If you have thought about the growing number of people looking to downsize their home, it is perhaps time to give this market proper consideration. There has been a study undertaken lately which suggests that in the next five years, over 1.4 homeowners in the UK, aged at least 65 years old, will be looking to sell their current home and buy a smaller property.
Don’t just focus on first-time buyers when selling your home
If you are selling your first or second home and have only considered first-time buyers as the ideal buyer for your property, you may be missing out on this market. Even though there is a sizable age gap between the average first-time buyer and downsizing market, there is a lot in common between these buyers.
People looking to downsize their property want a smaller home, they want to be located close to amenities and facilities and they may be looking for a stronger sense of community. These are aspects more associated with city-centre properties and the type of home that is appreciated by young professionals. When a family or couple sees their children leave home and they no longer have work dictating the location they should stay in, there is a greater sense of freedom in finding the ideal home and a smaller yet better connected home may be exactly what people in retirement age are looking for.
In a competitive marketplace, you need to approach the market correctly
If you are selling your home and it has features or facilities that would appeal to an older demographic, make sure your property is promoted to this market and presented in a manner that will attract these buyers. In a competitive and crowded marketplace, it is essential that homeowners present their property to the most likely buyer and in the UK; the growing importance of the downsizing group cannot be overlooked.
It can be difficult to stay in touch with the latest trends in the property market and many people, including some industry specialists, retain an outdated and traditional view of the market. The property market has evolved considerably in recent years and the group of buyers who would have been most interested in a property 10 or 20 years ago may not be the same group of buyers who hold an interest now or in the future.
Selling your home is a challenging process, so it is best to call on the support of an expert who understands the current market. At Taylor Robinson, we pride ourselves on market knowledge and if your home appeals to the aging population, we will make sure that it is promoted to these interested buyers. No matter your style of home, there will be a willing buyer and we are keen to help you reach these buyers.