When it comes to real estate, every home seller has heard the old advice that location is everything. Well, in reality, that’s just not true most of the time. While there is some truth to the claim that location makes a difference to potential buyers, this oversimplified perspective leaves out two critical factors buyers consider when seeking a home: condition and price.
The Problem with Relying on Location
Although location does have an impact on the value of a home, buyers don’t always mind an extra few minutes’ drive to the beach when they can find a more affordable option down the road. In fact, plenty of potential buyers will turn down the penthouse or mountaintop villa when they can find a home in better condition at a lower cost. For this reason, your agent may tell you stories about oceanfront properties sitting on the market for ages because of sellers refusing to negotiate on pricing preference.
How Buyers View Condition
When touring prospective homes, buyers often take into consideration how the home’s current condition affects its value. While you may know that your faded carpets can be replaced, many buyers are ready for a home that is all set to be moved into immediately. Remodeling costs money and it’s time consuming. It’s especially a hassle when a family is just moving in. Really, no one wants to have to wait to move into a home because of its poor condition, and buyers are willing to continue their housing search if price doesn’t match current condition.
Why Fair Pricing Matters
If you believe your real estate skills are strong enough to sell your home solely based upon its location and condition, then go ahead and give it a try. However, you may be surprised to discover that you’ll be in for a long wait. This is especially true if you’re selling with the representation of a real estate agent who has likely already told you that your pricing is too high. Many homes on the market have continued to sit as buyers pass them by in favor of another home that better fits their budget and yet also offers plenty of amenities to suit their lifestyle.
So, the takeaway here is, when it comes to selling your home, always listen to your agent. She or he can help you avoid hosting showings where your house is left empty of visitors. Remember too, once your home hits the market, it’s no longer about you. Rather, it’s all about setting the right price.
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