Author: Annette Malave, SVP/Insights, RAB
Depending where you live in the U.S., greenery is popping up everywhere. We are in spring and heading into the summer months. This doesn’t just mean that flowers and trees are blooming, it also means that the real estate market is also blossoming. This is the time of the year when the real estate market becomes competitive.
According to the National Association of Realtors, first time buyers made up 32% of all home buyers, and younger boomers (ages 59-68) made up 36% of sellers. Regardless of age groups, top reasons for buying a home were: a desire to own a home, being closer to family/friends or a larger home. Top reasons for selling were: being closer to family/friends, too small a home or change in family situation.
The top style of home purchased or sold was a detached single-family home. For home buyers, timing or just being read was the primary reason for the purchase across all age groups. While neighborhood quality was the top reason for all buyers, convenience to family and friends was most important for Gen Zers (18-24-year-olds).
Home sales also create opportunities for other businesses. Home buyers and home sellers require and seek out certain services. For example, moving and storage companies, cleaning services and pest control are just some of the most commonly sought-after services. Businesses that offer these services have prime opportunities to connect and potentially maintain relationships with these consumers. Using radio to promote these services should be the foundation of any marketing plan for these businesses. Sixty-six percent of adults who plan on selling their home listen to radio and 64% of adults who plan to buy their first home listen to broadcast radio, per MRI-Simmons.
But these adults don’t just listen to radio. They spend more time listening to broadcast radio daily compared to other media options. According to The Media Audit:
- Adults who plan to buy a home in the next two years spend 158 minutes with radio.
- Adults who moved in the past year spend 154 minutes with radio.
- Adults who plan to buy a pool, hot tub or spa in the next year spend 172 minutes with radio.
- Homeowners with a household income of $50K+ spend 134 minutes with radio.
- Households with plans to purchase pest control services spend 161 minutes with radio.
Buying or selling a home is stressful. Businesses that offer services that can help minimize the stress and should make sure to that they are top-of-mind for home buyers and sellers. Consumers remember companies when they are in need of a company’s product or service. With broadcast radio’s largest share of time spent compared to other media, AM/FM radio can open the door for homeowner service companies.