The recent signs of improvement on the economy, after 5 years of recession, and the hopeful predictions about property market for 2014 are generating changes in people’s buying behaviour.
Well, we can certainly report that buyer’s confidence is on the rise, however the way they approach the home buying process is now completely different than it was during the previous property boom. Lifestyles have changed during the recession and with them behaviours have changed too.
Analysing home buyer’s trends during 2013 we have identified 5 stereotypes that describe the general behaviour that purchasers adopt when they are in the buying process:
1. In The Know: buyers are now more well-researched and knowledgeable than they used to be. They commonly invest a great deal of time understanding the many options available to them and are very clear on their preferences. They adopt an active position during the buying process; they know what they want and how to get it!
2. First Time Buyers: no longer the stereotypical young professional, the average age of a FTB is now thought to be around 40! Their age has increased largely due to job market, stunted pay increases, the economic situation and the demanding deposit. In contrast with the “In the know” category, FTBs are indecisive. They are not sure what they are looking for and view at least 15 properties before daring to take the leap to buy.
3. All in the Family: this is a relatively new trend whereby families are choosing a house where multiple generations can live together. Again, due to to economic downturn, personal finances have been severely damaged. These buyers are planning for the future. They keep their immediate and extended family in mind when they are searching for a home and take their opinions into account when deciding on a property location.
4. Moving On Up: these buyers are a clear example of a confidence rise due to the economic improvement. They are not looking for a cheap house they can fix-up themselves, they are saying “yes” to ready-to-live-in homes and are more often than not upsizing. They are the kind of people that may prefer a premium property.
5. Downsizing: they are looking for a house which suits their new lifestyle. Mainly they are middle-aged parents whose kids have flown the nest and retired people who don’t need a big house any more. They prefer smaller homes with less upkeep so they can enjoy their hobbies and cut the bills down.
Whether you have identify yourself in any of these stereotypes or not, it’s always helpful to have some guidance and support when you are thinking about buying a house. Mistoria Estate Agency can help make this process easier and offer advice about mortgages and conveyancing. Visit our website or call us on 0161 707 6106 for more information. You can also check out the properties we currently have available by using our property search facility.