Last week I wrote about the National Association of Realtors® Home Buyers & Sellers Profile Survey. It has occurred to me that there is one important difference to the New Buyer vs Repeat Buyer segments that the survey failed to address.
This thought is based on my totally unscientific observation of working with buyers over the years and it’s written with tongue firmly planted in my cheek. LOL
1st Time Buyers
The first-timers tend to be younger couples. Sometimes they’re married. Sometimes they’re not. Doesn’t matter. Here’s what I see happen:
- What they decide to spend on a home is often decided by both, although often the gal-half is fairly vocal since she is contributing so much to the overall household income. Sometimes her credit rating is better than the guy-half, giving her more influence in the finances.
- When they view homes, they both give their opinions. She monitors acceptability of the kitchen and bedrooms, for the kids that may arrive in the future. He monitors space for his “man-cave”. Remember, his bachelor days aren’t too far behind him. He’s still thinking about watching the Super Bowl with his beer-drinking buddies. He should be thinking about the lawn mowing, but he doesn’t know this yet.
- When it comes time for the final decision as to which home to buy, the guy-half may foolishly try to override her input. He’ll eventually pay a dear price for this decision, but he doesn’t know that yet, either. I try to warn him, but he doesn’t listen. He’s “in charge”.
Repeat Buyers
Repeat Buyers are often over mid-thirties up to their seventies. This could be their second purchase or their tenth. They’ve been together for a number of years, and their partnership roles have become well established.
- The guy-half’s main role is the finances. By now, the gal-half has him well-trained and she lets him feel important by allowing him to make this decision. However, she can override it, if necessary, to get the home SHE wants.
- While he secretly still yearns for a man-cave, he knows it’s only a dream, and now knows to check out the size of the yard and whether it will require a riding lawn mower/tractor. Oh-oh … new opportunity for new toy!
- The gal-half has the final say in which home they will buy. The guy-half by now has learned that if he doesn’t permit this, he will hear about his bad decision every time something goes wrong in the home. “I TOLD you we shouldn’t have bought this house!” He has that bad decision filed away in his memory bank along with all the other bad decisions he’s made over the years. He’s a quick-learner.
One of my favorite buyers was a couple who had been married almost 50 years. He was a successful executive, now retired, and they owned multiple homes. When I first met with them, he said, ‘whatever mah dahling wants’. Smart man! There is a reason they had been together so long.
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