Buyer Psychology - What sellers must Know To Make The Most Money.
Did you know that buyers decide within the first 20 seconds of being within a home if they are not going to offer on it? You only have a few seconds to make an outstanding first impression, and it needs to be good!
The world behind buyer psychology is huge, and leveraging that is essential in generating successful sales. Most of what buyers experience, including their barriers to purchase, happens on a non-conscious level. Let’s dive in.
Buyers need to be able to imagine themselves living in the home. Your home may be immaculate, but a gallery wall of family or other such identifying personal items may unconsciously cause your buyer to feel as though they are visiting rather than imagining this as their home.Your goal is to create as neutral, calm, and inviting of a space as possible. Yes, it is incredibly annoying for most people… but it works like magic.
A couple quick tips - stash away family photos, personal items (anything from sleep apnea machines to toothbrushes and papers), degrees, collectible items, taxidermy, and sports paraphernalia. Think extreme minimal - Any extra items that add clutter should be packed and placed into storage.
People have a harder time explaining what they do enjoy over what they do not enjoy. Our brains are programmed to find fault when we are about to spend money - this is our ability to judge (cost/benefit analysis) if something feels worth it.
Freshly painting before a sale is a perfect example of this. Trust me when I say that as a seller, painting (ideally a neutral tone) is one of the most cost-effective investments you can make in preparing to sell. People rarely notice if a house has fresh paint, but they will notice if it does not. Damaged walls, scuffs, dirt, and handprints will lead buyers to draw conclusions, even if they’re not true, about the overall condition and maintenance of the house. Same rule applies for any incomplete or poorly done finishings, ignored small repairs and maintenance, lack of curb appeal/exterior attention, and overloaded rooms and spaces.
People have a very limited ability to get excited about or imagine potential within a space. Most buyers do not approach the market wishing to take on a whole ton of work (unless they’re investing, flipping, or budget dictates so.) Buyers do want to know what they can already do with a space as it is, and it is up to you to tell them. This is where staging can make or break a sale. Staging allows people to be welcomed into a space, dream a little, and become inspired by its potential. Homes that may be more dated could be staged to complement the original finishings with modern furniture that mimics a mid-century style. Older finishes may become muted and charming when a room becomes furnished. Furthermore, homes that are vacant actually appear smaller than they are when they do not have furniture in them. Crazy, right??
People love to spend money, and they will - but they do not like getting taken advantage of. The market is strong but that does not mean homes sell themselves, that buyers are desperate, or that buyers are interested in deeply negotiating on - or even visiting - homes that are priced inaccurately. People will do good research before they purchase a home, and this means overpricing will likely see you will sitting longer on the market and taking less in the end than you would have if you had priced well from the start. Ouch.