What drives property buyers when choosing a home
Is it price, location, or something else? New research reveals the surprising factors that influence both buyers and sellers in today’s property market.
When it comes to choosing the property that you are thinking of buying, what drives your decision?
Is it the reasonable asking price? Particularly if the seller is amenable to a bit of negotiation and is prepared to do knock a few thousand off it?
Or are you driven by the location? Is a quiet road important to you? Or the nearness of the neighbouring properties a critical factor?
Or are you prepared to compromise on some of your requirements because of its proximity to desired amenities or strong transport links?
The reality of property buying decisions
In reality, no one factor is the driving force behind your decision to opt for a particular purchase; it’s often an amalgam of everything that’s important for you. And for the cost-conscious buyer, the price of the property is often a key part of the decision-making process.
However, an interesting piece of research has been completed by online estate agent portal Zoopla (and reported on Estate Agent Today) shows that it’s not always about the money. The interesting part of the research came with not only asking recent homebuyers (a YouGov poll of 1,000 who had bought a home in the last five years), but also with understanding what estate agents thought were the driving force (an Opinium survey of 100 estate agencies) behind the choices made.
What homebuyers really want from estate agents
Local presence matters most
One fifth of the homebuyers chose their estate agent because of a strong local presence and that they are selling properties nearby – the inference being that they understand the local market better than those who are less well represented in the neighbourhood. This is one of the important considerations for the need for the “For Sale” boards that are instantly recognisable.
Local reputation and expertise
13% of the respondents chose an estate agent because of being well-known in the area for their property expertise and experience in selling properties, or, to put it simply, recognised through local word of mouth. As the article suggests, this then underlines the need for agents to think about their branding and ensuring that that stands out and sticks in the potential buyers’ minds.
How estate agents view buyer priorities
Interestingly, the estate agents themselves have a different perspective. From the estate agents’ poll, just over a tenth thought it was less about the asking price and more about the ability to negotiate the best price. On a par with that is the agents’ belief that the support for mortgages and financial help is what swings decisions in their favour, which, intriguingly, came last in the poll of homebuyers.
The importance of multiple valuations
The two somewhat disparate polls did agree that the important thing was to get a valuation from more than one estate agent for comparison purposes, with around half of those supporting it in each case.
Practical advice for sellers and buyers
For property sellers
So, based on these findings, if you are planning on selling a property in a particular area, it seems beneficial to look around the neighbourhood to see which estate agents’ boards spring out at you for their coverage because that is what your prospective buyers are likely to be looking for when it comes to considering your property for purchase.
For property buyers
Similarly, for the buyer wanting a home in an area that you know little about, as well as doing your research to ensure you get the best price, follow your instincts from going around the local area to see which estate agents you should contact to receive various particulars. And they might be able to provide financial guidance, too.
Affordable conveyancing for your property purchase
At Best Value Conveyancing, we appreciate that your funds are probably quite limited, especially if you are looking to buy that first home, so you’ll want to employ legal services that is great value for money without losing anything in the quality of the service provided.
We provide fixed-price quotes and a ‘no completion, no fee’ guarantee. Our fees are competitive and better than most high street or online firms.
Call 0800 0387 007 to start your transaction today!
