What Realy Sells Your Home?
February 16, 2010
There has been a saying about selling real estate that has been around for many , many years: " The three things that sell a house are location, location and location." While the location of a property clearly has an impact on its value (think beach versus inland), there are other factors that influence a prospective buyer's real estate purchase decision.
In our present market, "price" is king. Witness the number of multiple bids that happen when a property is priced lower than any of the surrounding neighborhood. The real challenge for both homesellers and real estate agents is discovering what that magic "price" actually is.
The other factors that will influence whether a property will sell are:
Condition - Obviously condition is important, There are so many articles written about "staging" your home, about "decluttering" your home and about "updating" your home. The crisper and more trendy the condition of a property, the more likely it is to influence a buyer to make an offer.
Location - Location can never be dismissed as an influence on potential purchasers. Is the property in a desirable residential neighborhood? Are the schools good to great? Some locations are positive influences and some are negative. Negative influences can be overcome by "price". (Again, "price" is the pivotal factor. )
Terms - For the past number of years, terms were not a major factor influencing potential purchasers. Conventional interest rates were low. FHA loans required small down payments. We rarely saw a prospect making an offer that asked the seller to carry back a note on the property.
I recently read an article that suggested that we might see "carry-back" offers come into play again. With so many potential buyers having lost their homes to foreclosure or short sales, these
folks may want to make the attempt to purchase using seller financing. It will be interesting to see if sellers will consider becoming lenders.
Price, condition, location and terms. If these factors are aligned, real estate sells. If you are desirous of selling your property, pay attention. Price it competitively, Make it as "crisp" as possible. The location is what the location is, but remember to have your price reflect location.
There has been a saying about selling real estate that has been around for many , many years: " The three things that sell a house are location, location and location." While the location of a property clearly has an impact on its value (think beach versus inland), there are other factors that influence a prospective buyer's real estate purchase decision.
In our present market, "price" is king. Witness the number of multiple bids that happen when a property is priced lower than any of the surrounding neighborhood. The real challenge for both homesellers and real estate agents is discovering what that magic "price" actually is.
The other factors that will influence whether a property will sell are:
Condition - Obviously condition is important, There are so many articles written about "staging" your home, about "decluttering" your home and about "updating" your home. The crisper and more trendy the condition of a property, the more likely it is to influence a buyer to make an offer.
Location - Location can never be dismissed as an influence on potential purchasers. Is the property in a desirable residential neighborhood? Are the schools good to great? Some locations are positive influences and some are negative. Negative influences can be overcome by "price". (Again, "price" is the pivotal factor. )
Terms - For the past number of years, terms were not a major factor influencing potential purchasers. Conventional interest rates were low. FHA loans required small down payments. We rarely saw a prospect making an offer that asked the seller to carry back a note on the property.
I recently read an article that suggested that we might see "carry-back" offers come into play again. With so many potential buyers having lost their homes to foreclosure or short sales, these
folks may want to make the attempt to purchase using seller financing. It will be interesting to see if sellers will consider becoming lenders.
Price, condition, location and terms. If these factors are aligned, real estate sells. If you are desirous of selling your property, pay attention. Price it competitively, Make it as "crisp" as possible. The location is what the location is, but remember to have your price reflect location.
posted by shirley harry at 9:04 AM
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