The Wall Street Journal reports that both price AND move-in condition are important for first time homeowners. (Tips for Selling Your Home to a First-Time Buyer, Amy Hoak, Wall Street Journal) The article is educating home sellers on tips to appeal to the first time buyer while competing against foreclosures and short sale properties. As a new home builder, you can also stand out against the sea of less desireable product.
Price, Value and Service-
Price, Value and Service-
Of course, price is important, but not all important. The $8,000 tax credit is running through December 1st, but there is discussion of a possible extension. To entice first time buyers and differentiate from the competition, consider developing a 'match it' program or discount toward upgraded options. In addition, anything you can do to help simplify the rebate process (i.e. being a resource on the credit, pre-filling out any forms they will need to apply for the credit, providing more information on the specifics of the credit etc.) will be appreciated by this audience.
Model Homes -
Models are a terrific opportunity to show alternate uses for space that the potential buyer may not have considered - a staged laptop work station in the kitchen, turning one bedroom into a fitness/yoga room or a home office - Be careful of showing only one 'lifestyle' in your model series; for example not every model should have 2 'kid bedrooms'. In a well decorated and merchandised model, the home buyer can begin to think about their own life in the environment, not wonder about the life of the current occupant.
New Versus Used -
First time home buyers may be quite accustomed to just picking up the phone and calling the landlord when something breaks - highlight your warranty and reliability to ease their mind. Consider offering extra coverage or extended warranty coverage for these nervous buyers. In addition highlight your customer satisfaction scores regarding quality and reliability.
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Krisann Parker-Brown is the merchandising manager for Hearth and Home Technologies, the leading manufacturer and retailer of fireplaces and hearth systems.
Krisann supports design centers and new construction builders in presenting Heat & Glo, Heatilator and Quadra-Fire hearth systems, and consulting on design center merchandising, point of sale and the consumer experience.
Krisann is a member of the Retail Design Institute. Contact her at brownkr@hearthnhome.com or 952-985-6537.
Twitter http://twitter.com/kparkerbrown
