Do buyers tell their agents the truth about what they want? The phrase “Buyers are liars” was one of the first I learned when I entered the real estate brokerage business forty years ago, and it has stuck with me for a variety of reasons. 3 But second, and perhaps ultimately more important, the phrase demonstrates a complete lack of comprehension of the process through which buyers pass to arrive at a final purchasing decision.
Most home buyers, including both first-timers and those who have purchased before, enter the search process with a series of well-defined parameters. For a few of those buyers, the parameters will remain constant throughout the search. But for most, the hierarchy of needs that governs the final decision mutates over time as more properties are seen, and more vistas open up. How does this happen?
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