- Price. It’s important to know if you are buying/selling in a “buyer’s market” or a “seller’s market”. A buyer’s market is when there is a large amount of inventory and not enough buyers. Prices start to lower and sellers may have to make concessions. A “seller’s market” is when there are fewer homes on the market and more buyers looking. In this case, sale prices go up and you may see multiple offer situations. If a home buyer needs to obtain a mortgage, a home that is overpriced may not be an option for them, as a mortgage requires and appraisal. If a home buyer has cash, they have more flexibility and can close quickly.
- Condition. Making a home show in its best light possible will make buyers think that home is maintained well. If there are visible signs of neglect, home buyers will start to wonder what is going on with the things that they can’t see. Sometimes by putting in a little bit of money into a home, it can bring a nicer return.
- Location. You may hear many times, “location, location, location!” Location is something that cannot be changed. It’s smart for home buyers to get it right. Good school districts, nice views, interior lots are all good locations for a home buyer. If your location isn’t ideal, a seller can compensate by updating landscaping, adding a fountain or waterfall to drown out exterior noises or fence to hide a view that may not be very desirable.
It’s hard not to be sentimental about the home you’ve lived in for years, but to buyers, your home is a commodity. Like you, they simply want to make a good deal on a home they love.