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NINE FACTORS THAT AFFECT THE SALE OF YOUR PROPERTY

1. PROPERTY CONDITION:

The majority of prospective buyers are looking for a home that is neat, clean, uncluttered, and well maintained. Buyers generally react on emotions first, attempting to see themselves living in your home.

Therefore, making a positive impression will reduce the time it takes to generate serious offers and enhance the price you receive for your home.

2. TERMS:

The offering terms are the financial conditions under which a Seller will sell. Therefore, the terms offered by a Seller should include all feasible financial options for prospective buyers.

This included potential closing assistance and the possibility of owner financing.

3. AVAILABILITy:

The greatest possible exposure to potential purchasers enhances the probability of a sale.

Properties that are available for Open Houses and can easily be shown by Real Estate agents have an increased probability of being sold at a higher price in a minimal amount of time.

4. SIZE/EXTRAS:

In most situations, major differences in size and enhancements of a home relative to the condition of other properties in the neighborhood can have a significant impact on the sale of a home.

Extras such as updated kitchens, updated bathrooms, sun porch additions and extra rooms can heighten the emotional appeal to buyers.

5. PRICE:

The asking price is the most important and controlling factor that affects the sale of a property. It should be influenced by all of the other factors that affect the sale of a property.

Overpricing will only result in a delayed sale, and in many cases, a lower sales price than could have otherwise been achieved. If adjustments should be made in other factors, but are not feasible to make, the price should be adjusted to compensate for these factors to enhance the perceived value of the property.

Price is usually the final determinant in how fast the property will sell.

6. CONDITION OF THE REAL ESTATE MARKET:

Market conditions are generally determined by supply and demand, the overall economy in the specific area and the financial markets.

Many times it is referred to as a “Seller’s Market” or a “Buyer’s Market”.

7. CONDITION OF THE FINANCIAL MARKET:

The availability of mortgage money and the terms (interest rates, points, etc.) under which it is available from commercial and/or owner sources are referred to as the financial market.

8. LOCATION:

The location of real estate has a major impact on the price a purchaser will pay. The state, sub-division, and even the position in which a home sits on a specific lot affect the ultimate value of a property.

The location relative to public facilities such as schools, transportation,parks, recreation centers, shopping, churches, roads, etc., also have a major impact.

9. MARKETING:

Marketing is the various presentations of a property to attract and nurture interest by the maximum number of potential buyers or individuals who may know and refer potential buyers and/or Real Estate agents with the objective of bring about the sale of the property.

Marketing is the only factor controlled by the Real Estate agent and broker. Proper marketing will hopefully result in a sale. However, if the property is properly marketed and no sale occurs, this is a clear signal that the Seller should increase the relative value through the adjustment of factors under his/her control.

A clear signal is evident when the promotion results in the personal inspection of the property by a significant number of potential purchasers and no offer to purchase is made. If none of these purchasers buy other properties, this is an indication that the market is weak for this particular type of and/or location of the property.

If some of these purchasers buy other properties, this is a signal that they are finding a better relative value elsewhere, and that the relative value of this property should be increased through factors under the Seller’s control; i.e., cosmetic work of cleaning, staging, painting, repairing, remodeling or landscaping.

It could also indicate a reduction in price is warranted.