When you are selling your Toronto home, you want to attract as many buyers as possible to ensure a quick and easy sale and to get the most value out of your home. In order to do this, you need to get into the buyer’s head and find out what it truly is that they want. There is a certain psychology behind home buying and if you can tap into it, you can ensure success for your Toronto home sale.
What do buyers want?
First impressions are everything
A recent BMO Financial Group study found that 80% of buyers knew that the home they wanted to buy was “the one” as soon as they stepped in the door. This means that first impressions are truly everything. What does your buyer see when they walk in the door? Is it impressive or does it leave them wanting to walk right back out?
Buyers take their time
While many buyers were quick to put in offers on homes when the market was frenzied so they wouldn’t lose out, many buyers take about five months to find their dream home and view at least 10 homes in the process. This fact contrasts the above fact that they know the home they want as soon as they see it. Considering you want to be that 9th home out of 10, know that buyers are discerning and won’t settle as they are willing to look until they find the right home. But, the study also found that 68% of homebuyers are willing to settle for home that is less than perfect. So, while they know their home and they take the time to find it, they are willing to overlook some imperfections. This doesn’t mean that you don’t take all the precautions you can to make it perfect, it just means that even if your home has a few flaws, it could sell.
What are their motivations?
Every buyer has a motivation that is different from other buyers for buying a home. The majority of homeowners in the study found that their home was a good investment and that was their primary motivation. Coming in a close second was that buyers felt it was the right time to get into the market. Others wanted a move and others still wanted to expand their family. Knowing what the motivations are behind the buyers in your target market is the key to attracting them.