Do you ever wonder what goes on in a buyer’s mind before they finally pull the trigger and purchase a new home? Understanding how your potential buyers are thinking and feeling is a significant part of a successful sale. 

This can be a challenging endeavour if you’ve been out of the real estate market for a long time. Even though you were once a buyer yourself, a lot has changed over the past few years. 

Navigating today’s challenging market may require some creative thinking and a slight shift in your strategy. In this post, we’ll shed some light on your buyer’s thought processes so that you can make your listing even more desirable.

Think About Your Own Goals

As a seller, it’s easy to get caught up with what you want and need from the transaction. Earning top dollar and a seamless, almost effortless close are the ultimate goals for most people. Knowing what you are hoping to achieve also makes it easier to understand your buyer; they want the exact opposite.

• You want to command the highest price. The buyer is hoping for a deal. 
• You’d rather sell the house without making extensive upgrades. The buyer wants a home that’s ready to move in right now.
• You’d prefer a flexible closing date that allows you plenty of time to find a new place, pack and move. The buyer wants to take possession as soon as humanly possible. 

Who will get more of what they want and who will have to make some compromises depends on a few factors. Current market conditions may dictate most of the terms, but both parties should also come prepared, with clear goals and knowing what concessions may be required.

Tip: One way to know what potential buyers may be thinking is to read what they may be reading. The posts below could be a great starting point:

• Our Ultimate Handbook for First-Time Buyers
• Hidden Costs of Buying a Home You Need to Know Now
• How To Win In A Multiple Offer Scenario

The Psychology Behind a Real Estate Purchase

On the one hand, buying a home is an extremely logical process that involves a lot of financial planning and analysis. Your buyer will think long and hard about where they want to live and what type of house they want to purchase. 

They’ll be on various real estate websites calculating what their monthly expenses might look like once they own a house. There is a lot of left-brain style thinking and analysis that happens before a buyer begins placing offers.

At the same time, buying a house is one of the most emotional decisions anyone will ever make. Your typical buyer is both exhilarated and terrified. Your goal as the seller is to help nervous buyers feel less worried and more excited to take the next step. The way you do that is to prepare your house to dazzle and set a competitive price that attracts attention.

The Market Versus Opinions

It’s not just buyers who get emotional about their big move coming up. Selling a house where you have a lifetime of memories can also bring up complex and conflicting feelings. Nevertheless, it’s critical to base your selling plan on up-to-date facts and accurate information rather than on opinions.

Overpricing a home based on an outdated evaluation or the assessment of a friend or relative is one of the biggest mistakes a seller can make. In the battle between opinions and the market, the market will win every time. Partnering with an experienced real estate team who is deeply familiar with the current landscape is an integral part of a successful home selling plan. 

Tips for Thinking Like a Buyer

As a seller, it’s imperative that you prepare your home with the buyer in mind. Every design decision you make should be directed toward making your buyer feel less nervous and more enthusiastic. A dark purple accent wall may appeal to you personally, but many potential buyers could find it distracting. 

You probably don’t have to invest in extensive renovations before putting your home on the market. However, you can never go wrong with thoroughly cleaning and decluttering each room so that the buyer can paint their own imaginary picture of living in your house. In addition, a fresh coat of neutral paint can make even an older home appear newer and well-maintained.

• Before your listing officially hits the market, it’s a good idea to walk through each room with fresh eyes and look at everything that you may currently take for granted. 
• Even better, see if you can get an honest and unbiased opinion about the appearance of your home. It can be a trusted friend, but it has to be someone willing to tell you what you may not want to hear. Someone who is “too nice” to tell you that your house has an off-putting odour could cost you in the end. 
• Getting a pre-listing inspection can also reveal any small areas where you can make vast improvements in the appearance and appeal of your home. 
• The best way of all to tell if you are ready for the market is to work with a Realtor® who understands what buyers are looking for in your area. 

Looking for more ways to formulate your plan to sell your home? The posts below will help you get ready for the market:

• The Power of Staging When Selling Your Home
• Our Full-Service Real Estate Team’s Guide to Marketing Your Home
• What’s Your House Really Worth?

Set a Compelling Price Point

If you want the highest possible return, your price has to be realistic and competitive. Again, think about how your potential buyer will feel once they spot your listing. 

• A low price point might seem compelling at first glance, but the buyer may see a bright red flag and worry that something is badly wrong with the property.
• If your price is too high, they won’t even consider your home.

The perfect price point is both reassuringly high and pleasantly low at the same time. The buyer feels like they are getting value for their money. And you have a better chance of earning a higher amount because you may attract the attention of multiple buyers. There’s nothing like a little healthy competition to help you earn top dollar when selling your home. 

Do you want even more tips to sell your home in a challenging market? Our experts are here to help you plan your winning strategy. Reach out to us right here or call 905-332-9223 to connect with our office today.