Selling a home isn’t just about slapping down a fresh coat of paint – you need to figure out what makes home buyers tick. From the moment they spot your listing to the instant they walk through the door, what persuades them to make an offer and stick around to close the deal? Here are some scientific studies that examine the home-buying mind to what out what turns it on and how you can use this information to your advantage.
Buyers know within seconds if they want a home – With a decision as weighty as a home purchase, one may think that buyers deliberate over all the pros and cons before they decide to sign on the dotted line. According to a report by BMO Financial Group, 80% of prospective buyers know if a home is right for them within seconds of walking inside. Researchers say this is because our minds process far more information in less time than we think, so a long deliberation may be a waste of time.
Take home lesson : Since buyers know within seconds if it’s “The One”, you’ll want to spiff up the area they will see first – namely, your foyer.
They find aromatherapy confusing – It’s not all about what the home buyers see; what they smell matters too. But that doesn’t mean you should fill your home with potpourri. Complex scents may be nice, but they are also more distracting as people try to figure out what they are.
Take home lesson : If you go for a scent, keep it fresh and simple. Some recommended scents are lemon, basil or pine.
They’re wary of the number 9 in a price – Only with big purchases like homes, charm pricing makes buyers wary. 9’s at the end of a home price are a turn off because these homes appear to be trying too hard to look like a bargain. Buyers don’t like that whiff of desperation when it comes to such a big purchase.
Take home lesson : Avoid the 9’s near the end of your asking price, because buyers may have an impulse to turn away. Charm pricing may be fine for clothing, but it looks sleazy on a home.
Price with round numbers are a turn off too – Pricing your home with round numbers like lots of zeroes, like $200,000, seems like you pulled this number out of a hat. A more specific number like $217,000, makes it look like you’ve done your homework and know exactly how much your home is worth.
Take home lesson : Avoid the round number trap and make sure your asking price is specific.
Buyers fall hard for staged homes – Staging a home to sell is all the rage these days, and research shows it works. According to the Real Estate Staging Association, homes that received a staged makeover sold after 40 days on average.
Take home lesson : Pay attention to presentation. But you may not have to open your wallet for a professional stager; the basic premises are simple ones that anyone can put into practice.
