What drives home buying decisions?
“We all know that buying a home is so much more than just handing over a deposit and moving in. It’s an incredibly personal and psychological journey, and while financial considerations are typically the deciding factor, the biggest drivers behind purchasing decisions are often emotional, aspirational, and even subconscious. And, by understanding these influences, both buyers and sellers can navigate the property market with more ease.” says Gerhard Kotzé, CEO of the RealNet property group.
Here are the emotional aspects buyers deal with when on the home-buying journey:
- First impressions: Prospective buyers typically know whether they want to buy a home after arriving for a viewing, as they typically make subconscious decisions about whether they like or dislike a home as soon as they lay their eyes on it in person. That’s why an inviting front entrance can make all the difference.
- Security: Our homes are our sanctuaries. They’re where we go when we want to feel safe and comfortable. That’s why buyers will often heavily favour homes with strong security features; they want to know that a home will be a safe place for them and their family to rest their heads at night.
- Emotional attachment: A new home holds the potential for future moments, and buyers often try to envision themselves in a home before committing to a purchase. They like to imagine how their kids and pets will enjoy the garden or how they will unwind in front of the fireplace.
- Aspirations: Luxury homebuyers typically seek much more than a property when they’re in the market for a new home. They’re often after the lifestyle a property will present them with, too. In these cases, they want a home that represents their personal achievements and acts as a statement of their success and identity.
- Exclusivity: In neighbourhoods where properties don’t come on the market often, scarcity can be a major driver of decisions. Buyers are more likely to act decisively if they believe a home is in high demand.
As a Property Practitioner, it’s important to understand the emotional journey buyers go through when selecting the home of their dreams, as this will aid them in enhancing the buying experience.
By addressing a buyer’s emotional needs, strategically positioning properties, and offering a simple and easy process from start to finish, you are far more likely to close deals.
Author RealNet
