I previously wrote a blog post that talked about how buyers narrow down the properties they want to see from thousands to about 10-15 properties. This is what happens from there...
The average first time home buyer, because they've seen so many listings on paper (meaning online), can and will buy a house the first day looking at properties in person within 5 houses they view. The average move-up buyer can and will buy a house the second time looking at properties in person within 7-8 properties they view.
Really? No way! 
With so much inventory, why wouldn't a buyer want to see every single listing available? It's like chasing the open parking space in a parking lot. You drive around to find the closest spot. You find one... but then decide there has to be a closer one. You try to find it, and can't, so you go back to the other spot... but it's gone.
What happened? It was a good spot and someone else saw it for what it was worth.
You continue to drive around to find a spot, and you find another one. You put your finger on it while you double check there isn't a better one... ooops, that spot it now gone too.
The cycle continues because you're afraid you're missing out on something if you don't see everything, but in reality, you found something you liked fairly early on in your search and you're afraid to commit, and when you're ready, the house is gone. Many people repeat this cycle three and four times before finally realizing they need to "Jump or get off the pot!"
Did you find absolutely everything you were looking for in a house? Probably not. Do most people find everything they're looking for when they buy a house? NO! Most people make a list of their needs and wants. Yes, the needs are important, but the wants can be compromised. Do you need 3 baths, or is 2 1/2 going to work well for you? Do you need 4 bedrooms, or will 3 bedrooms with a study work for you?
Once you can set your mind to actually wanting to buy a house, you'll understand how to look for what you need verse what you want. If you're psychologically not ready to buy, you'll look at 50+ houses and never write an offer... What fun is that?
**Are You Packed Yet?**
Donna Harris, REALTOR®
RE/MAX Austin Skyline
www.DonnaHomes.com
Donna@DonnaHomes.com
Austin TX Real Estate and the surrounding areas of Lakeway, Bee Cave, West Lake Hills, Cedar Park, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Hill Country Austin TX Real Estate and beyond. Whether you're buying or selling an Austin home, I'll be with you every step of the way.
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Copyright© 2009 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
* Houses for Sale - Austin TX Buyers - JUMP or Get off the Pot! * was first published on donnahomesblog.com
Well, buyers typically do not really know what they want. It does take seeing many sometimes to verify that. But then I have had clients come in see 2 homes and make an offer. it really just depends on how much homework they have done.
Hi Donna... I love the "chasing a parking space" analogy! Compromise on the "wants" list is the name of the game for anyone serious about buying a home!
Donna, I tell my clients fences are there to keep the neighbors dog out of your yard...Not for sitting on. The best properties are looked at soon after listing...forget about how much is on the market...buy the best current inventory and you wouldn't have to second guess it later.
Donna - This is one of the best analogies I ever heard. Unless a person has an unlimited budget and builds a custom house they are not going to get everything they "need" and "want."
I love Steve's comment. Wrote a post recently of a similar nature. Not about features in a house vs. a different house, but features in lake lot vs. the house itself. You have to consider what you can change and what you can't.
My favorite thing to say to a buyer is:
"The house you saw today, thought about tonight, and decided to write an offer on tomorrow....someone else saw yesterday."
If it's the right house, write the offer...or be devastated when you find out it sold before you even gave it a shot.
Donna, I've had buyers need "a little more time" just to have them miss the opportunity. And others have jumped then unjumped. LOL. Everyone is wired differently and some are really not ready but I do my best to give them all the information so they can make that decision.
Donna Your post is right on target.
Good luck and success.
Lou Ludwig
Pam, That's why the averages are where they are because some do buy the first or second house they see. I've had it happen quite a few times.
Steve S, The problem is that most people think their "wants" are actually needs and they aren't. I teach a great class about the psych of the buyer.
Steve L, And doesn't it hurt just sitting there? Splinters and pickets...
Michelle, Exactly! And the analogy came from my own experience as my mom would literally drive a parking lot for 10 minutes to find the best closest space posible, passing up many good ones.
Tammy, That's a tough one. People buying lake houses and view houses think they are entitled to have everything perfect, but it doesn't happen that way.
Craig, There are a couple of builders who put that same thing in their model homes for buyers to see.
Susan, Buyers need to know it's ok to actually buy.
Lou, Thanks!
Donna - this is a really great analogy and so true! I have one client right now who is chasing "the open parking spot", it is driving me crazy!! Great post!
Jeanna, Tell her to park it!