5 Factors that can Help or Hurt a Home Sale
Big factors can either help or hurt your chances of selling your house quickly for a good price. You can do something about many of them, but for others you have to accept and prepare for a lower selling price. A variety of things will go into a buyer’s decision, and different buyers have different priorities. But there are few things that will always have a big impact on the days on the market and the final sales price. If you smartly manage the things you can change, you’ll have a better shot at getting top dollar for your house.
Location is not just important because you can’t move the property. Proximity to good schools, employment opportunities, culture, views, local amenities, and transportation resources affect buyers’ decisions. Also, the location has a big effect on value: the prices or values of nearby houses are used to determine a listing price and the buyer’s offer. You can always remodel the house; you can’t change the neighborhood.
The open floor plans are popular in new home construction. “Open concept” designs blur the boundaries between rooms, create implied spaces, and make main areas like the living room and kitchen bright and welcoming. Subdividing a large room to add a bedroom may hurt the home’s value. Knocking down a wall between two small rooms will open it up and make the house more attractive. Lots of small rooms will be less desirable than a few large, airy rooms.
You need to be smart with the upgrades. Your taste may not be buyers’ taste. Smart upgrades add to the house’s value, and excessive improvements can hurt it. Attend open houses in your neighborhood to see what’s common in the area. Kitchen and bathroom upgrades are often cited by buyers as the most important. Also, real estate brokers and appraisers can provide good advice on the most cost-effective ways to spend your improvement dollars.
Buyers are often willing to pay more for a move-in ready house that’s in great condition. After the expense of moving and buying a new house, who wants to spend more money to update that horrible 70s kitchen? Plus, if a house looks to be in good condition and the home inspection doesn’t turn up major problems, buyers may rest easy they won’t encounter expensive repair problems after they close. If their home inspector does have concerns or issues that require repairs, the price will likely drop. Structural defects will scare buyers away because it’s hard to tell how much it’ll cost to fix. It’s such a big problem, buyers figure it’s best not to risk it.
Buyers will avoid overpriced houses, which will sit on the market longer and sell for less. This is one of the biggest mistakes a seller can make. If a house has been languishing on the market for months, buyers may wonder what’s wrong with it. It’s crucial to set the price right based on facts in the beginning. This is one of the many reasons sellers need an experienced real estate agent.
The good news is four out of five of the above factors can be successfully managed. But you have to approach them logically with a plan to maximize value. Some things like condition is a years-long process, keeping up with maintenance and cleaning. As you enjoy your house and make improvements, keep an eye on which investments will yield the best results when you eventually sell. Experienced real estate agents help clients manage all these factors and considerations. They are trained to provide advice on local markets, pricing, property condition, upgrades, staging, marketing, and negotiations. If you’re interested in expanding your real state knowledge or training to get a real estate license, click over to 360training.com. You’ll find tons of on-demand real estate courses you can take online whenever you want.