Understand buyers’ mentality for successful selling

By Julia Boyle
THE ERICKSON TRIBUNE

The housing market may have changed a little in the past few years, but more so have the buyers. Technology has altered not only how they househunt, but also what they consider important.

“In the old days we used to say, ‘Location, location, location.’ But it’s not just that anymore; it’s location, condition, and pricing,” says Penny Noval, realtor for Coldwell Banker Residential Brokerage in Timonium, Md.

JoAnn Huebler, retirement counselor at Oak Crest in Parkville, Md., has referred many clients to Noval because of her 30 years of experience in the Baltimore area. “The more sellers understand the buyers’ mentality and the way it has changed over the years, the more success they will see,” Huebler says.

Buyers’ advantage works
“In the Baltimore area, many of the houses are perfect for first-time home buyers. So no matter what the marketplace, first-time home buyers are always out there buying houses because it’s better for them to own than to rent,” Noval says.

Years ago, buyers put down 20% or they didn’t buy a house. Today, home financing comes in all shapes and sizes—good news for all those first-time home buyers.

But Noval says this buyers’ advantage helps sellers too, because if the buyer can’t finance it, the sale doesn’t happen.

“People moving to Charlestown have, without question, benefited from the finance options available to buyers,” says Steffany Byers, retirement counselor at Charlestown in Baltimore, Md.

Noval suggests a relatively new approach for sellers, which she says is becoming more popular across Maryland. The seller helps the buyer with closing costs—usually 1% to 3% of the sale. “A lot of times it’s the net to the seller that matters, so it can be a very effective and smart way to turn lookers into buyers. And it’s still a good transaction for everybody,” Noval says.