There are a few main buyer demographics to look at in today’s market. When we look at buyer profiles, what we’re really examining is which groups are buying property right now.
If you’re selling your home, knowing your buyer demographic can be extremely helpful in marketing your property.
So, what are the most common buyer profiles driving the market right now? Well, the one demographic that will always be our biggest base when we discuss the population driving the market is first-time homebuyers.
Right now in Portland, 71% of buyers are looking at properties in the $350,000 and under price range—these are our first-time homebuyers and our affordability buyers.
The second demographic that makes up a large portion of buyers are people looking to downsize. Whether it’s because they’re aging and need a smaller space, or want to get rid of a lot of physical belongings, there is a huge base of buyers who are tired of the maintenance of a larger home.
Next are relocated buyers. This includes people who are either living out of state and are now moving into Oregon as well those who are currently renting but are ready to buy.
There are several “hot spots” in the country from which these kinds of buyers come—whether they’re moving for work or simply because they admire the Portland lifestyle.
The fourth group of buyers is overseas buyers—which is closely related to our previous category. In Portland, we see a lot of overseas buyers coming from places like China, for example, who view our city as an affordable West Coast option.
With many of these buyer demographics coming from out of the area, truly native Portland residents are becoming rarer. However, this trend might slow down if other cities elsewhere in the country start to experience a market shift.
But for now, these buyer trends are making our market surge.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.