IN the language of Real Estate, we hear it all the time – buying is all about location, location, location.
It is true, but location does not necessarily make up for 100% of any buying decision.
If you look at the habits of property buyers, the first thing they key into any on-line platform when searching for their next property is, you guessed it, the location (suburb or town) that best suits their need for proximity to employment, schooling, medical facilities, access to public transport (particularly rail), required uses for the land, peace and quiet…the list of locational requirements is as long as it is wide.
Then they key in the type of property (house, acreage, apartment, land), number of bedrooms, bathrooms, car spaces – then maybe the size of land and other filters – depending on their very specific requirements.
And then the all important PRICE range.
However, it is the BIG ROCKS they take in first – Location, Price, Type of Property, Beds-Bath-Cars.
This is how the vast majority of buyers determine their VALUE ESTIMATE before they even pick up a phone, send an email or attend an open home.
This four to seven second determination is a subject unto itself when it comes down to REALLY understanding how buyers think and act.
That is an another subject in itself for discussion at a later date.
Let’s stick to location.
IN a recent study of 1,000 prospective home buyers;
54% were open to broadening their search criteria to take in suburbs outside their locational wish list to find the perfect home
26% were determined not to budge and would only consider finding their dream home in their dream suburb.
From my experience it confirms what I have seen for the last 16 years.
Whether you are trying to sell your own home or using an agent, your competition (other similar homes for sale) is not confined to your immediate suburb or town. A solid proportion of buyers will spread their search in order to find the best value and best fit.
That figure of 54% of buyers who are willing to compromise and look further afield sounds about right, and in my experience could even be a little higher.
I have dealt with buyers who search a particular area, see every home or property within their price range – then buy 20km away in another suburb.
The one-in-four buyers who won’t compromise on location are usually unyielding because of a certain school zone, proximity to loved ones, workplace or status (sometimes called ‘postcode prejudice’).
Whilst location remains THE key factor in any buying decision, be aware that buyers WILL compromise to obtain the best value and the property that meets their particular set of needs.