Decoding Buyer Feedback when Selling a Home
You’ve just listed your home for sale after careful preparation. You’re all set to sweep a Buyer off their feet. The electronic lock box is on the front door, your phone rings and the showing service announces your first showing after 10 days on the market. Thank goodness, a showing! You’ve been at work and the showing occurred at 3:00 p.m. today. Did the Buyers like it? What do they think? Are they going to present an offer? Oh, you hope so! You call your Realtor to find out. Did the Buyers have any feedback? What did they say?! The suspense is killing you. Like a great mystery playing out before you.
Anxious Sellers. Very common. Desperate for any signs of an interested home Buyer. The first battle can begin with being able to get ahold of the Buyer’s Agent in order to provide any type of feedback. Unfortunately, not all Real Estate Agents readily provide feedback nor with any promptness. Your Realtor has contacted the Buyer’s Agent for the first showing trying to get some feedback, because at this point a purchase contract hasn’t been received by your Realtor.
When a Buyer says certain things, often times you have to dig a bit deeper to analyze what it is they’re really saying and what they actually mean. Don’t let the true meaning slip through your hands. Here, in today’s Real Estate article, I uncover common Buyer feedback and how to tackle the feedback to get your home sold.
Here are examples of common home Buyer feedback:
“Your home is too small”
Means: The buyer found larger homes for the same price
This doesn’t mean that small homes are bad and there aren’t Buyers for a smaller home. This simply means that if a Buyer is able to spend the same amount of money and get more livable square footage with a similar home, they’re 9 times out of 10 going to opt for the larger home. You’ll need to reduce your home’s list price to accommodate it’s smaller living space in comparison.
“We liked your home, but found another home to buy”
Means: The Buyer found other homes of better value
Well, it’s good news to know that the Buyer liked your home, but not good news they bought another. You likely have the right amount of bedrooms, your home is located in the right neighborhood and they could imagine creating family memories in your home. BUT. The “BUT” is that they found another home with the right amount of bedrooms, right location and they imagined many family memories being created there however, the other home offered a better value; more bang for their buck! To compete with the similar home, you’ll need to reduce your home’s price to be competitive, if you want to get it sold. Or if you want to help your neighbors sell their home, then keep your current price.
“We liked your home, but decided to buy a new construction home”
Means: The Buyer will pay more for a new construction home.
Buyers often will buy a new home when they realize that previously owned homes aren’t fulfilling what they want in a home. Such as:
- Previously owned homes may have plumbing and electrical issues. Add this to other needed renovations that they’d want, it just made more sense to buy new construction; In fact, 40%* of Buyers considered this when choosing between a new or previously owned home.
Or perhaps the neighborhood lacked the amenities that they were hoping to have access to for their enjoyment.
They also likely realized that with a new construction home they can get exactly the features and design that they desire without doing the previously mentioned renovations.
In addition up to 9%* of new home Buyers are seeking green and energy efficient homes.
*2015 National Association of Realtors® Home Buyer and Seller Generational Trends
“We didn’t like the carpeting in your home”
Means: The carpeting needs to be replaced as a result of its condition, age or color
You’ve tried cleaning your carpeting and you just can’t seem to get out those few soiled areas nor can you lift the worn traffic patterns readily visible. If your home’s carpeting has seen better days, it’s best to replace it. Or what about the purple carpeting in your daughter’s bedroom? It’s color also warrants replacement. A Buyer doesn’t like to see dirt, wear and tear or intensely hued colored carpeting in a home, as it will knock dollars off the price they’ll pay or worse yet they keep searching for a home without old, dirty and intensely hued carpet.
“We thought your yard was too small”
Means: They found other homes with larger yards for the same price
A larger yard can be very appealing for a family, particularly when the it’s the same price as the home you’re trying to sell with a smaller yard.
“Your home needs some TLC”
Means: The seller may need to put forth a little elbow grease towards minor repairs.
As part of a home’s preparation to put it on the market for sale, it is always recommended to make the needed repairs to your home that you’ve been meaning to do yet, this time you never got around to doing them. The presence of minor repairs being needed raise a red flag to home Buyers, as they then wonder how you’ve cared for your home and what other issues may be lurking underneath not visible to the eye?!
“We didn’t like your home’s layout”
Means: They didn’t like the home’s layout
Unfortunately, there isn’t much you can do about your home’s layout when selling. If a Buyer expresses that they don’t like your home’s layout and floor plan, then you’ll have to wait for the next Buyer who will found it appealing.
In the End
What does all of this feedback imply? They are all examples of the Buyer’s unwillingness to pay what you are asking for with your home’s current list price; your home is overpriced. Time to reduce your home’s sale price. Price objections such as these, show just how different the objections on price can be that you can encounter and how home Buyers will politely blast your overpriced home. Insight provided by a skilled Real Estate professional will always get you on the right track to selling a home.
Remember, what your goal is as the home Seller: to be the very best home in your price range in an area. Price your home to sell.
More additional Real Estate articles from Real Estate bloggers that provide supportive advice on my topic of Decoding Buyer Feedback when Selling a Home:
The Best Paint Finishes to Use by Teresa Cowart Team
Tips Before Listing your House by Wendy Weir Relocation
Book an appointment now to learn more about Buyer Feedback when selling a home in Southeast Florida. Call/Text Lynn at 954-464-1100 or email Lynn at LynnP@ImagineYourHouse.com
Today’s article “Decoding Buyer Feedback when Selling a Home” written by Lynn Pineda. You’ll find Lynn selling homes in Southeast Florida in the cities of Boca Raton, Boynton Beach, Coral Springs, Delray Beach, Coconut Creek, Deerfield Beach, Margate, Parkland, Pompano Beach, Tamarac, Sunrise, Plantation and Ft Lauderdale areas within Broward and Palm Beach counties.
Lynn Pineda, a licensed Southeast Florida Real Estate Agent serving Southeast Florida. Keller Williams Coral Springs Realty. Aug 7, 2015. Real Estate Promises Delivered. You can speak with Lynn by calling/texting her at 954-464-1100 or you can email her at: LynnP@ImagineYourHouse.com if you need to buy or sell a Southeast Florida home. Your local, trusted professional when it’s time to buy or sell a home. Real Estate promises delivered.