3 Types of Home Buyers – Know them and choose the right one

Do you need to sell your home fast? Not sure whom to approach? Probably you have talked with some of the buyers – they came for viewing and then the deal did not mature. And this is happening again and again.

You need a better understanding of the market; the strategies that used to work earlier might not be useful any more. You have to know what will work and what will not and then prepare the right plan of action.

Your objective is to get buyers; but the problem begins when the behaviour of the buyers becomes unpredictable. Somebody comes for viewing, shows interest to buy your house and then suddenly disappears because they could not secure mortgage.

Such uncertainty makes things tougher for you. Why don’t you gather more knowledge about the buyers and prepare yourself accordingly. If you know the strengths and weaknesses of your prospect, you can shield yourself and decide your next move.

Three types of buyers are usually found in the market; let’s learn about them and see which group suits you most.

  1. First time buyers: They are new in the market; they do not have much knowledge about the legal formalities associated with the property buying. Most of the first time buyers need mortgage to buy houses. They depend on first time buyers’ mortgage plans; and when lenders employ tougher criteria to qualify for mortgage, they cannot buy properties.
  2. Move up buyers: They are the ones who already own a house and planning to buy a smaller or bigger one. They will sell the old house and then use that money to buy the new one. This type of buyers will not be able to buy your house unless they sell their own. So some sort of bottleneck will influence the deal.
  3. Cash home buyers: These buyers can make instant cash offer for your house; they are professional home buyers and usually have abundance of cash. Even if they need any financial help from bank or any lending institute they can secure it quickly. Being investors they are always keen to buy properties; if you contact a cash home buyer rest assured that they would buy your house without any delay.

Now, based on your situation you have to decide which buyer is ideal for you. If you are in hurry, look for cash home buyers in your neighbourhood.

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