As more listings are input into the MLSs, the question remains - who will buy them?

The NAR predicts that this season's first-time buyers will comprise the largest share of total home buyers. According to the same study released in August 2008,

41% of all homes sold last season were bought by first-time buyers.

Furthermore, the average first-time buyer was 30 years old – 12 months younger than the first time buyers in 2007. In leiu of the recent dramatic downturn in the financial markets, this trend is sure to continue growing.  These younger buyers have less invested in the market (through 401ks, etc.) and therefore rely less on their investments for income.  They've remained relatively immune to the financial crisis and view the drop in housing prices as an opportunity to buy. In contrast, older buyers whose net assets have taken a significant hit in the past few months, are more skittish.

With this new younger market's buying power and importance increasing, how do you ensure that these buyers learn about your listings?

When asked where they first learned about the home purchased, 34% of all buyers from July 07 – June 08 said a real estate agent; 32% the Internet; 15% from yard signs; 7% from a friend, neighbor or relative; 7% from home builders; 3% a print or newspaper ad; 2% directly from the seller; and 1% a home book or magazine. 84% of all homebuyers begin their search online - but that already impressive percentage is even higher with first-time buyers.

Since the objective of listing marketing (MLS posting, newspaper advertisements, etc.) is always to get potential buyers to see the property in person, your marketing budget should reflect that reality. You should spend more money on exposing your listings to other brokers and advertising online and less on print ads in newspapers and magazines.

The best way to quantify the usefulness of any internet presentation is it’s “stickiness” – how long a visitor is likely to interact with it. This requires that the presentation not only contain relevant content, but be engaging enough to keep the visitor's attention. A typical online visitor spends 45 seconds to a minute looking at a traditional virtual tour, 2-3 minutes with an interactive floorplan and 4-5 minutes looking at a Picture Plan.

A Picture Plan includes a floorplan integrated with an unlimited number of professional photographs, a drag-and-drop furniture planner AND a neighborhood amenity map with real world reviews. You can check out a sample Picture Plan here:

www.vis-home.com/demo1

With tools like a 3-Click Craigslist e-Flyer (http://chicago.craigslist.org/search/rea?query=interactive+floorplan&minAsk=min&maxAsk=max&bedrooms=) and statistical analysis tools, Picture Plans are an incredible value at under $100 for an average condominium - you can learn more at chicagopictureplans.com.

What have you found to be the profile of the new buyer?