Sep. 18, 2007 - Why Do Some Houses Sell Quicker Than Others?

Why Do Some Homes Sell Quicker Than Others?

They are priced right.  Pricing is usually the number one determinant as to how long a home will be on the market.  Obviously, the property has to be priced competitively, but do not set the price based upon what you heard a neighbor received for their home. Adjacent homes can be radically different. They both may have the same floor plans, but improvements, a more desirable location in the neighborhood and other seemingly small variations can make a significant difference when it comes to price. Also, how a home is staged for the market carries a great deal of weight in the ultimate price received.

 In considering the right price, one of the most important traits you need is objectivity.  Homeowners, naturally, have an emotional attachment to their home, and because of their feelings they oftentimes overestimate what their home is worth.  Despite the attachment, try to be practical and logical. Make a competitive study of recent sales that are comparable to your home. Evaluate price per square foot, age, condition and location.  Also functional obsolescence and major updating could have a great impact upon pricing. 

Remember, that the value of your home can be impacted by developments that are not yet in place.  Is there vacant land nearby? If so, what businesses or structures will be erected there in the future? Is it a desirable addition to the neighborhood? If there is vacant land, visit the local planning and zoning commission to see what might be built. You can always call a local real estate professional who knows your neighborhood to explain the elements that go into pricing and why.  Ask that person about a CMA (comparative market analysis) and what it means. 

Source:  Mitchener/Skye