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Three details that must align for a successful home sale
For a successful sale of any home, there are three key factors that must come into alignment. When these factors come into balance, your home will sell. When homes sit on the market for extended periods of time, it is because one, or more, of the factors is out of whack. Sometimes it can mean that a house will simply never sell.
Condition
The first of the three factors on our list is the condition of your home. If the condition is excellent, your house will generally sell faster, and for more money.
Exposure
The second critical factor is exposure to the marketplace, something we commonly refer to as marketing. The more exposure/marketing a home receives, the more inquiries, showings and offers it gets. Sometimes even multiple offers.
Pricing
Yes, you knew it was coming. The price has to be considered right as it compares to the market. Who determines the market value? Well . . . the market. Buyers will determine if a home is priced well, or at least within a reasonable margin of market value, and will offer accordingly. Market value is determined based on how badly a seller wants to sell, and how badly a buyer wants to buy.
All the above items are dependent on each other. If condition goes down, price goes down. If exposure goes up, price goes up. And vice versa for both.
There is one very important thing for sellers to note: Your agent can only control one of these three factors: The exposure of your home to the market. As owner and seller of your home, you are in charge of the condition and the price. We can suggest, advise, and even recommend a list price, however only you can choose the price.
Just as prices in the stock market rise and fall based on supply, demand, and other external market conditions, so does the market value of your home. Market value is a moving target, and constant analysis and review of list price is imperative for a successful home sale. Only you can choose to adjust the price when necessary.
If your home has not sold, then one or more of the three factors above is the issue. First, examine the exposure of your home. If the exposure is excellent, then the blame must fall on condition and/or price. Condition must go up, or price must come down.
The market is not always kind, however it is never wrong.
Questions or comments, [email protected]
This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.
