Understanding Buyers 101, A Primer for Selling Your Home

By
Real Estate Agent with Berkshire Hathaway HomeServices New England Properties Licensed in Connecticut

If you are thinking of selling a home in the greater New Milford, CT area you may want to take my short "Understanding Buyers 101 Course". It's free, don't worry about it. Just read below!

Understanding Buyers 101 (a primer for sellers)

Understanding Buyers 101, A primer for sellersFirst let me say, data is not just for sellers. Data is supposed to give us clear information and help us to make informed decisions. Charts and graphs should tell a story that allows us to see past and current trends. But as we all know, we cannot extrapolate future trends from data where the housing market is concerned. We can only make a guess. And if you are listing now, you need to work with what has just happened and what is happening at this moment in time. Not trying to figure out what will happen in the next few months. The data I use to help me price a house is the same data the buyers are looking at! They use it to fuel that buyers bus they are driving!

Although data is very important, it is not everything. Let me take you into the mind of a real buyer.

When I take buyers out we have a price range. Within that price range they have picked out homes they want to see, a minimum and a maximum. Here is a day taken out of one of my showing days:

House number 1 is at their max price range, but at the max price it is the smallest square footage. We walk up to the front door and realize the siding is a mess, the windows have rotted in spots and were repaired very poorly, not a good first impression. They are already skeptical of what we will find inside. We walk in, the house smells like cat pee, the house is dirty, the kitchen appears to be a DIY job gone bad. They feel it is overpriced by a minimum of $60,000!

House number 2 is at the lower end of their price range. The house is small but wow, it shows well, it has made use of small space for great storage, it is priced for its size, condition and location. Although the garage really can't be used as a garage because it is too small, they feel they can deal with that because.. it is priced to reflect that too. My buyers are very impressed. It is clean, neat, clearly well cared for. It makes the short list.

House number 3 is one I call "smoke and mirrors". There is a flashy kitchen, which they are taken by, AT FIRST. But the house falls apart after that. The flow is choppy, the rooms are small, the basement is a walkout that can't be made into useable space due to mechanical locations. Again, this house was at the top of their budget anyway. I have to say I think the price was based on the kitchen. Nope... not happening for these buyers.

Our trip told them the most modest home in price, size and location is the leader from that trip. Why? The sellers are very realistic about what their home is. They have done everything right before putting it on the market, they have made it warm and inviting, they have cleared the clutter, they have cleaned it up, showing off its best features. No smoke and mirrors, no pretension, no illusion. Clearly this house is owned by people who are interested in selling!

Buyers are driving the real estate bus these days. They are not going to stop for your house if you are not realistic about selling. And remember, many of you that are selling are going to be buying another house. And you can sit in the drivers seat then and drive the big shiny bus! My guess is your outlook will do a 180 when you are in the buyers seat.

Originally posted at "Understanding Buyers 101, a primer for selling your home"

Posted by

Andrea Swiedler, Realtor, Southern Litchfield County Real Estate

2017 President, Greater New Milford Board of Realtors

2017 Connecticut Magazine 5 Star Realtor

 

 Search homes for sale in Litchfield County, CT.

 

Coldwell Banker Residential Brokerage

Litchfield County Regional Office,375 Danbury Rd, New Milford, CT 06776

 

© Andrea Swiedler 2009 - 2017

 Always do right. This will gratify some people and astonish the rest. - Mark Twain

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Christian Bastian 10/08/2011 12:08 AM
  2. Christian Bastian 10/08/2011 12:20 AM
  3. Gabe Sanders 10/10/2011 03:29 AM
Topic:
Home Selling
Location:
Connecticut Litchfield County New Milford
Groups:
POSITIVE ATTITUDE for the Weary Soul
"Whacked"!!!
Diary of a Realtor
Cosmic Cow Pie...The Rome Way
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Tags:
selling your home
overpricing your home
new milford ct real estate
understanding buyers 101

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Rainmaker
1,153,615
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota Real Estate Expert

Thats exactly what buyers do.  It if its work they triple what it actually costs to fix it.  They normally like the cleaniest one.

Oct 08, 2011 02:56 AM #19
Rainmaker
533,709
David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential
Andrea it is funny that your buyers are just like my buyers even though we are a thousand miles apart. And the houses to be shown in your market are just like the houses in my market, amazing. Sellers, listen up, buyers have choices. Will they have good reasons to choose your house over the others available?
Oct 08, 2011 03:01 AM #20
Rainmaker
433,607
Kristine Ginsberg
Elite Staging and Redesign, LLC - Short Hills, NJ
NJ Home Stager

I just had to return to say - see I know a FEATURE post when I read one! Congrats Andrea - so glad this was featured!

Oct 08, 2011 03:05 AM #21
Rainmaker
2,476,698
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The question ..would you buy this house in this neighborhood during this market with available terms for this price...? holds if one answers honestly and without emotion. What is good for the goose is good for the gander

Oct 08, 2011 03:55 AM #22
Rainmaker
490,543
Lorraine or Loretta Kratz
Crescent Moon Realty, Inc. & Land N Sea Auctions. - San Marcos, CA
Certified Negotiation Consultants

Buyers and Sellers all have dual personalities. I did a listing presentation to a seller recently, and I was the third agent to be interviewed. Both prior agents wanted to price the home over what was fair market, and all the seller kept saying to me was that he did not want to leave any money on the table. But, when I ask him when he sells where does he want to go and he said New Mexico, and without taking a breath he said I am going to get the best deal possible and he went on to give me what as a buyer he would be wanting in a deal.

