Understanding the buyerAs the seller, you can control three factors affecting the sale of your home:
* The home’s condition
* Asking price
* Marketing strategy
Although there are numerous other factors that influence a buyer, you need to understand consumer trends when you enter the sellers’ market. The more your home matches these qualifications, the more competitive it will be with other homes on the market. Your real estate agent can advise you on how to best position and market your home to overcome any perceived downsides.LocationAccording to the National Association of Realtors the most influential factor in determining your home’s appeal to buyers is location. Unfortunately, this is something you can’t control. Neighborhood quality is the number 1 reason buyers choose certain homes. The second most influential factor is commute times to work and school.SizeWhile some buyers want to simplify their lives and downsize to a smaller home, home sizes in general have continued to increase over the decades, nearly doubling in size since the 1950s. Smaller homes typically appeal to first-time home buyers and “empty nesters,” (couples whose children have grown up and moved out.)Recently, there has been a small percentage of younger home buyers shift to smaller homes to reduce the “carbon footprint” in some areas of the U.S. In Oklahoma, we haven’t seen a lot of this as yet, but it is a trend we are currently paying attention to.AmenitiesPreferences in floor plans and amenities are trends, and go in and out of fashion. Your real estate agent can inform you of the “hot ticket” items that are selling homes in your current market. But, be forewarned, if your home lacks certain features, renovating to increase its appeal is not always the right move. Your agent can determine whether that investment is likely to hinder or help your profit margin and time on the market using market conditions and activity in your neighborhood as a gauge.