The 5 Types Of Home Buyers You Will Come Across
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It’s been shown that the average Canadian will own 4.5 to 5.5 properties in their lifetime. During these times you likely come across a few characters. Typically, these are the homebuyers. Considering 4.5 to 5.5 times you yourself will be the buyer, you probably know a few of these types very well. Next time you meet one of them you will know how to address them and what their motivations are. Here are the 5 types of home buyers you are likely to come across.
#1 The All Cash Buyer
This type of buyer might seem a bit cocky, and rightfully so. They have no financial worries and are ready to drop a big load of cash for your property. Although they might seem like the best choice, be careful of the wolf in sheep’s clothes. These buyers typically want you to be more flexible with the closing date, may have very specific contingencies or aim for a lower offer.
#2 The First Time Home Buyer
This type of home buyer is the young, sometimes naïve first-time homebuyer. They will try and win you over with a heartfelt letter and a little desperation to finally start investing in their future. They don’t have a lot of money and will probably have a financial contingency in their offer, but you know their heart is in a good place. They might also not be able to afford many updates so if there is a potential problem area in the house warn them.
#3 The Browser Buyer
A browser buyer – or more like a window shopper – has their eyes set on owning or moving someday. That day might not be today, tomorrow or whenever the next open house in the area is. They might present lowball offers and be difficult to negotiate with. Don’t waste your time with this buyer.
#4 The Opportunity Buyer
An opportunity buyer is a type who looks for houses that have been up on the market for a while. They are looking for any flaws on your property that might get you to lower your listing price. Talk to your real estate agent if you’re feeling pressured to lower your price to an opportunity buyers’ level. They will try and play up your insecurities of not being able to sell but trust your real estate agent knows best.
#5 The Perfect Buyer
Almost every home finds a perfect buyer whether it’s the type of buyer who promises to maintain and upgrade the house accordingly, who is flexible and easy to work with, who presents a strong and motivated offer from the start, or that has a real estate agent who communicates with the seller’s agent often and creates a good working relationship. These are the buyers every seller wants to work with and sell to.
Next time you go to buy a house consider what type of buyer you are and how you can be more appealing to the sellers.
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JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
249 Avenue Road • Newmarket, ON L3Y 1N8