Remember the Blue/Black White/Gold Dress Debate?
Well, as it turns out this was actually one of the 12 biggest pop culture moments of 2015
Is the dress white and gold or is it blue and black? Black and blue or gold and white? According to Buzz Feed "There hasn’t been more disagreement since the Hatfields and McCoys filmed a “tastes great/less filling” Bud Light commercial in the ‘80s. One thing is for sure, 39 million people viewed the original BuzzFeed story." http://www.details.com/story/best-of-2015-list
Well back in March of 2015, I was also intrigued with this story and this phenomenon and wanted to investigate a little deeper, and wrote a blog titled:
It turns out that my readers really liked this blog too, because it turned out to be one of my most popular blogs on ActiveRain and other social media sites. Because this was such a heated debate, I wanted to investigate this dress debate and see how it might apply to Real Estate.
Here's a recap:
People seem to be amazed about the realization that we can look at the same object and see something entirely different. So how does this apply to Real Estate – to Home Buyers and Home Sellers in the marketplace? There is obviously no doubt that what one home buyer sees will differ from what another buyer sees and what the home seller sees. If we now know that 72% of people actually saw the dress as white and gold, and 28% saw the dress as blue and black. As it turns out, the dress was actually "blue and black" so 72% of people were correcting in the wrong direction.
Sellers and Buyers have differing viewpoints too:
- Sellers will see the property from a positive viewpoint (thus assuming their property is much better than it actually is. This attributes to the fact that most sellers see their home being worth much more in the marketplace. They put much more value on the home improvements made, and special features of the home.
- Buyers will see the property from a negative viewpoint (they see the property from a much more negative stance, finding more flaws. They consider the amount of work than needs to be done, and placing less value on the improvements made by the seller. How much time, money, and work will need to be done in improvements and upgrades).
If we now know for certain, that no two people will see the same property the same, we know that it is important to consider both sides in Real Estate when pricing, and it should be one of the first steps before putting a home on the market.
Considering the fact, that no two people will see this property the same, and no two buyers are going to see the same value, or even colors, and add to that, the majority might be correcting in the wrong direction.
As Real Estate professionals, should we take that into consideration on every listing that 72% of people might be correcting in the wrong direction? Apparently as our brains have evolved, our brains “favor consistency over accuracy”.
Different people’s brains will therefore make different assumptions. If you would like to read the entire blog from March 2015: