The selling price of a home is determined, in large part, by buyer demand. In a seller’s market prices soar since there are more buyers than sellers. The reverse is true in a buyer’s market. Let’s look at other factors that influence your home’s value.
- Market Conditions. The economy, interest rates, and competing properties on the market all impact your home’s value.
- Location. Your home’s proximity to schools, shopping, and transportation plays an important role.
- Condition. The condition of your home will affect not only the price your home sells for but also how quickly it sells.
- Property Amenities. Your home’s features are a major factor in determining what buyers will be willing to pay for your home.
When selling… price, terms and marketing all also play a role. Over-pricing a property usually costs the seller in the long run. Favorable terms on options like occupancy and closing dates are beneficial. And an effective marketing plan executed by your REALTOR® will expose your home to the maximum number of potential buyers… helping to maximize your selling price.
