers can get for a certain price. You can begin your video by saying "Here's what you can buy for..." and mention the price before describing the home. This can help clear any confusion about current housing prices in your area, and even encourage potential sellers to call you.
Open House/Block Party: If the weather is warming up, invite your seller's neighbors and a food truck to your next Open House. Not only will you be able to network, potential buyers will learn about the neighborhood. If they like your listing and the neighbors, your chances of a sale are doubled. You can even add an Easter egg hunt if you're selling a family-sized home.3
Builder Optimism Creeps Up, Sorta
Builders have been hit with plenty of challenges during the past three years, from COVID to skyrocketing building materials prices to high interest rates.
This has resulted in increasingly lower scores in the monthly NAHB/Wells Fargo Housing Market Index (HMI) which surveys members of the National Association of Home Builders. However, the latest HMI figures reflect some optimism, as index numbers for single family sales and prospective buyer traffic crept up two points. HMI numbers for the first quarter of 2023 rose for all regions (Northeast, Midwest, South and West), while builders in the South had the highest numbers overall.4
Are Your Sellers Aware of These Buyer Turnoffs?
Even if you're fortunate enough to be selling in a still-hot market, there are some important things to discuss with your sellers before scheduling an Open House or showing. Some can discourage buyers from making an offer.
Listing an unrealistic price: Buyers will probably do their own research on current sale prices for similar properties in the neighborhood, so it's best to list at a price that's near fair market value.
Skipping the deep clean: This is never a good idea. In addition to pet and smoke smells causing a negative first impression, prospects may assume that your seller doesn't care about important maintenance issues or is expecting a lowball offer.
Reduce personal items: While it's okay for sellers to leave some furniture, especially pieces that show off a room's features, ask them to remove some personal items like family photos. This will help buyers envision making the property their own.
Not making repairs: Anything from cracks in a ceiling to a broken shower head can turn a buyer off, unless you're selling in a hot area where bidding wars are still happening. You may be able to help your sellers with identifying these problems, as they may have overlooked them.5
Sources: 1themreport.com, 2theamericangenius.com, 3theclose.com, 4nahb.org, 5theamericangenius.com
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