Understanding the psychology of a property buyer
Whether it’s psychological, practical or the perception of value, a variety of factors influence a buyer’s decision to purchase a property. If you’re a seller, arming yourself with this information can ensure you are well prepared to present your place in the best way possible – so you can achieve maximum interest in your home as soon as the “For Sale” sign goes up.
You’ve got me feeling emotions
From the motivation of seeking security to the simple yearning for a comfortable, cosy home in a charming neighbourhood, mind certainly matters when it comes to a buyer’s decision to purchase a property. In fact, a survey by the Commonwealth Bank found that 44% paid more for a property because they felt an emotional connection to it. Understanding the psychology behind a buyer’s decision to purchase a property, as well as the influence of first impressions, is BOWERBIRD Interiors’ Sydney Property Styling team – who are committed to creating aspirational and inspirational spaces, with every project they execute.
In love with a lifestyle
On a more practical level, the lifestyle opportunities associated with a particular property can factor into a buyer’s decision to purchase. For example, green thumbs will often consider if a home’s yard is large enough for gardening, while beach buffs are more inclined to seek a space close to the sea. Families with children will tend to factor in proximity to a specific school, while young couples will likely look for places close to their work in the city.
Budget v Blowout
According to CoreLogic, buyers are motivated by the perceived value they are getting when buying. The most popular properties are those that appear to offer the best features, relative to their asking price. And, as a seller, one of the easiest ways to achieve this is by investing in the services of a property stylist – who can curate a living space and experience where people can envision themselves living a beautiful life.
All about the investment potential
Emotions aside, for many buyers the property purchase process is driven by purely financial factors. Today, a growing number of individuals seek properties that promise a return on their investment in the form of rental income or resale appreciation.
Finally, the input of family and friends may influence a buyer’s decision to purchase a property. Whether it’s the pressure to buy a home in a suburb close to loved ones, the status that comes with moving to a more prestigious postcode, or even cultural superstitions (such as interest in homes of an auspicious number) the opinions and advice of an individual’s social circle, certainly play a part in determining where they opt to invest.
In addition to discussing your options with an agent who understands real estate dynamics, we suggest getting in touch with our Sydney Property Styling team who has 10 years of property styling experience to help you work out what buyers really want.