Understanding the buyer, will give you important insights for home selling strategies. How to sell your home for the most money in the shortest possible time. As the seller, you can control three factors that will affect the sale of your home.
- The Home’s Condition
- Asking Price
- Marketing Strategy
However, it’s important to note that there are numerous other factors that influence a buyer, and you need to understand these consumer trends when you enter the Seller’s Market. The more your home matches these qualifications, the more competitive it will be in the marketplace. Your real estate agent can advise you on how to best position and market your home to overcome any downsides.
Location: Unfortunately, the most influential factor in determining your home’s appeal to buyers is something you can’t control, its location. According to the National Association of REALTORS(R), neighborhood quality is the No. 1 reason buyers choose certain homes. The second most influential factor is commute times to work and school.
Size: While some buyers want to simplify their lives and downsize to a smaller home, home sizes in general have continued to increase over the decades, nearly doubling in size since the 1950s. Smaller homes typically appeal to first-time home buyers and “empty nesters,” or couples whose children have grown up and moved out.
Amenities: Preferences in floor plans and amenities go in and out of fashion, and your real estate agent can inform you of the “hot ticket” items that are selling homes in your market. If your home lacks certain features, you can renovate to increase its appeal, but be forewarned: That’s not always the right move. Using market conditions and activity in your neighborhood as a gauge, your agent can help you determine whether the investment is likely to help or hinder your profit margin and time on the market. Make sure you ask your agent before you plan any improvements on your home.
SHOW OFF YOUR HOME BY PRICING IT RIGHT
If your home does not compete well with the neighboring homes, then PRICE YOUR HOME so that it will SHOW OFF from the competition. Pricing your home right will always compensate for conditions that you cannot control.
GIVE A CREDIT AT CLOSING TO COMPENSATE FOR CONDITION
If your home needs new carpeting or paint… think about giving a credit to the buyer. If your home needs work, a first time home buyer may not have money to make those improvements to the home. Price you home accordingly by factoring in any credits to the buyer. By allowing a credit to the buyer, this will make your home more appealing to all buyers. Make sure that your home will appraise for any price you would sell it for to accommodate the credit.
As always, consult with your Realtor to help you in the selling process to help you PUT YOUR BEST FOOT FORWARD in marketing your home.
Pricing your home is the most important factor to overcome any home condition you cannot control.