Factors affecting sale of your home
Whenever you put your property on the market, you need to look at all the factors affecting sale of your home (in terms of potential time frame and money) and figure out what you can do to put all the chances on your side to minimize the sale time and to maximize the money.
These factors will be split in 2 categories: the ones OUT of your control and the ones YOU can control. Let’s talk about both.
Factors OUT of your control
As we all know, in real estate, the location counts for a lot! The actual location, the property’s surroundings, access to transportation, shopping or schools, proximity of neighbors will determine the value of your property. For example, I would not consider buying a house whose backyard gives on a railroad….But, the good news is that people are different and there is a buyer out there for EVERY property. It just might take longer to find him/her.
Even if you can’t control the location of your property, there are home staging techniques to draw the attention away from the negatives and to accentuate the positives of your property.
Personal example: I staged a very cute, renovated house, which was not selling because it was vacant and it was located next to a railroad. We brought furniture and accessories, decorated it nicely and put curtains up on the windows which were looking out on the fence and the railroad. I was not able to prevent the trains from passing, but we made it less obvious. The house sold within a month!
- MARKET CONDITIONS
The market conditions and the state of the economy will influence the prices of properties in your area. It is, therefore, very important to analyze the current market as well as the number and the quality of your competitive listings. The real estate market is usually cyclical, going from a ‘seller’s market’ to a balanced market to a ‘buyer’s market’ and back every few years. If you are luck to catch the Seller’s market period, chances are you will be able to command a higher price for your property. But if you need to sell in the Buyer’s market, you will need to adjust your price accordingly.
The Home staging can still be very useful in both types of situation: if the supply is lower than the demand (Seller’s market) AND the house is staged, you could create a bidding situation and obtain a higher price.
Personal example: this is exactly what recently happened to me. My house was on the market, we did one open house and had 26 visitors. The crowd created a sense of urgency and we received 2 offers the next day. As they knew that they were in a competitive situation, their offers were higher than they would have been otherwise 🙂
If the demand is lower then the supply (Buyer’s market), home staging will differentiate your property from the others on the market and will bring you more visitors. As buyers have more selection, it is even more important to present your house at its best!
Factors affecting sale, which YOU can control to your advantage
- CONDITION of your property
I think it is pretty obvious that the better condition your property is in and the better it showcases, the easier the sale will be. So, this ix exactly what the proper preparation will do and it is the most important factor affecting your sale within your control.
We all want the highest price possible, of course, but overpricing your property will cost you in the long run. It will sit on the market and will become ‘stale’. Did you know that the first 3-4 weeks after the property is listed are crucial and that is when your property gets the most exposure. Capitalize on that!
An important piece of the puzzle is a good marketing strategy. Whether you decide to use a realtor or go through a DIY process, you will need to establish how your property will be marketed.
If you have questions on the WHY and HOW of home staging, we invite you to visit our Find information by topic category page on preparing house for sale.
In conclusion, if you pay attention to these 5 factors affecting sale of your property, you will maximize your chances of selling fast and selling well.