Why Some Homes Sell Faster than Others
What Makes Homes Sell Faster
In an unstable housing market, what makes your home have the “it” factor to help it sell quicker? Here is a look at recent market statistics.
Energy Efficient Features
Having a home that is energy efficient can appeal to more buyers. PV solar systems on the roof make houses sell 20% faster and for 17% more than non-solar homes. The average sell time for a solar home is 23 months versus 28 months for a non-solar home. The home value appreciated 55% more than a non-solar home at 33%.
Here is a list of energy upgrades that will help you:
- Solar water heaters.
- Geothermal heat pumps.
- Spray foam insulation.
- High performance windows or doors.
When listing your home for sale, be sure to spotlight the cost savings to prospective buyers.
Size of Homes
Homes that are smaller are moving faster in today’s economy due to the lower monthly cost and overall smaller price tag. One bathroom homes for example sell 13% faster than others. Homes with two stories or more took more than 20% longer than single level homes to sell.
You can help appeal to buyers by adding extras such as paying for the closing costs, including warranties that cover appliances, or giving the buyers airline tickets to a popular vacation destination.
Pricing and Appraisal
Pricing is an important factor in a down market. Take a quick look around your local area to see what communities are actually listing homes and selling them. Going too far outside the neighborhoods range of prices will slow down a sale.
Undervalued appraisals are roadblocking the completion of real estate transactions due a lack of considering neighboring foreclosures, distressed sales on average prices, and more. Be sure your appraiser considers all factors when valuing your home.
Homes generally sell faster when they focus on curb appeal versus the value or price. Describing a property as “move in” ready can quicken a sale by 12%. Listing with the words “beautiful” or “gorgeous” sold 15% faster. Using the word “landscaping” can make your home sell 20% faster. Avoid language that says “must sell” or refers to the seller as “motivated.” This can actually slow down your ability to sell by 30%.
Tips for a Quick Sale
Refer to the home as in “turnkey” condition meaning that no repairs or work is required to inhabit. Professionally stage your home which can increase your homes ability to sell 20-40% faster. Focus on the curb appeal of the home by referring to the house paint looking fresh, has landscaping, yard is green and mowed, yard is free of weeds, toys, and other objects. Focus on how well maintained the home is and how walkways and railings are smooth and well maintained.
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