Focus Five: 5 Different Types of Home Purchases
This week, Erik and Randal talk through the different types of home purchases that are most common..
Randal: Welcome back to Focus Real Estate's weekly video blog. This week's topic is The Focus Five. I would hold both hands, but that would be The Focus Ten. Focus Five this week, what are we gonna chat about Mr. Gould?
Erik: The Five Different Types of Housing Purchases. This affects both sellers and buyers, and it's good to know.
Randal: Yeah, absolutely. I think the most important one, and probably the one we'll talk about the most, is The First Home Purchase. So your very first home, and what that's about. I think it's really interesting working with first time home buyers, it's actually very gratifying. Lots of fun, and lots of interesting conversations around those purchases.
Erik: Lots of education and ...
Randal: Lots of education.
Erik: And it's transformative for someone to buy their first home.
Randal: It's that first home that allows you to get a footing into the housing market and from there...
Erik: ...and move in the market.
Erik: Which brings us to the second point of our focus five, it's The Moving Up.
Randal: Number two. The move-up house.
Erik: Yeah. Usually, it's after someone has been a first home owner. After a number of years, hopefully, they have some equity, and most likely they have a little equity in their home. They haven't been paying rent out every month just to a landlord or seeing go nowhere else in return, but a place to live. And they might want a little more space.
Randal: Perhaps they have a growing family.
Erik: Whatever, and move on up to their second home.
Randal: Indeed, indeed. And then the next home from there would be a more of a Dream Home. Where people kind of move into that area where they're like, Okay, I've got the kids and schools and stuff like that. Now I really want to move from my move-up home to something a little bit more dreamy. Maybe you've always wanted...
Erik: ...Your ideal perfect house.
Randal: Indeed. Or at least as close as we could get to it.
Randal: Then conversely, number four would be The Move Down.
Erik: Empty nesters ...
Randal: Empty nester.
Erik: Change in lifestyle, don't need that big dream home anymore. It may be smaller than the moving up or the dream home. But usually, when you're moving down, you still want a little bit more high-end and luxury. Smaller space, but really, really refined and nice space.
Randal: Indeed. Indeed. And then the last one we're gonna chat about is just an Investment Property. Be that a second home, where you want to ...
Erik: Beach house or getaway, or a second home somewhere.
Randal: Or investment property that you're just purchasing for rental, and as an investment.
Erik: What's important to know is, when you're out there, if you're a buyer, you're looking, know where you're at in the process and what you're doing. So if you're a first home buyer, don't expect it to be your dream home or get everything your first time, your first home purchase. If you're a homeowner, knowing what kind of house you have and who...
Randal: ...who is your audience?
Erik: ... who's your audience, and we can help market to that. Setting those expectations, so that we can find that perfect buyer for your perfect house.
Randal: Indeed, indeed. So I hope that's helpful for you. If you have any questions about those different property types and what that means in the marketplace, just drop us a quick line. Don't forget to like us on Facebook, everybody.
Erik: And subscribe to our YouTube channel.
Randal: And until next time Stay Tuned and Stay Focused.
Erik: Stay Tuned and Stay Focused.