New research has shown that many prospective home buyers normally decide whether to make an offer on a property within the first five minutes of viewing–just as agents have long suspected.
The latest research surveyed 1000 home buyers and found that about 43.1 percent made a decision to make an offer (or not) within the initial 5 minutes of viewing a property.
The research conducted for Harron Homes, a real estate developer, also lists things that turn on (or off) a buyer at the 3 different stages – viewing online, looking at the property from the outside, and seeing the inside of the property.
When it comes to online viewing, the major turn offs for potential buyers include:
- No pictures or low-quality pictures.
- No floor plan turned off 46.2 percent of respondents.
- 2 percent preferred to see pictures of all the rooms.
When it comes to viewing the property in person from the outside, the research shows that:
- More than half of respondents said that limited parking was an issue
- 30 percent of prospective buyers said sharing a driveway or garden was an issue.
- More than 20 percent of prospective buyers said that exterior walls that are old-fashioned, such as pebble-dash, were also a deterrent.
When it comes to the interior, prospective buyers mentioned the following turn offs:
- More than 50 percent of respondent said that seeing or smelling damp was the major turn off during this stage.
- Old-fashioned interior features, like Artex ceilings, were also a turn-off.
- Outdated fittings, noise, clutter and a lack of storage space are turn offs for many respondents.
- Any pet smells can also turn off prospective buyers.
Some other complaints raised include untidy gardens, unprepared rooms, being followed too closely around the house during viewing, or a generally untidy home.
The result of this survey is similar to the one conducted in 2014 that showed that home-hunters spend an average of 25 minutes, 30 seconds, viewing a property before deciding whether to buy. And with the average UK home selling for £250,000, it means that each minute buyers decided to give up £9,804.
The 2014 research was done by Barratt Homes, and it surveyed 2000 Brits on how long it took them to buy a home.
The result means that on the average buyers spent significantly more time deciding to buy a car (31 minutes) and seven and half minutes more deciding to buy a pair of jean.
It also showed that 13 percent of people chose to buy a property without even visiting the property. In light of the more recent survey, it means that if high-quality pictures of the home and all the rooms of the home are available online, some buyers will go ahead and make a buying decision without arranging for an inspection.
The 2014 study focused on why buyers spent so little time deciding to make such an important decision, rather than what turned them off.
About 28 percent of respondents said that they made the buying decision quickly because they did not want to put the seller off by staying too long.
About 27 percent said they made the decision because they felt pressured by the estate agent, while 25 percent said they were uncertain about how to arrange a second viewing.
And even 10 percent said they wanted to purchase the home immediately because they didn’t have time.
Four percent of the respondent said that the buying process left them feeling stressed, while three percent said that it left them feeling worried.
The increased pressure buyers felt was partly due to the property market boom between 2013 and 2014. In places with high demand, estate agents were able to use sealed bids and open days to attract offers that were well in excess of the asking price. However, with the property market cooling off as a result of Brexit, that is probably no more the case today.
Mark Clare, Bratt Developments’ CEO, advised that buying a property is a major investment irrespective of if it is the first or tenth time and buyers need to be confident and 100 percent happy with their decision. He advised against rushing the decision.
Clare said that opting for a new home is a good way to avoid rushing the decision because new home allows the customers to view a home as often as they need to without feeling rushed or pressured.
When a prospective buyer enters a person’s home she intends to buy, she may be uncomfortable because it still feels like an invasion of privacy. This pressure is avoided when viewing a new home that has no occupant or a home where the occupant has relocated or moved already.