I’ve been in the real estate business for over 15 years now, and I can confidently say that there are about 10 primary factors that influence the sale of a home. Four of them are property-specific, two are buyer-specific, two are economy-specific, and the final two are agent-specific. I’m going to talk about all of them today so that you can understand how these factors apply to you and your property:
1. Location. This is the most important factor. Location, location, location. If your property is located where people want to live, work, or recreate, it’s likely quite valuable.
2. Price. We all know that overpricing a home is bad because the home might not sell. Underpricing is bad because you can end up leaving a lot of money on the table. If you price at market value, however, with the guidance of a real estate agent, you have a good chance of selling for maximum profit.
3. Condition. If your home is in above average or excellent condition, it’s likely to sell a lot faster. If it needs a lot of repairs, it’s going to either take a while to sell or it’s going to sell for less than you hoped.
4. Floor plan/layout. This is often overlooked, but folks in Hawaii love to have that indoor/outdoor feel and a floor plan that’s consistent with how they live their lives.
5. The number of buyers in the market. This is the first buyer-specific factor. If there aren’t very many buyers in the market, it’s going to make your home sale more difficult. Conversely, if there is an abundance of buyers, it will help your home sell much more quickly.
6. The buyer’s financing options. If a buyer qualifies for multiple types of financing, it increases the chances of you selling your home.
7. Supply and demand. This is the first economical factor. If there’s a shortage or abundance of inventory, this will greatly impact the speed and price of your sale.
8. Economic stability and certainty in the marketplace.
9. Your agent’s marketing program. An agent with a great marketing program can do wonders when it comes to selling your home. An agent with a poor plan or no plan at all will not get you the results you want.
10. Your agent’s expertise. Having that marketing plan is important, but it doesn’t really mean a thing if your agent doesn’t have great negotiation skills, knowledge about the market, and experience in the business.
Overall, each of these 10 factors plays a role in your home’s sale. You don’t have control over some of them, but you can control many of them by hiring the right real estate agent. If you have any questions for me in the meantime or want to know how we can help you sell your property, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.