What to expect from property buyers

What to expect from property buyers

When your home's on the property market, attracting buyers is of course key to your success.

Your property, its marketing campaign and your estate agent are all extremely important factors in attracting prospective buyers, but it can also be beneficial for you to understand how the house hunter's mindset works.

We've previously looked at property buyers' habits in our 2015 Buyer Barometer and blogs on property buying turn-ons and turn-offs, whether buyers prefer carpets or wood floors and whether a buyer would purchase a haunted house.

However, here at Tepilo, we think that when you're selling up you can never be too clued up. That's why a recent report on buyers' habits from Ocean Finance really caught our eye...

 

How long do buyers spend researching/looking for a home?

Ocean Finance asked over 1,000 homeowners how long they spent researching and looking for a home. The most common duration was 2-3 months, cited by 33% of respondents.

This was followed by a month (19%) and longer than six months (14%).

The least common timeframe was 24 hours, cited by 2%.

Bizarrely, more homeowners said it took them less than ten minutes (6%), around 30 minutes (3%), about an hour (6%) or half a day (3%).

 

How many properties does the average buyer visit before purchasing?

According to the study, the average buyer visits 4.3 homes before finding the one they're happy with.

As you can't visit 4.3 homes, it makes a bit more sense to look at the breakdown of the stats.

The most common number of properties viewed was three to five, cited by 31% of participants.

Next up was two to three homes (23%), followed by five to ten (20%), one (17%) and more than ten (9%).

Just 2% of 18-24 year-olds surveyed viewed ten or more properties. Maybe, then, this demographic is more decisive or just less willing to visit multiple properties?

 

How long does it take buyers to know a home is 'the one'?

Almost half (45%) of those asked identified a property as 'the one' by the end of their first visit – the most popular response.

For over a fifth (23%) of those taking part it was love at first sight as they said they knew they liked the property in an instant.

Some 22% knew by the end of two visits, while 6% spent more time researching the home and local area online. Meanwhile, 5% knew by the end of their third visit to a property that it was 'the one'.

 

How many times do buyers visit their favourite property?

After buyers had found a property they liked – or 'the one' – they viewed it an average of 2.26 times.

Again, viewing the same home 2.26 times might be a little problematic so breaking the figures into sub-categories makes them easier to digest.

A whopping 60% of buyers visited the property they liked two or three times, the figures show.

The next most common was just once (26%), followed by three to four times (10%) and finally more than four times (3%).

So if you're selling and a prospective buyer walks in who has been looking for a home for two to three months, is visiting your home after seeing a few others, works out your home is the one for them by the end of the first viewing and subsequently visits the property another two or three times then you know you're on to a winner!

On a more serious note, knowing the average buyers' habits and turn-ons and turn-offs really can help to increase your chances of selling.

On top of this, having an appreciation of roughly how many times buyers view properties and how long they tend to spend looking for a new home could prove beneficial and will certainly prepare you for what to expect from the sales process.