"New homeowners will spend more in the first six months of residency, than an existing homeowner will in 5-10 years."
Think about that for a moment. A new homeowner will spend more in only six months of residency than an existing homeowner will in up to a decade. This means that new homeowners are possibly one of the most valuable audiences you can be marketing to right now. Here's the catch though: you only have a limited window of time before they've already been marketed to and stolen. Especially if they're relocating to a brand new region, where they have yet to build loyalty to stores, restaurants, health care practices, auto-shops; you name it, they'll need it. It's essential that you reach them first.
What are some of the biggest purchases a new homeowner makes?
- Furnishings - According to the NAHB, new homeowners splurge the most on furnishings for their new digs. Some of the biggest differences in furniture spending between new homeowners and existing homeowners? Surprisingly enough, curtain furnishings -- with new homeowners outspending existing homeowners 10 times over! In a close second, but less surprising, are sofas, with an average of $700 spent in the first year of moving.
- Appliances - This seems obvious, but new homeowners will be in the market for appliances such as lawnmowers, computer hardware, washers and dryers, and televisions. Studies show that new homeowners outspend existing homeowners on all of these items.
- Renovations and Repairs - Last, but not least, new homeowners spend an unexpected amount of money on renovations and repairs. While you may think that a new homeowner, having purchased their dream place, would not be in the market for renovations for at least a few years, studies actually show that when it comes to outside repairs, new homeowners will invest big in new driveway paving, fencing, and walkways.
When is the best time to reach new homeowners?
When it comes to reaching new homeowners in the perfect window, it's important to note that the most typical spending decisions are considered and chosen in two different time frames: 3 months before the move, and 3 months after they have moved in.
The three months before the move, Zillow research shows that 21% of movers will spend $10,000 or more on move-related purchases. So, if you want to have an impact on what service or product they're choosing to move with, and likely to continue to use once relocated, make sure you reach them early in the process.
Up to three months after a move, a new homeowner is going to be more likely to spend to switch their brand loyalty: especially with common household items and cleaners. They're also 90% more likely to buy a car the first year after their move.
What else do new homeowners look for after they move?
- Healthcare providers
- Vets and pet supplies
- Hair Salons
- Restaurants and bars
- Auto shops
Keep in mind, once a new homeowner finds a provider they like for one of these, generally among the first few visits -- and often determined by location, friendliness, and price -- are more likely to become loyal customers. And a good marketing idiom? A customer gained is a customer easier to retain.
How to identify new homeowners
Most importantly, with speed. So how do you reach these valuable and potential customers first? Altair's data is an average of 30 days fresher than competitors. Which means, using our data, you can get to these new homeowners and be the first to offer, a profitable move. We have 3.56 million records, being updated daily with 58,000 buyers being added every week. Using our online count system, you can quickly, easily and efficiently find the information you need to market to one of the most valuable audiences out there. With just a few clicks, you can segment by location, age, gender, dwelling type, facility additions such as pools and income. Log in to our count system and get started building your marketing list today!