Understanding the New Normal in Real Estate - Are you the ‘New Normal’?

The ‘new normal’ in real estate is a term that is steadily gaining prominence in the business world. It might sound like a revelational term, but ‘new normal’ essentially boils down to a customer that is much harder to please than before and maybe you are one of them?

Minimalist
The first quality that defines the new normal is minimalism. Most real estate buyers are looking not for the luxurious offerings like bathtubs or Jacuzzis, but are instead looking for the basic essentials in a home. They are looking to cut out nonessential additions in a home in a bid to lower the overall expenses, especially since the economy has taken a serious bite out of their savings. It will then be a lot easier to sell your home if you present it as a basic home with essential needs all bundled in one package.

Pragmatic
Another quality of the new normal customer is the desire to look for homes with useful amenities. This balances out their minimalist tendencies, which is why cheap, bare-bone homes will not work for new normal customers. They want to keep things cheap and minimal, but they also do not want to do away with the basic necessities in a house as well. This means that you need to define the basic needs of a potential buyer instead of just stripping away all the extras in a bid to lower the value of the home.

Incentive-oriented
Making the best bang-for-buck deal is another important quality of new normal customers, which is why bonuses and other incentives work well with these types of customers. Tax cuts, extra furniture and appliances, easier payment terms and other extra bonuses will go a long way in convincing a new normal customer to purchase a home. Work with your real estate agent to present a potential buyer with extra bonuses to sweeten the deal.

Skeptical
New normal customers take great pains to learn more about what they are buying, and this gives them a somewhat skeptical approach in deals. You will have to spend more time providing records, documents and other items to prove the worth of your home. It may be a headache on your part, but providing these small extras is definitely worth gaining the trust of a potential buyer.