Understanding Your “Buyer’s Pool”

A helpful thing to understand when selling your home is who is in your “buyers pool.” It’s a real estate term used for the people who are potentially looking for a home like yours. ⠀

Every home has a different number of people in the buyers pool. ⠀⠀

There are a few points of data that can help you learn that number. We start with past sales data for the price range and location. ⠀

For example, we may learn that consistently 18-20 homes in your price range and location are sold every year over this coming 3 month period. Then we narrow it down to features of the home. Let’s say of those 20, 15 were 3 bed 2 bath with yards – just like yours. That means your buyers pool is 15. The more consistent that number has been over the past 3-5 years the more you can trust it. ⠀⠀

It’s not an exact science but it’s a good lens to help focus your marketing. Theoretically, in this example, you are marketing to 15 potential buyers over 90 days. You want to make sure they see your home where they are shopping, that it’s positioned online to attract a showing, and that it competes against the other homes those same 15 people will likely see. ⠀

Then, it just takes one person in the pool to buy.