Why is Sup Dogs in downtown Chapel Hill always slammed, y’all? That’s a topic for another time, but when strolling past there recently, I thought that the Sup Dogs craze (and the empty restaurant next door) provides a good analogy for understanding current buyer psychology.
Watch the video for the story! And if you want the highlights, keep reading…
If you can’t watch, here’s the upshot: given two options – a busy, popular looking restaurant, or a restaurant with just one, lonely person inside – which one are you going to choose? It seems to me, the option is clear: you go with the popular-looking place, right? You can’t help but think that there must be a reason it’s as popular as it is, and you don’t want to be the dork missing out on whatever that goodness is.
In the real estate market, this is how buyer psychology works too. If you’re selling your house, you want to create a situation where you have extremely high interest and urgency from the very start. You want to be Sup Dogs. You want people to think they’re going to miss out if they don’t show up to your house and put an offer in.
In the end, that’s how you’re going to get the most money. If a house seems desirable to some people, others notice that demand and that demand alone makes a house more desirable to others. Maybe some people don’t even love the floorplan, but if the place seems hot to some people, they don’t want to miss out! Maybe it’s our natural competitive instinct, or the rise in FOMO in the United States, but either way, it’s important to remember this aspect of buyer psychology when listing your house.
If you need help navigating all the details of listing your home, get in touch! I love helping sellers get the most out of their homes, while making it as easy (and fun!) as possible in the process.
In the meantime, maybe I’ll see you at Sup Dogs!