When listing property, clients always say things like, “why did that home sell so fast?” Or, “how do I get my home to sell for that much?” These are very common questions because if you’re considering selling you’ve probably done a little bit of research on what selling in your neighborhood. You might’ve seen a sign go up and then within 2 to 3 weeks a sold sign is already slapped across the listing sign. How did that house sell so quickly?
It’s important to understand the similarities and differences between homes. Timing is everything but so was the property. You can have two identical homes, even priced very similar, where one might sell faster than the other, so why is this?
Details matter even so much as the detail of being a block further away from the bus stop can make the difference on what sells the home. Here are some other factors that can really make a difference to a home selling faster or sitting on the market longer.
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More square footage for a better yard.
I’m talking about the square footage for the property lot itself. This can make a big difference. Two similar homes may have similar backyards but if one is surrounded by homes were everyone is looking in on your backyard, it may not get as many looks as a yard it’s beautifully landscaped and protected from prying eyes with several trees. This just might appeal to people more than an extremely exposed backyard.
Like I said, even a block or two can make a difference for some buyers. Perhaps they like the fact that the bus stop is right at their corner, or, maybe they don’t like a bus stop right on the corner and prefer to be further away from screaming and active kids at 7 o’clock in the morning. While this isn’t something you can change, it can be a factor. Perhaps the house is on one of the busier streets in the neighborhood or maybe it’s on a dead end street that ends in a cul-de-sac, making security and privacy a little more importance.
Unless you can literally see every detail of the inside of a home, it can be impossible to know if the house has had upgrades. The square footage might be the same but instead of 6-inch tile counters, granite or quartz may be showcased in another. Perhaps cabinets have simply been painted rather than replaced altogether. These not only add more value to the home but more interest as well.
You might have a similar home but if one property is 10 years old while another is five years old, buyers are naturally prone to go with the younger home, so long as both are maintained properly.
Similar homes could sell for different prices and faster based on any additional repairs or details that need fixing. If buyers wander through the house looking at leaky faucets, squeaky door handles, or missing light switches, it may not appeal to them is a house where every little detail is taken care of.
So regardless of size, neighborhood, and even age, there are other details when it comes to why homes sell faster or for more money. It’s important to take a look at your competition before listing. Browse some open houses and see what’s on the market. How does it compare to your house? If your house doesn’t stack up, it’s important to price it just a little bit lower than your closest competition. You might not be able to beat them on cosmetics, but you can beat them on price.