A 2011 Smart Money article, "The Psychology of Real Estate â€œ outlined several interesting suggestions such as color bias, photo bias, and other neuro centric perceptions related to real estate.
Some of the highlights about potential real estate buyers perceptions according to ODUâ€™s ongoing research and the Smart Money article suggest the following:
" The people who viewed the pictures that included the pink room estimated the home was worth an average of $3,500 less than the price opinion of those who saw the pictures without the pink room, far more than the cost of painting the room before putting the house up for sale."
" The researchers also added power lines to a photo of the exterior of one of the homes - again, for half of the subjects. This time, they found the test subjects penalized the home to the tune of $13,500, an amount somewhat less than expected."
"What's more, superficial things like a room painted an ugly color can make people less likely to buy a houseâ€”even though fixing such a problem is as cheap as a couple cans of paint."
What consumer behaviors have you noticed as realtors in the field ?
I have encountered such movements in other consumer science fields; however, research at Old Dominion University may be the opening chapter in real estate and state of the art consumer science studies.
" Research by Michael Seiler, a professor at Old Dominion University, has found that both men and women (though particularly men) are susceptible to the attractiveness of a female real estate agent. The more attractive the agent, the more the buyer is willing to pay."
Do attractive women really influence consumer behavior in this manner ?
ODUâ€™s research was a multi disciplinary study conducted to attempt to â€œinterpretâ€ consumers ocular patterns translated to consumers perceptions of real estate ads and those perceptions. Â Â
The research seems to be yielding some interesting and controversial suggestions about perception as related to real estate.Â I have included the direct link to the articles as published by Smart Money et. al. for comment.
"I would rather have a mind opened by wonder than one closed by belief."