Understanding the mindset of a home buyer

August 2nd, 2010 @ 6:00am

By Paul Nelson

SALT LAKE CITY -- While home values have dropped along the Wasatch Front, those trying to sell their homes need any advantage they can use to get their full asking price.

Some real estate agents say it pays to understand the mindset of a potential home buyer.

It's natural for someone to become emotionally attached to a house, especially if they've lived there a long time. A seller could tell plenty of stories about how they've made happy memories living at that home.

But as cold hearted as it sounds, it may be best to leave emotion out of it. Real estate agents say a home buyer is interested in getting the best value for the lowest price. Emotion has no part of it.

"I think most buyers in this marketplace right now, they want a home that they can move right into that they're not going to have to do a lot of upgrading," says Realtor Jallinda Bowers.

Another tip: use a professional, even when you can do it yourself. If you were buying a home, which would you rather hear from the seller: "I painted this room," or "We had this room professionally painted?"

Bowers says if you're like most buyers, the second phrase will sound better. So, if you need to make repairs on your home to make it ready to sell, you should hire someone else.

"Most of the buyers will ask, if there are things that need to be repaired, they'll ask that a professional do it," Bowers says.

Something else to keep in mind is that not all out-of-state buyers are the same. If you're selling a home to someone moving in from out of state, there is a difference between what people from the West Coast may be expecting compared someone from the East Coast.

Bowers says Californians are used to paying more money for smaller homes. But the same isn't true for East Coasters.

"A lot of the back-east clients that come in here are used to paying less for more square footage and acreage," she says.

There is one big upside to selling to someone from out of state. In a recent smartmoney.com article, researchers from BYU were reported as saying people who have just moved into the state may be in more of a rush to buy. That way, they can avoid paying more in travel costs.