By Priscilla Toomey, Licensed Associate Real Estate Broker, Julia B. Fee/Sotheby's International Realty

Oct. 28, 2015:  Buyer perception has a disproportionate impact on whether a property will sell and at what price. Sellers try to look at their sale rationally, whereas buyers look at a property more emotionally, at least at the outset. Their questions are: does this property "speak to me," can I see myself living here, does it meet my needs, and what is it worth to me? 

Sellers are advised to look at market data in arriving at an asking price, and that is a very different mental and emotional exercise than what buyers go through. The question is how the two sides will arrive at an agreement on price and terms, and obviously there cannot be agreement unless there is a prospective buyer willing to make an offer. How do sellers and buyers get to that point? 

Real estate agents track data and research, while consumers scour websites on the Internet, all trying to figure out where real estate they are interested in is headed. Eventually, however, everyone needs to look at hard data about trends, competition, and comparable recent sales. 

One key question is whether this is enough to provide the desired answers for prospective sellers. Probably not. 

Another measure to watch carefully is how many showings a particular property is getting. Usually there is a flurry of showings when the property is new to the market or right after a price reduction.  

After that, it is easier to gain a more accurate insight into the market's reaction to the property's price, condition, and location. If there are a lot of showings, those factors are in sync with the market's expectations. 

If, on the other hand, showings are few and far between, something is inconsistent with expectations and needs to be changed. Location is a given. Can something cost-effective be done to improve condition, like more decluttering, staging, or painting? 

Then comes price. It is interesting that buyers' perceptions change as the price changes. A property that might have seemed "tired" at a higher price point can come across as more attractive and desirable at a lower asking price. 

This is not usually a welcome message to sellers, but in residential real estate, perception is reality and the market does send messages. The more sensitive sellers are to those messages, the more successful they'll be at finding "their" buyer. 

Pictured here:  Priscilla Toomey, licensed associate real estate  broker, JD, ABR, Top5, certified EcoBroker, SRES with Julia B. Fee/Sotheby's International Realty, 2 Park Place, Bronxville, NY 10708; cell, 914-559-8084; email, This email address is being protected from spambots. You need JavaScript enabled to view it..

Photo courtesy Julia B. Fee/Sotheby's International Realty