According to Buyers Agents, Why do Buyers Buy??
As a seller of real estate, stocks, cars or even e-bay goods, if you understand what makes motivates buyers to buy, why people spend hours doing a real estate search, you are in a much better position to create the circumstances that will help buyers pull the trigger. If you are a seller, or think about becoming a seller this information is gold.
So, here are the top ten reasons, according to buyers agents, why people buy real estate:
- Buyers want an investment. Most buyers believe that over time their homes will appreciate (thats what makes anthing an investment). When they compare putting money in the stock market or money into real estate, real estate wins.
- Real estate gives them a chance to build equity. This is because home ownership allows for a mortgage to become slowly paid off with each payment. Credit companies also look at mortgage payments first when determining credit scores. Mortgage payments are very heavily weighted with credit companies and banks. Buyers hope if they pay on time, that their credit scores will rise.
- Buyers agents tell us that their customers simply believe in the concept of hoeownership. This is the American dream. Buyers love the thought of living in a home that they own and a home they can decorate and change to reflect their personality.
- Buyers do not want to rent. This one was a little fuzzy, but all buyers did not like the idea of renting long term.
- This next one goes along with all the rest so far. Buyers thought it was cheaper to buy than to rent. When all the factors are taken into consideration like appreciation, interest being deducted from taxes, and the build up of equity, home ownership appeared much less expensive.
- Owning is more cost effective in the long run than paying rent. This is the same as number 5.
- Buyers agents told us that buyers were looking for a safe haven for money and a place to put money that will grow safely and securely over time.
- Homeownership, according to buyers and their agents believe a home is a better place to raise a family. This is why staging a home is so important. A feeling of comfort and security is necessary to create that secure feeling.
- Buyers love the idea of decorating and making changes. Staging a home so the buyer can envision his or her furniture and in a home is key. Clutter and too much of the sellers personal items being displayed will prevent the creative juices from flowing.
- Pride. Being proud of their home and where they live was cited on every interview. Home staging again is key to creating that feeling of pride.