If I asked you this question what answer would you give?
What is the most important factor in selling a home?
d) All of the above
Any of these would be partially correct but there is one answer that is much more important than the rest and it is not “d”.
Everyone has heard “location, location, location” sells a home however; my experience has shown that even if your home is in a fantastic location it will not sell when it is not listed at the right price or is not in a condition that reflects that price!
The expression simply should be “Location, condition, and PRICE” and price trumps every other factor.
It is true that location affects the value of a home, but it is price that sells a home. Lakefront, mountainside, or penthouse, the most desirable location in the world won’t sell at the wrong price.
I believe that every property has a potential buyer, even in a poor location in poor condition but, if the price is set as if it were in a great location in premium condition then there will never be a buyer willing to purchase.
A good location will sell at a fair price. A bad location will sell at a fair price, too. It just won’t be as a high as it would be for a good location.
A home in good condition will sell for a fair price. A home in poor condition will also sell at a fair price. Again, it won’t be as high as a comparable home in better condition.
But neither the location nor condition will sell any house. Only one thing does – PRICE.
So if you’re a seller waiting for that “special buyer” who will appreciate your unique floor plan, dated kitchen or tired decor and is willing to pay more than market value, you’re going to have a long wait. Sorry if that sounds cruel or harsh but it is the reality.
Remember buyers have access to extensive data relating to property value from their REALTOR®. Even a private buyer can assemble significant information about local property values. Put yourself in their shoes. If you could see what homes in similar condition and location to yours are selling for, would you pay over market value? It all hinges on Price and Value every time.
So if your home has been on the market for a long time, chances are a significant portion of the responsibility lies with you.
Did you have a few Realtors® in who gave you prices you didn’t like? Did you get annoyed when people looked at your property and liked it, but didn’t make an offer? Do you feed like your REALTOR® is not doing a good enough job marketing or promoting your listing?
It is easy to put the blame on everyone and everything except where it belongs – PRICE. It’s about the price and unless your property is priced right for the location and the condition you will simply be disappointed.
My style is to be a straight shooter. When a seller calls me for an opinion of market value for their property I will carefully inspect that property and then compare it with the most similar properties that have sold recently. I will never simply “buy” your listing by telling you what I think you will want to hear. I will give you, to the best of my ability, an accurate opinion so that you can make a wise decision. Perhaps you will not be able to sell for enough to pay off extra debts, but at least with a realistic opinion you can make an informed decision as to whether it is the right time to sell or not.
REMEMBER when your listing isn’t properly priced, it just helps to sell other properties and provides your REALTOR® with leads to sell other properties.
Don’t let your self be bait, Price it right and be sold!