So, sellers and buyers each wear different hats depending on the position they are in with the real estate market.

 

 

 

 

Oct 08, 2011 04:53 AM #23
Rainer
178,712
Rosalie Evans
Meritus Group Real Estate - Sioux Falls, SD
The Evans Group, Sioux Falls, SD Homes For Sale

I am finding more so then ever before that the house has got to be in good condition and priced well if it is to get any love in this market! Other things like location and poor floor plans are just something else that could be contributing to a slower sale for these sellers as well! People realize they can be just a little more picky and I guess why shouldn't they be!! Have a nice weekend Andrea and thanks for helping me out the other night! Did you get your pictures of the windows done yet?

Oct 08, 2011 04:54 AM #24
Rainmaker
1,534,585
Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker

Andrea,

Lots of insight here. This makes a lot of sense. Before listing sellers should go out and see some homes.

Brian

Oct 08, 2011 05:40 AM #25
Rainmaker
571,718
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Hi Andrea,  Cool way to approach the post.  I was looking for the issue which most attracted your buyers and there it was

"The sellers are very realistic..."   Most listings have a price ppoint at which they become attractive to a buyer !

Oct 08, 2011 05:44 AM #26
Ambassador
2,565,284
Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Andrea, maybe the sellers should get on that buyer's tour and see what their competition might be and be honest with themselves about it as well.

Oct 08, 2011 06:06 AM #27
Rainmaker
262,382
Dawn Crawley
Dawn Crawley Realty - Pinehurst, NC
Find Pinehurst Homes

Excellent post for sellers to help them understand the thought process of buyers in today's market.

Oct 08, 2011 08:06 AM #28
Rainer
232,598
Bob Zorechak - ABR, GRI, e-PRO
Keller Williams Realty Metropolitan - Morristown, NJ
Sells Homes in Morris/Somerset/Hunterdon Cos., NJ

Great post and tutorial for all potential sellers out there.

Oct 08, 2011 09:48 AM #29
Rainmaker
3,841,772
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Hi Andrea,

A wonderful post that tells it like it is. Cpngrats on the feature..well deserved :).

Oct 08, 2011 10:23 AM #30
Rainmaker
810,059
Evelyn Kennedy
Alain Pinel Realtors - Alameda, CA
Alameda, Real Estate, Alameda, CA

Andrea:

I am bookmarking this post so my sellers can see the reasons they need to price their homes correctly, not what they wish they could get

Oct 08, 2011 10:30 AM #31
Rainer
106,897
Elizabeth Byrne
Keller Williams Realty - Arlington, VA
Arlington Virginia Real Estate

Andrea, this is a great advice for sellers. Yes, the sellers should always put themselves in buyers' shoes and look at their own home from that perspective. Congratulations on a feature. 

Oct 08, 2011 12:36 PM #32
Rainer
125,429
Laurie Clark CRB Angel Realty LLC Your Monument Realtor 719-502-6572
CRB-CCSS-ASD-HBS-RSD-Denver Short Sale Agents - Monument, CO
Angel Realty, LLC

This is good advice for sellers. Congrats on the feature. Thanks for posting.

Oct 08, 2011 12:54 PM #33
Ambassador
4,050,222
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Andrea

This was a great read, and one that sellers really need to take a look at. I always talk with sellers about buyer behavior and try to get them to look at their home, pricing, etc. from the buyers perspective, which is not an easy thing to do.

You have done an admirable job of presenting the home search from a buyer's perspective. Sellers too soon forget what they might have been like as buyers.

Jeff

Oct 08, 2011 02:25 PM #34
Rainmaker
4,797,811
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

So true Andrea.  Most Realtors can help sellers make their home look like your best example, unfortunately not all of them are willing to do the work.

Oct 09, 2011 01:27 AM #35
Rainmaker
889,655
Sussie Sutton
UTR Texas Realtors - Pearland, TX
UTR TEXAS Realtors - Rep for buyers and sellers.

Great information for sellers to have! Thanks for providing this....

Oct 09, 2011 04:26 PM #36
Rainer
478,183
Not a real person
San Diego, CA

Monday is my Happiness Day.
I visit as many blog posts as I can throughout the day
and spread happiness, which means I probably didn’t read this post.
I just stopped by to spread some happiness.
Feel free to delete this comment if it doesn’t make you happy.

Happy Day!

Oct 10, 2011 04:35 AM #37
Rainmaker
507,032
Cal Yoder
Keller Williams Elite - Lititz, PA
Homes For Sale in Lancaster PA - 717.413.0744

Andrea, what a fantastic post. It is amazing what sellers can learn from buyers and vice versa. It is another reason folks hire us. With this kind of knowledge you will be able to help sellers actually list at a price which it will sell at. Thanks.

Cal

Oct 10, 2011 05:28 AM #38
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