Are Buyers Overwhelmed with Choices?

J. Philip Faranda November 14, 2015

Can Western New York Home Buyers become overwhelmed with choices in the home buying process?   Awhile back, I read a great article over at Daud Miracle that I find timely in the world of Real Estate.  Buyers want to search on-line for a home, but in doing so they can easily be overwhelmed.  There are countless number of websites set up to help buyers search for homes.

Are Your Customers Sick & Tired of Choice? brought up an exceptional point. In it he pointed out: “Yet, according to Barry Schwartz, choice is a paradox. While it’s great to have options, he observed that options often lead to bad decisions, dissatisfaction in what has been chosen or a paralysis to taking action.”

I have written about Analysis Paralysis in the past. With so many choices in Real Estate it can create a paralysis for buyers. You have to wonder if they are not experiencing choice overload in this Real Estate market.

In the confusion many times they hope that by waiting just a little longer that the perfect home will come along. By the time they are ready to act, the home that they really wanted is sold and they are disappointed. The process of purchasing a home should be a fun time, but in making such significant decisions can be draining. In Science Daily further support this theory: “In other words, even if people are having fun making decisions, their cognitive functions are still being depleted with every choice they make.”

Think about the number of choices a person needs to make in the purchase of a home after they select a Realtor® and qualify for their mortgage. They have to decide:

  • Although they can afford a certain amount, do they really want to stretch that much?
  • Where they are going to live, is it going to be Allentown or out in the country in Niagara County ?
  • Do they want a brand new home or an older home that will need renovations?
  • Do they want a loft, condo, a large house or a small home?
  • What features are required, and what would be nice?
  • How soon do they want to move?

These buyers may have to imagine how the space that they are viewing is really what they want. Once they find the perfect home, they have to formulate an offer and go through the negotiation process. If they are not working with a Realtor® they may pay too much for a home, or not successfully negotiate the home that they want. It is your job as the home seller to remove the obstacles for these buyers and make your home the right choice for them.

Too often I see Buyers making either bad decisions or never finding something that they want to purchase. They seem to find it difficult to settle on criteria. Buyers often find it difficult to weed through the choices and never want to remove homes from the selection. This could result in so many choices that selecting the right home could become overwhelming. In the process they may see something that changes the criteria. Buyers can easily be distracted and that is why you need to work with an objective professional to guide you through the maze of confusion that finding the right home can be.

Agents at times make it more difficult by not ensuring that the home buyers narrow their search. They allow them to search too broadly. They spend hours on the Internet looking at the possibilities, and dreaming about a better life.

I work a little differently with buyers. I force them to narrow their criteria and I encourage them to find something else to do in the evenings instead of spending hours on the Internet. They have hired a professional to find them a home, the right home. They need to trust that. Often what people are saying they want and what they really want are very different. After showing homes what they say they want often I take them to a home the next time that is exactly what they desire — and is very different to what they said they liked.

Perhaps it was a lot easier before computers. Let me leave you with this last thought that Violent Acres post Too Much Choice is Hell

“The moral here is simple.
A
few choices are good; too many choices are
pure hell.

What About One Of These Homes?

All statistics are gathered from the Buffalo Niagara Association of REALTORS®.

For more information, call our J. Philip Real Estate Team at (716) 650-0051

Thinking of selling your Western New York home? Interested in finding out the current market value of your single family home, condo or investment property? Then call us at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home.

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