Hardware Retailing The Industry's Source for Insights and Information
First-time homebuyers may be waiting to buy houses, but that’s because they’re thinking long term, according to new research from Bank of America.
The majority of new buyers are thinking about the future and wanting to skip small starter homes, looking at their first houses as longer-term investments, according to the Bank of America Homebuyer Insights Report. And 35 percent are wanting that first home to be the place where they retire.
The 2016 report also shows that more than 75 percent of first-time buyers want a single-family home, and 52 percent want that house to be located in the suburbs.
Applied to Retail: The fact that homebuyers want to keep their first homes longer can mean good business for you, especially if your customer base is primarily DIYers. If those new buyers live near your store, then they may become new local customers who keep coming back if you serve them well.
When shoppers come into your store looking for supplies for home projects, ask them about their projects and how long they have owned their homes. If you’re talking to new homeowners, ask about cleaning and routine maintenance they might need to do or updates they’re dreaming of.
Knowing that your customers want to live in their houses for years to come means you can encourage them to maintain and improve their long-term investment, and buy the supplies they need from you.
