Who are Buyers’ and Sellers’ Worst Enemies?
Your brain may react to many things in a real-estate deal, including the attractiveness of the real-estate agent, house’s wall color even Sellers furniture.
If you have hunted for a house, you probably got a sense that real-estate purchases don’t represent consumers at their most rational. For example, Did you like a house or condo more or less depending on whether you saw it on a sunny day? Chances are, you did.
Buying a house…… isn’t the same as buying a stock, an air conditioner or even a car. It’s not just a product with pluses and minuses — good school system versus a small kitchen, a new roof versus a longer commute. A house represents the kind of life you want to live. And given its cost, a house and the value it gains or loses represent concretely the life you could live.
Thus, it can be disturbing — though perhaps not surprising — to realize that people’s judgment about real estate is susceptible to many of the foolish forces that affect so many other consumer decisions. In some ways, it may be affected even more.
Superficial things such as a room painted an ugly color can make people less likely to buy a house, even though fixing that problem is as cheap as a couple of cans of paint.
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