People may select homes based on their wants and needs, but their personalities affect the transaction, too. As a seller, you can benefit from knowing about the different types of buyers you’ll encounter. Such an understanding will help you avoid frustrations and make the transaction and negotiations go much smoother.
Some buyers can be aggressive. This may just be their nature – some people jump into everything – or because of circumstances. In the current market, for example, competition from other would-be buyers may pressure someone into being pushy. But it’s also possible that they are being forced to relocate for work or they’ve been looking so long that they’re tired of the house-hunting process and are ready to buy. The aggressive buyer is ready to make the purchase and will usually be an all-cash buyer or have financing lined up. They may push for an earlier closing or make lots of demands in the contract.
Maybe they will, and maybe they won’t. Those who just like to look might buy a home at some point, but today? Well, they’re not really sure if it’s the best time. What’s the rush? Buyers in this group usually spend a lot of time at open houses – virtual or in-person – and looking at properties online. They’ll tour your house more than once and seem to really like it, but they’re not ready to move forward. These folks may even have their financing lined up but refuse to pull the trigger on a purchase.
Then there are the perfectionists. Sure, they will make an offer – on the perfect home. Be prepared for these buyers to view your home more than once, but end up determining that the eastern-facing front door is not an acceptable feature, and then move on. Or, if they do make an offer, it comes with so many extra conditions that you’ll wonder why they don’t just build a new house on their own.
They will want you to replace the front door because it’s the “wrong” color or rip up the carpet in the master bedroom because it clashes with their sheets. Such small details shouldn’t matter. A little paint goes a long way, carpet can be replaced, and furniture can be changed. But logic doesn’t matter to this buyer.
The opposite of the perfectionist is the buyer that doesn’t care about your home’s problems. Outdated bathrooms? Popcorn ceilings in every room? A bad foundation? No problem. These buyers either intend to remodel the moment they get the keys or they are real estate investors who will buy nearly anything to turn a profit. While these buyers won’t be scared away by a property’s shortcomings, they also will want a low price.
Call for help?
Your Realtor can help you understand the different types of homebuyers you may encounter. He or she can come up with a marketing plan and negotiation strategy that works best for the type of buyer interested in your house. This service may even include determining if the potential buyer is even qualified to submit an offer, saving you time and aggravation.
The ultimate goal of a real estate transaction, of course, is a timely sale. However, being aware of the motivations and characteristics of different types of buyers can reduce (but probably not eliminate) the stress of selling your home.
For more helpful real estate information and access to real estate listings across the great state of Texas, please visit HAR.com.
Marla Lewis is 2021-22 President of the Houston Black Real Estate Association (HBREA).