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It always amazes me to see people perk up and pay attention when they see others wanting what they want. I am almost certain this type of herd mentality is reassuring to those especially those who have no idea what they should want or like. I witnessed this again recently where some buyers were leaving a property and walked by another set of buyers waiting to get in to see it too. Their eyes widened as they sensed competition....
I have witnessed this phenomenon personally in other areas. Walking by my local bakery around the corner from where I live, I've often observed hoards of people in line wanting to buy one of the cupcakes made famous by local celebrities. Those cupcakes are not the best in my humble opinion. Yet, because so many people appear more than eager to stand in line to buy one of these sugar-bombs, others feel the need to do so too. Seeing the multitudes of people waiting in line to buy one fuels desire. Everyone wants what everyone wants.
This mentality is important to acknowledge as a seller and marketer of real estate. Yes, we all know there can only be ONE buyer. But the best way to gauge market value is to price in a manner that appeals to a wider audience, thereby encouraging more showings.....and a real representation of what the market is willing to bear.
As a buyer, it may be wise to look more closely at the things hoards of people are NOT looking at to seek out what flaws exist in the property itself (that may be corrected) or the marketing (maybe it's just the price) that could afford superb opportunity that others cannot see.
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Ken interprets market data, staying in constant communication and offering valuable insight that then translates into an informed decision.
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