Understanding the Buyer
As the seller, it's important to note that there are three aspects of the home selling process that you have complete control over: the condition of your home, the listing price, and the marketing strategy. In addition to these factors, a buyer will be considering homes based on some aspects of a house that the seller has little-to-no control over: location, size and amenities.
According to the National Association of Realtors, location is the number one factor that will influence a buyer to buy a particular home over another. The choice of neighborhood is a key consideration, followed closely by commute times to work and reputation of local schools.
Size is another key factor in a buyer's choice. Generally home size has doubled since the 1950s. These older, smaller homes would generally appeal to a first-time homebuyer or an empty nester, that is, someone who has children that have grown and moved out of the home. Newer larger homes may appeal to a young professional or a growing family. The size of the home will in turn impact the listing price of that home.
Preferences on floor plans and amenities are another key consideration for the buyer during the house hunt that can go in and out of style. There are many upgrades that a seller can do to woo a potential homebuyer, though proceed with caution Mr. Seller. Depending on the upgrades and improvements that are completed, a homeseller may not see a positive return on investment, or influence the time that a home is on the market. A Real Estate Agent would be able to advise a seller on the latest trends and what the "must haves" would be for the buyer client in any given area at any given time. The objective in upgrading any amenities would be to increase the buyer's perception on an increased value for the purchase price. Most buyers want to feel like they are getting the most "bang for their buck". That is, the most features and benefits in a home, for the least amount of money.
In the home selling process, there are factors that are in, and not in, a home seller's control. Working closely with a Real Estate Agent on the pricing and marketing strategically based on a buyer's response to these influencers as it relates to your home will determine how long your home stays on the market, and for what price it ultimately sells for.
Melissa Rolland is a licensed Connecticut realtor. She lives in Tolland, along with her husband Todd, a licensed broker. Together they manage the Rolland Realty Group at Keller Williams Realty. You can connect with them at www.RollandRealtyGroup.com.