When a real estate professional first meets with a potential seller client, one of the first questions they ask is "Why do you want to sell?'', conversely they ask a potential buyer client"Why to you want to buy?" It's important to know what the motivating factors are.
Factors that motivate people to buy or sell a house:
Relocation- People move because their job or profession requires them to. They may want to move closer to an elderly parent or relative to help care for them.
Housing needs have changed- Perhaps their current home is too small, having children can make a house feel cramped. The opposite is also true, empty nesters can feel that their current house is too big and are opting to downsize.
Finances have changed- Loss of job, or job change to lower salary can require people to sell home and move to something more affordable. Conversely a new job or promotion could give someone the ability to stop renting and move into home ownership.
Relationships- A breakup is a leading reason for people to put their house on the market. When people form a new relationship, they mat be motivated to buy a house to solidify their realtionship or perhaps to start a family.
The more you know what's motivating someone to buy or sell a house, the more leverage you will have during the negotiation process. For a buyer, knowing what's motivating the seller to sell can help you negotiate a lower selling price. As a seller, knowing why the buyer is anxious to buy can help you negotiate a price closer to the listing price.
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