Have you ever wondered why two, seemingly, similar houses, are listed on the market, for sale, and while one, sells quickly and at a desirable price, the other one receives few (or no) quality offers, and sits unsold, for a significant period of time? As a Licensed Real Estate Salesperson, in the State of New York, for over a decade, I have learned to appreciate, every situation is somewhat different/ unique, and therefore, factors such as pricing, location, house style, home features, the condition, the localized real estate market, and competition, must be factored in, and considered. This article will briefly examine 6 variables, which might impact a house’s selling price.
1. Location: There is an adage in real estate, Location, location, location! What are the strengths and weaknesses, in terms of where a specific house is situated, in general, specific and localized terms. Some factors to address might include: Is the house mid – block, what kind of view, etc?; any safety issues/ concerns; specific schools; localized traffic and access; what other houses on the block look like; and, the access route, others take to get to the house.
2. Style: Certain styles of houses generally garner a better price, than others! In my geographic area, for example, Colonials generally bring the highest prices, while Cape Cod – style houses, are least, in demand! However, there are exceptions, and a clever, experienced, real estate professional, can advise his client, how the style, might be a factor to consider!
3. Features: Some of the relevant features may include: curb appeal; first impressions; updating; floors; flow; appliances; improvements; modernization; etc.
4. Condition: Not every house is in the same condition. How does your compare? Is it neat and clean, well – maintained, inside and out, freshly painted; attractive floors, etc?
5. Type of market: What type of real estate market, is your area presently experiencing? Is it a buyers market, where more people are seeking new homes than selling; a seller market (more buyers than sellers), or a neutral/ balanced one?
6. Competition: How many other, similar houses, are presently listed on the real estate market? How does yours compare to theirs? Is your house properly positioned, based on the competition, in terms of factors, such as: listing price; staging possibilities/ needs; etc?
Home sellers should seek out a quality, effective, real estate professional, to represent them, and best prepare their homes for sale. Keep in mind these 6 variables, so you can be somewhat more practical and realistic, in regard to being flexible and best position, your home!