If someone walked into your next marketing meeting and asked a simple question – what motivates the average Texas homebuyer – would your answer be backed by research or assumption?
Fortunately, The Texas Association of Realtors has put together a report that provides insights into the demographics, motivations, and opinions of Texas homebuyers in 2019. So you can make educated decisions with your team on how to market specifically to new homebuyers, referencing details about real estate consumers’ income, ethnicity, age, and perceptions of the homebuying processes.
Here’s a quick summary of the 2019 edition of the Texas Homebuyers and Sellers Report. You can read the full report here.
Just over half of Texas homebuyers surveyed said that finding the right property to purchase was one of the most difficult parts of the process. Among those who bought newly built homes, the top reason for doing so was to avoid renovations or plumbing and electrical problems. Buyers who purchased previously owned homes mentioned value and price as their primary motivating factors.
For those looking to buy a new home, the second biggest factor are the amenities of a new home construction community. Other motivations include the ability to customize, energy efficiency and lack of inventory of older homes. Main factors that motivate people in Texas to sell their current home include wanting to move closer to friends or family, live closer to work or retirement.
The median age of Texas homebuyers was 47, unchanged from the previous year. The median age of first-time buyers was 32. Nearly one-third of all buyers were first-timers. The majority of Texas homebuyers (68%) were married couples, followed by single females at 15%, single males at 9%, and unmarried couples at 5%. Thirteen percent of homebuyers identified as Hispanic, with 7% black/African-American, and 4% Asian. Approximately three-quarters identified as white/Caucasian.
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We’ve worked with dozens of real estate developers over the years. From running digital ad campaigns to writing and recording radio spots, we’ve had our fair share of homebuyer marketing. If you’re looking for more insight on how to market specifically to new homebuyers, just ask On-Target!.