Real estate market is a place that depends much on the psyche of the buyers and sellers. When you plan to sell your home, understand that you have control over three of the major (and very important too) factors that can affect the sale:
- Condition of your home
- Price of the home that you would ask for
- Marketing strategy
While you can significantly influence your sale by tweaking the above factors, do remember that there are other important factors that influence your potential buyer’s decision. You need to assess and understand these factors or trends when you enter the seller’s market. If your home suits these factors in favor of you and your seller both, you shall have a better position in the extremely competitive real estate market. Your real estate agent would be able to advise you better as to how you can have an edge over other sellers.
Location of your home – a prime factor for attracting buyers:
Location and neighborhood remain to be the top influencing factors that buyers consider. The National Association of REALTORS® has found neighborhood condition to be the prime factor that buyers decide on their purchase. Unfortunately though, this is a factor beyond your control. Another factor that the Association’s studies found is the commuting time taken from a home to the workplace of the buyer and his/her children’s schools.
Size of your home – appeal varies according to type of buyer:
This is also a factor that entirely depends on type of buyers since you can not modify the size of your home up for sale. Some of the buyers may like your small house for a simpler life. Couples who have their children grown up and have left their parents (popularly known as “empty nesters”) may like a small house too. More so, smaller houses are normal preferences for first time home buyers. But remember that empty nesters, first time buyers and simple life seekers make only a small part of the potential buyers in the real estate market. Contemporary lifestyles are subjected to frequent changes with newer requirements popping up and it has affected the home sizes too. Home sizes have increased almost to double since the 50s and bigger homes are more preferable for most of the buyers these days.
Facilities/amenities available in your home and the neighborhood affect sales:
Facilities/amenities remain as an important point that buyers assess. Attractive floor plans and amenities are proportional to present fashion or ‘order of the day’. Your real estate agent can give you an idea about these trends that make profitable sales. While you have a partial control over the design of your home, a renovation or modification of your home to suit buyers’ requirements must be carefully weighed against market conditions, neighborhood activity and predicted outcome from such an investment. This type of investment can seriously affect your expected profit margin from the sale. Such investments should be made only in requirement basis.
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