Tuesday, October 10, 2023 / by Tim Elder
While the specific factors influencing home sales can vary based on location, market conditions, and individual preferences, several common factors play a significant role in determining a home's appeal and marketability. Here are some statistics and insights on what tends to sell a home:
Homes priced competitively tend to sell faster. According to the National Association of Realtors (NAR), overpricing a home can lead to extended time on the market.
Staged homes often sell faster and at higher prices. The Real Estate Staging Association (RESA) reports that professionally staged homes spend 73% less time on the market.
The majority of homebuyers begin their search online. According to the NAR, 93% of homebuyers use online websites as a primary source of information during their home search.
High-Quality Listing Photos:
Homes with high-quality photos receive more online views and showings. The NAR found that listings with professional photos sell for more money.
Condition of the Property:
Well-maintained and move-in-ready homes are more attractive to buyers. According to a survey by the NAR, 58% of buyers are willing to pay more for a home in excellent condition.
Desirable features such as updated kitchens and bathrooms, energy-efficient appliances, and open floor plans can positively impact a home's marketability. The NAR reports that these features are often significant considerations for buyers.
Homes with an appropriate size for the local market tend to attract more buyers. The NAR notes that the median square footage of homes purchased has been relatively consistent in recent years.
Neighborhood and Location:
Proximity to amenities, good school districts, and a safe neighborhood are crucial factors for many buyers. A survey by the NAR found that neighborhood quality was the most important factor for homebuyers.
Homes with comprehensive and well-executed marketing strategies tend to sell faster. Utilizing a mix of online platforms, social media, and traditional marketing channels can broaden the reach to potential buyers.
The negotiation skills of the listing agent can impact the final selling price. A skilled negotiator can help secure favorable terms for the seller.
Buyers often sense the motivation of sellers. According to Zillow, sellers who are perceived as motivated may receive lower offers. Setting a reasonable asking price and presenting the home well signal commitment.
It's important to note that these statistics provide general trends, and individual experiences may vary. Local market conditions and buyer preferences can influence the importance of these factors. Working with a knowledgeable real estate professional can help sellers navigate the complexities of the market and optimize their home's selling potential.