What are the key market factors in selling my home?
How long does it take to sell a home? There is no easy answer. Some homes sell in a few days, while others may take several months. Recognizing the key factors influencing the market can give you significant control over market time.
The proper balance of these factors will expedite your sale.
- Location is the single greatest factor affecting value.
- Neighborhood desirability is basic to a property’s fair market value.
- Availability of financing.
- Terms the seller can offer.
- The real estate market may reflect a seller’s market or a buyer’s market.
- Market conditions cannot be manipulated; an individually tailored marketing plan must be developed accordingly.
- The time in which the property must be sold.
- Special terms or conditions which may be placed on the sale.
- Property condition affects price and speed of the sale.
- Optimizing physical appearance and advance preparation for marketing maximizes value.
MOST RECENT SALES
- Today’s buyers are well informed of the current market sales activity and use them in their assessment of the property they are interested in.
- Appraisers can only use the latest recorded sales in their appraisals.
- Buyers compare your property against competing properties in the same price range or neighborhood.
- Buyers interpret value based on available properties.