As the above heading is part of our For your Information (FYI) box on our web site, I was recently asked can we elaborate on the topic, Buyer behaviour.
Generally speaking in a real estate market there is a pool of buyers, these people go through a cycle as they enter the market. First of all the seed has been planted and a decision has been made,Once these potential buyers realise they are ready to enter the market they will proceed through a process to determine their financial position on buying.
Once they know their affordability they will make a decision on the suburb they would like to buy in, initially this may not necessarily be their dream location/home, however they may need to compromise.
The hunt is now on and today’s trends are indicating that people will start their search utilising websites, mobile sites, smart phones,tablets and press.
Once the buyers have sought homes within their budget they will organise to inspect the homes they feel most suitable to them, they will also commence driving around the suburbs to get a better feeling and knowledge of the area.
Once they have inspected the homes they selected, it is time to make a decision on which homes they like the most for which ever particular reasons. They may make an offer on a home or on several homes and then wait for the agent to return the owners response on the offer, if an agreement can be reached and all goes well, there maybe a sale/purchase.
If these buyers are not successful with a purchase after many inspections and failed negotiations, the chances are these buyers will leave the market due to frustration or not being able to find a desirable home.
But rest at assure as these people will return to the market at a later date, they will be better prepared and possibly determined to make a purchase the second or third time round.
If you are a first time home buyer it is best practice to seek assistance and thoughts from professionals with in the industry.