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.
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).
ARE YOU WORKING WITH
BENCHMARK REALTY YET?
If you’re not already part of our amazing team, we’d love to talk about your options. Call us at 615-371-1544 or fill out the form below so we can set up a confidential appointment for you to learn about our agent plans and what it’s like to work with Benchmark Realty.
Phillip Cantrell
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