There are three reasons a buyer chooses to buy a home:
Location Condition Price
Let’s take a look at each:
First, you need to know if your neighborhood and price range is in a buyer’s market or seller’s market. A buyer’s market is characterized by large inventories of 6 months supply or higher, fewer buyers making offers, low offers, and many seller concessions. A seller’s market is characterized by low supply of 6 months on hand or less, heavy buyer traffic, multiple offers, and close to full price or full price offers.
Bankers, buyers’ agents and buyers all have access to the same information that your agent has given you. If you overprice for the current market, your potential buyers won’t get their loans approved.
Allow your real estate agent to help you market your home by putting it in the best condition possible. Buyer’s pet peeves may be easy items to fix, but you don’t want your house to go to the bottom of their list because you failed to paint, mow, replace the carpet, etc. Sometimes you have to invest a little money to make money.
You can’t do much about your home’s location, but you can make your home more attractive with lovely landscaping, fences to block out ugly views and sounds, a lower price and immaculate condition. If you do have a great location, don’t overprice.
It’s hard not to be sentimental about the home you’ve lived in for years, but to buyers, your home is a commodity. Like you, they simply want to make a good deal on a home they love.
You’ll quickly find out what real estate agents and their buyers think of your home. If you get a quick offer, you know you priced it right for the location, condition, and the current market.
If you don’t get an offer within a couple of weeks, or whatever period is normal for your area, there’s something wrong.
Written by Blanche Evans