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If you are looking to sell your house for whatsoever reasons – you must know the potential buyers and research on what they want. When you are out fishing then in order to find fish you should think like a fish. This post summarizes the issues a home buyer faces while going for a home hunting.

An average buyer visits about ten homes before making up their mind. You should aim for the top of the list. Look or prices alone are not enough to get you there. There are more and some of them are discussed here.

Appearance:

Love at first sight. 80% potential buyers know right away if they like the home or not at the first glance.  Do not get too much excited about that, 68% buyers are ready to settle for less. So, even if a buyer likes your home – there are more factors to consider.

 You should also pay attention to the Curb Appeal of your home. It should be attractive and at the same time should give a buyer a welcoming feel. A home with good landscaping and curb appeal can get about 5% more than another similar property without any landscaping.

Price:

An average first time home buyer in Canada wants to spend about $300,000 on their home. On an average they manage to arrange $48,000 as down payment.

Remember, the amount of down payment is enough to let them buy more than $900,000 home on the basis of minimum 5% down. The point is that they have enough wiggle room to adjust for a bit higher price but whether they would do that or not depend on many other factors. You should be able to motivate the buyer to purchase your home.

The average price expectation varies widely from province to province. Therefore it also depends on where you live.

Average-Spend-on-First-Home

Psychology:

When someone is looking for a home their psychological state is different than who is not looking for a home. They are worried about many things and mistakes they may make with the biggest financial decision of their life.

If you know the worries then you can try to address those.

As an example – to feed the excitement you can have some surprise home improvements. To calm the worried one down you can offer some water or drinks. Some nice painting will also do the job. It is all about creating the ambiance for the right audience.

Emotions-a-home-buyer-faces

They hate bidding:

Majority of the buyers set a budget and try to stick to it during the house hunting process. A bidding war is a problem for that mindset. So, they avoid bidding wars. Unfortunately in cities it is a reality and as a buyer you should know the numbers.

Unwilling-to-get-into-bidding-war

Before you try to list your home at a lower price please consult an experienced professional. First of all your home should worth the risk.

Sellers-who-are-willing-to-list-at-a-lower-price

Location:

Location is the most important factor of all. There is so much to describer that a chart would save me a day.

Location-Priorities-of-home-buyers


 

Sources:

BMO – 1
BMO – 2
BMO – 3
BMO – 4
BMO – 5
CENTURY 21


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