I’m interviewing buyer specialist Laura Jones to gauge how buyers think.
When buyers hop in the car, buckle up, and get ready to view a home on which they could potentially submit an offer, what’s going through their mind? Generally speaking, what’s their approach? As Carter Property Group Buyer Specialist Laura Jones reminds us, buyers have already narrowed down a location and a budget by that point.
Now, they’re asking these all-important questions: “What is the best thing we can get for the money? What is the best overall value? Which five things are most important to me, and which property delivers on them?”
Once they’ve figured out the geography and budget, the most common criterion for buyers is the general condition of the property—is it a fixer-upper, or is it move-in ready? Other major considerations include bedroom count, outdoor spaces, and storage areas. How a buyer then defines value beyond those common criteria becomes a highly individualized matter.
In today’s environment, buyers will often claim that they’re willing to fix up a bathroom if the house is perfect otherwise or that they don’t mind putting in a little work to turn a good home into a great home. While they may genuinely mean that, Laura pointed out that buying behavior doesn’t quite reflect that sentiment: “Once we get out and look, the [property] that goes the quickest, the property that everyone seems to make offers on, is the one that’s in the best condition. One that’s been decluttered, its carpets are clean, and the one that’s likely the most updated.”
Buyers see a home that’s in great condition as a sort of relief; they won’t have to put as much money into the home. “It might seem like a selfish answer, but buyers are looking for the best home for their budget. They’re not really thinking about who’s on the other side of the transaction and who’s selling the property,” Laura said.
So there you have it: An inside glimpse into the mindset of the modern buyer. Remember, sellers: If you want a successful home sale, you have to think like a buyer and be willing to take a step back and view your home from their perspective.
As always, if you have further questions on this or any other real estate topic, please feel free to reach out via phone or email. We look forward to hearing from you!