Understanding the buyer
As the seller, you can control three factors that will affect the sale of your home:
* The home’s condition
Cleaning your home and making minor repairs can have a major impact on not only the price you receive, but also if buyers look at your home. Buyers look for homes in good condition. They do not want to purchase a home at market price to be followed by repairs. A clean and sparkling home that is organized, neat and show well get offers before homes in poor condition.
* Asking price
You can set the asking price. But, the buyer and the seller determine the sales price. You can ask anything for your home, but if you price the property too high buyers will not come to look at it. Offers by buyers may not be accepted by you. If you want to receive an offer, properly price your home at market price.
* Marketing strategy
You determine the marketing strategy by the agent you hire. Each agent has their own marketing plan. Some agents sign a listing contract, but the home on the MLS, and just wait for it to sell. Other agents have full-service and comprehensive marketing plans.
However, it’s important to note that there are many other factors that influence a buyer, and you need to understand these consumer trends when you enter the sellers’ market. The more your home matches these qualifications, the more competitive it will be in the marketplace. Your real estate agent can recommend you on how to best price and market your home to overcome any perceived downsides.
That is why it is important understanding the buyer and what they are looking for.
These items for the most part, you are not going to be able to change. The properly priced home in good condition which is marketed well may encourage a buyer to take a look at your home even if your home does not meet all of their needs.
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.
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.
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.