Factors Affecting the Selling Price

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A Few Crucial Do’s and Dont’s That Will Affect the Final Selling Price of Your Home

The value of your home will ultimately be determined by the current real estate market and by active home buyers. However, the following key factors can also affect the final selling price of your home:

Location

Location is the single most important factor in determining the value of your home. The relative benefits of your property’s location will change the way buyers perceive the value of your property.

Price

Pricing your home competitively is an important factor in determining the length of time it will take to sell your home. Your asking price plays a significant role in determining which properties will be seen by a prospective buyer. Most buyers are shopping online and only look at homes priced up to a set dollar amount. If your home is over that price point a potential buyer may never see your property.

Promotion & Marketing

The amount of positive marketing exposure that your property receives can potentially affect the demand for your home.

Presentation & Condition

The condition of the property affects the price and speed of the sale. As prospective buyers often make purchases based on emotion, optimizing the physical appearance of your home will maximize the buyer’s perception of value.

Characteristics of Your Home

The hard facts about your home, including lot size, living space, the number of bedrooms and baths, and the total number of rooms along with many other features, help to determine the value of your home.

Competition

Prospective buyers will compare your property against competing properties with similar features that are currently available for sale or that have recently been sold.

Economic Conditions/Timing

Property values are affected by the economy and current real estate market. When properties are selling quickly, there is pressure on buyers to present stronger offers. When there are more properties available than there are buyers, purchasers can take their time selecting a home and negotiate for a lower price. Economic conditions may impact the availability of financing and the number of qualified buyers able to purchase homes.