Understanding Your Buyer
As the seller, you can control three factors that will affect the sale of your home: Your Home's condition, Asking Price and Marketing Strategy. However, it's important to note that there are other factors that influence a buyer, and you need to understand these trends when you enter the sellers' market. The more your home matches these qualifications, the more desirable it will be. Your real estate agent can advise you on how to best position and market your home to overcome any challenges.
Location
The most influential factor in determining your home's appeal to buyers is something you can't control: its location. According to the National Association of REALTORS®
, neighborhood quality is the number one motive buyers choose certain homes. The best way to handle this is to highlight factors that make the neighborhood attractive. Is it gated, near essential establishments (i.e. work, schools, hospitals, shopping) or easily accessible? To make it easier, think of reasons why you bought the home in that neighborhood in the first place.
Size
While some buyers want to simplify their lives and downsize to a smaller home, home sizes in general have continued to increase over the decades, nearly doubling in size since the 1950s. Smaller homes typically appeal to first-time home buyers and "empty nesters," or couples whose children have grown up and moved out. On the other hand, growing families prefer homes with larger space to accommodate their needs.
Amenities
Preferences in floor plans and amenities go in & out of fashion, and your real estate agent can tell you which items are “hot tickets” when selling your home. If your home lacks certain features, you can renovate to increase its appeal, but be forewarned: That's not always the right move. Using market conditions and activity in your neighborhood as a gauge, your agent can help you determine whether the investment is likely to help or hinder your profit margin and time on the market. Remember, home features that are appealing to you may not be as appealing to a buyer.
