Many believe, two factors, often, are most significant, in terms of selling a house. One, of course, is location, while, the other, generally, is related to properly, pricing it, correctly, from the onset/ start! While, some may feel, this is obvious, how to best – price, a specific house, often, differs, based on a variety of conditions, including specific location/ area, the overall economy, the total, real estate market, specific – local conditions, mortgage rates, consumer confidence, etc. We will focus, in this article on 5 factors, which often, influence home pricing. With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, these items, how they relate, and why, they matter.
1. Overall real estate market: Perceptions, especially, those, held by, qualified, potential buyers, often, influences, the overall, real estate market! What factors, might, create a buyers, versus, a sellers, and/ or, neutral market? Examine national trends, but, pay keen attention, the specifics, of the local area, and its vicinity! Remember, this market – place, operates, as a component, of the overall, economic conditions, and/ or, beliefs!
2. Local market conditions: All real estate is local! While, not, entirely, true, a region’s specifics, often, creates, significant, unique factors, and/ or, challenges! How does the particular, state, impact this consideration? How about, the specific region? What about, an individual, neighborhood, and/ or, even, a specific block? People are attracted to homes, based on, a variety of conditions/ factors, including: location, convenience, mass transportation, community factors, Houses of Worship, education/ schools, perceived and actual safety, etc.
3. Supply and Demand: Like, most other items, the price, to purchase, a house, often, depends upon, the realities of supply and demand! How many houses, are listed, on the market, as opposed to, how many qualified, potential buyers (who are ready, and willing, to pay a specific price), are currently, looking?
4. Overall interest rates/ mortgage rates: Overall interest rates, often, impact the performance, of many components, of the economy! In terms of housing demands, most buyers, take advantage of, acquiring a mortgage, as a part, of their purchase funding, so, when these rates, are lower, and there is more access, to so – called, cheap – money. houses, often, get higher offers!
5. Consumer confidence: Buyer perception is an integral part, of, how houses, sell, because, the more, confident, potential buyers, are, the more, will seek, to purchase!
The key to selling real estate, is finding, the right home, for a specific person, at a price, he is ready, willing, and able, to afford, and pay! Choose the right, real estate professional, to help, guide – you, through, this often – confusing, stressful, process!