Why A Property Sells
A particular property will sell over other available properties because it has some type of competitive advantage. If there are five identical homes for sale on the same street and one is priced $5,000 less then it will sell because it possesses the competitive advantage of a lower price. There are other ways to gain a competitive advantage and as a seller you are in control of most of them.
A competitive advantage in the market
can be based on:
- Price as it relates to comparable properties. Price is the easiest way to compete but may not be necessary if your home has other competitive advantages.
- Terms or financing options. Terms or financing options can help your home to compete with others. Helping a buyer find the funds to purchase a home can make the sale happen. The mortgage business is competitive and new products are available every day that help new buyers to qualify. Easy access to pre-qualify buyers and an understanding of different options is a benefit.
- Condition of your home. The condition of the property can be a big advantage. A potential buyer gets a good feeling about a home that shows well, and will more easily make the purchase decision if no repairs are needed. While a seller can offer allowances or offer to make cosmetic improvements but a buyer will purchase the home that is ready to move in over one with promised improvements.
- Your agent’s efforts. Your agent must perform all the functions of the job well to give you a competitive advantage. Efforts and abilities vary from agent to agent and company to company. You should understand your agent’s plan to market your home and ask questions or make recommendations as needed. Generally speaking, an agent that reaches more potential buyers is an advantage.
The important issue to remember is that
buyers shop for the best home for them. They make their choices based
on comparing one home to another. As a seller you should seek to gain
competitive advantages in as many areas as possible so that your home
becomes the best choice a buyer can make.