Although they can be stated in different ways there are only six factors that affect the sale of a home.
It is important for you, as the seller, to understand who or what has control over them and how they impact on each other.
- You control 3 of the 6
- The Market controls 2 of the 6
- Your REALTOR® controls 1 of the 6
1. Price - You determine list price for your home. However, a list price above the market for homes similar to yours will impact negatively on buyer interest in making an offer. Your REALTOR® will review price history with you to assist you in making a list price determination.
2. Terms - Buyers have requirements just as sellers do. Your willingness to respect them and be willing to negotiate which terms will be acceptable to both parties can have a very positive impact. Price and Terms will usually be negotiated at the same time.
3. Condition - How well you have maintained the home will influence both your price and length of time to sell. The pool of buyers who are willing to make major repairs is much smaller than the pool of buyers who want a home that has been well maintained.
THE MARKET Controls
4. Timing - Economic conditions operate independently of price, terms and property condition. Similarly, seasons and weather factors can affect the time it takes to sell a home.
5. Competition - The number of homes on the market most certainly bears heavily on your ability to sell your home on a timely basis.
YOUR REALTOR® Controls
6. Promotion - From entry into the Multiple Listing System, to internet marketing and any other programs your agent will have an impact on your home sale.
No one of the six factors alone controls the timely sale of your home. Your agent should provide you with
- Feedback from prospects who have visited your home
- Changes in market conditions
Your willingness or ability to make adjustments in price, terms or condition based on the information provided will be the final determinant as to how quickly your home will sell.