Understanding the Buyer
As the seller, you can control 3 factors
that will impact the sale of your house:
- The home’s condition
- Listing price
- Marketing technique
Nevertheless, it’s important to note that there are numerous other elements that affect a buyer’s decision, and you need to understand these consumer patterns when you go into the sellers’ market. The more your house matches these criteria, the more competitive it will be in the marketplace. Your real estate agent can advise you on how to best position and market your home to overcome any downsides.
Unfortunately, the most prominent factor in identifying your home’s attractiveness to buyers is something you cannot control: its location. According to the National Association of REALTORS®, community quality is the No. 1 factor buyers choose specific houses. The second most prominent factor is commute times to work and school.
While some home buyers wish to simplify their lives and downsize to a smaller home, house sizes in general have continued to increase over the decades, almost doubling in size since the 1950s. Smaller houses normally attract first-time home buyers and “empty nesters,” or couples whose kids have grown and moved out.
Preferences in layout and features go in and out of fashion, and your real estate agent can inform you of the “hot ticket” products that are selling homes in your market. If your house does not have specific features, you can refurbish some to increase its appeal, but be forewarned: That’s not always the ideal situtation. Using market conditions and activity in your community as a gauge, your agent can help you determine whether the investment is likely to increase or decrease your profit margin and time on the marketplace.