Are you an urban buyer – or would you know how to appeal to one?
Property writers are good at coming up with names, or better put, finding labels to describe things be they house types, trends or buyer groups.
Here’s one – the urban buyer. (Urban – relating to or characteristic of a city)
This is a category not meant to relate to a particular age group, background or monetary wealth. It is not a demographic.
So, what might this person be like, what properties might they favour and what might their budget be?
It is possible that many of these buyers already live in the city they are house-hunting in. They love the vibe but seek new digs.
There is quite a high likelihood that millennials will fit the urban buyer profile.
Most demographers agree that millennials are people who were born between 1977 and 2000. A large portion of this age group is financially stable and ready to buy a house if they haven’t already got a foot on the property ladder.
There is millennial appeal in the following:
- Open floor plans – open spaces that are versatile and seamless with privacy in bedrooms and bathrooms while other major living areas to flow inside and outside.
- Updated kitchens and bathrooms.
- Dedicated workspace, as millennials are far more likely to work from home than other generations.
- Kerbside appeal but minimal landscaping or need for yard or lawn maintenance.
- Smart technology.
- Walkability, with amenities like coffee shops, dog parks and playgrounds nearby.
Whether the urban buyer your home appeals to also fits the millennial demographic or not, these three characteristics might help identify them.
The urban buyer is informed. Even if they are first time buyers, they have done their homework. Because they are so well-researched, they come across as very confident – the ultimate in calm, cool and collected. They know what is happening in the market and what is on the market. If they can’t see it on the market, they won’t shy away from asking an agent to find what they are looking for. They are serious about buying the property they want, and that might be anything from a small older-style unit to a high-end home.
The urban buyer is not fazed by a high-energy market. They are not alarmed by the frenzy or discouraged by fierce competition. They are highly motivated and can move quickly because they are prepared. The urban buyer would have financial pre-approval in place and is ready to make the offer necessary to secure the property they want.
There has been a huge shift in the way people have viewed the homes they live in, with many homeowners rethinking their values, priorities, and lifestyle. While all urban buyers will have different and personal reasons for seeking a new home, they will be making a purposeful move because they have a clear vision of the city life they want. They know exactly what they need in order to make their vision real – size, features, location, and so on – including how much they will need to spend.