Factors that Impact a Home Sale
When it comes to a home sale, the last thing sellers want is for the house to sit on the market for months on end. At the same time, sellers might need a week or two to get their bearings on what their next moves are.
For this reason understanding what factors impact a home sale can help sellers plan for how long they expect their home to be on the market.
Factor #1: Home Sale Pricing
The biggest predictor in a home sale is its price. If you want to sell your home as fast as possible then consider setting a listing price either at or below the current market value. You can determine this number by looking at the comparable sales in your area. When you list a home on the lower end of the range you will find buyers ready to pounce.
The flip side to this pricing approach is to set a higher asking price. In some situations, sellers will get lucky by coming out of the gates with a high listing price and finding a willing buyers. However, if a seller’s price is too high they could find themselves, and their house, sitting on the market for months on end.
Factor #2: Online Appeal
Another important factor in a home sale is the quality of the home’s online listing. 90% of home buyers begin their home search online. This means that your profile has to be attractive enough for buyers to want to follow up for an in-person visit.
In order to make sure that your listing has appeal, sellers will want to invest the time and money into quality photography. If your home selling budget allows for it consider hiring a professional photographer to come in and take photos. Most professional photographers will know how best to arrange a room and utilize lighting to make your home stand out.
If a professional photographer is not in your selling budget then make sure you can create the highest quality photographs possible. Of course, this means first cleaning the house so that the background is appealing but it also means using a real camera. While the camera on your smartphone is good, sellers will want to use a real hard body camera for this project.
The bottom line is that your home listing must be attractive enough to convince online buyers to come and see the home in person.
Factor #3: Your Competition
Oftentimes, home sellers forget to factor in the role that their competition will play in a home sale. But in actuality, the number of competing home sellers will play a role in how fast your home will sell.
For example, if your local market has a flood of sellers entering there might not be enough buyers to go around. So when there are more sellers than buyers there is a chance that your home sale will take longer than if there were more buyers than sellers.
Factor #4: Your Flexibility
Lastly, a home seller’s willingness to be flexible and negotiate will influence the length of time a home sale takes. If you will not accept anything less than what your asking price is you could be waiting for a while until a buyer comes in and agrees to that price.
Of course this depends on your pricing method but your flexibility and willingness to negotiate can either speed up or slow down a home sale.