Believe it or not, human nature can often get in the way of a successful real estate transaction. We are creatures of habit and take great comfort in following the crowd. Often, looking for validation in our actions by mimicking what others are doing. Have you ever been to an open house and saw it crowded with potential buyers? Do you think to yourself, “Wow, this is a great house, I’d better get in on the action?”
Many real estate buyers are emotional buyers. They let emotion dictate their purchasing decision vs. logic. The first step most buyers take is to go look at pretty houses and then they try to figure out how they can buy them. They fall victim to the upgrades, pretty staging and slick marketing materials. This is why when you visit a new home development the homes have beautiful (though impractical) furnishings and props. New home developments have perfected the art of targeting emotional buyers.
Here are some tips to keep you from becoming an emotional buyer and help you buy low and sell high.
To buy low do the following:
- Buy when demand is low, and inventory is high
- Position yourself as an “A” buyer
- Research financing options and know what that payment will be at different price points BEFORE you look at a single home.
- Work with a local expert who knows the inventory and motivation of the sellers.
To sell high:
- Make sure your home is showcased in the best possible way.
- Time your sale when demand is high and supply is low.
- Put yourself mentally in the shoes of the buyer – would you buy this home?
- Work with a local expert who can market you home to ALL the buyers, not just local ones who look on line.
For more tips on how to buy low and sell high, feel free to text or call me at (714) 227-2294 or email me at RobinKelley@firstteam.com.
Your Realtor Robin