How long does it take most buyers to determine whether a home is right for them?

It turns out that 80 percent of buyers know the moment they step in the door.

It’s never been a secret that emotions have a lot to do with home buying decisions, but it may be helpful to you to understand just what’s running through buyers’ minds.

THE PSYCHOLOGY OF HOME BUYING- BY THE NUMBERS

A recent BMO Financial Group study suggests that of all homebuyers:

  • ​48% of buyers feel excited
  • 41% feel cautious
  • 31% feel optimistic
  • 25% are stressed
  • 21 % are anxious

FIRST TIME BUYERS ARE A LITTLE DIFFERENT

  • 52% feel excited
  • 41% feel cautious
  • 23% feel optimistic
  • 30 % feel stressed
  • 25% feel anxious

The biggest worry homebuyers have, with 71 % of them citing it, is that they’ll discover something is wrong with the home after they buy it. 55% are worried that home values will plummet after they sign the dotted line.

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As many as 68 percent of homebuyers are willing to “settle” for a home that isn’t perfect, and 33 percent feel like they’re being rushed into making a purchase (39 percent of first-time homebuyers feel that way, too).

WHAT DOES THE PSYCHOLOGY OF HOME-BUYING MEAN TO YOU AS A REALTOR®?

You already have a talent for feeling out prospective buyers, and knowing the psychology behind their feelings can help you create a better experience for them. You can ask the right questions and make reassuring statements:

  • Are you anxious about buying a home? What is it that’s making you anxious?
  • Have you seen the steady increase of home prices in this neighborhood over the past year (or 5 years, or 10 years)?
  • I know a home inspector who’s extremely efficient.
  • Is this process moving too fast for you? We can slow down if it would make you more comfortable.

As a good Realtor, you’re interested in building relationships rather than just making a one-time sale – and the better you can connect with your clients, the better off you’ll all be (especially when they tell their friends and family about the great job you did).

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