Folks have been selling their homes quickly, easily, and for the highest price over the last two years. Sellers who waited are frustrated and frightened now that the market is slowing down a bit. But there is no need to panic. The post-pandemic market was not a typical market, and those who have been in the industry for a while know how to move real estate in a frenzy-free environment. Several factors impact a home’s sale price in a typical market, and we know the strategies to sell at the top of the mark.
Here are five factors that affect home values and sales prices:
- Real Estate Market
- Location
- Home Features
- Condition of the Home
- Marketing Strategies
Market & Location
While you can’t change the real estate market or your home’s location, we can take a strategic look at the local market and make data-driven decisions that will price your home to sell based on the location.
Home Features
The features of your home include the size, style, number of bedrooms and bathrooms, etc.; while you can change that, it requires significant time and financial investment.
Condition
The condition of your home is one of the most critical factors in your sale price, and it includes: updated or needs updates, cluttered vs. clean, or vacant rather than staged. These are factors we can control. A clean, upgraded, updated home is easier to sell at the top of the mark. Focus on repairs and upgrades that can be done quickly and at a minimal cost, like light fixtures, landscaping, or adding a fresh coat of paint. To get the best return on your updates, talk to us about what buyers want to see.
Marketing Strategies
Two identical homes could sell at different price points depending on how they are marketed. Knowing the right time to sell and the right list price is everything. Here are a few factors that go into marketing a property.
Timing
The state of the market is the most critical factor in determining the sale price of your home. Listing it at the right time can significantly affect the price. According to Zillow.com, the best time to sell a house for the maximum price is in July. However, the market has shifted from what we’ve seen over the last two years, so the Zillow data is being compared to the pre-pandemic market.
The Right Price
It’s difficult for homeowners to determine the right price for their home without extensive knowledge of the area and the local real estate market. There are online home value tools, but we offer a complimentary market analysis.
If you price your home lower than market value, you’re more likely to receive multiple offers and have a quick sale. However, you may be leaving money on the table. If you price your home higher than market value, it’s more likely to lag on the market. Buyers will become skeptical of a house sitting on the market for an extended time, which makes it challenging to sell at the top of the mark.
Staging
According to Forbes.com, staged homes sell 87% faster than non-staged or vacant homes and for 17% more. Traditional home staging can be expensive if you’re still living in the house. Decluttering, a few value-add maintenance tricks, and curb appeal will suffice in most cases.
Professional Photos
Most buyers will look at homes online before visiting the property location. Getting professional photos is essential to sell at the top of the mark. Homes with better photos attract more buyers, and a few snapshots with a smartphone will not suffice.
There are many different ways to sell a property. At Prism Realty, we stay focused on what we can control in the market to sell at the top of the mark with minimal stress. Contact Us to answer questions about Austin area homes, neighborhoods, or the current real estate market – info@prismrp.com | 512-676-5842
