What a Home Buyer Wants

When someone is selling a home, it is easy to get sentimental about it and to take rejection rather personally when someone chooses not to buy.  However, to the potential home buyer, the house is merely a commodity.  They have not built memories in it yet.  They are not personally attached to it the way the seller is.  And they are not looking at the sellers’ decorating taste or the work put into building that deck or game room in the same way the seller is.  This can be difficult to remember, but to a buyer, only three main factors predict whether or not they decide to buy: price, condition, and location. Price.  Research needs to be done to find out whether the home is in a buyers’ or sellers’ market.  It is important for a seller to remember that the potential buyers have access to the current market information just as the sellers do.  While it may be tempting to ask for a higher price because of how much a seller personally values a home and what it means to him or her on an emotional level, this could result in an inability to sell.  Stay within the confines of the current market for that area, and try to keep emotion out of it. Condition.  Many condition issues are easy to fix and don’t cost much, if anything, to accomplish.  Make sure the yard is mowed and any landscaping looks tidy, the paint is clean and fresh-looking, the floors are clean and not outdated, the walls are not outdated in terms of color or wallpaper patterns, and that...

Real Estate Statistics that May Surprise

The Chief Executive Officer Spencer Rascoff collected real estate statistics from his database at Zillow.com of 110 million homes to find trends in real-estate pricing.  Some of the findings were rather surprising. Homes with addresses on a “Way” sold for more than those on a “Street”, and named streets had about a two percent higher resale value than numbered streets, unless you are in NYC (where it made no difference), or the street is a Main Street, which sell for an average of four percent less. Further, streets with the words “Lake” or “Sunset” in them have about a 16% higher resale value than those that didn’t.  So, it appears that the name of the street actually makes a difference in what people are willing to pay. Numbers in addresses also make a difference. The number 7, for some reason, has an impact.  Houses with just a lone “7” sell for 1.8% higher than the estimated value, but “777” homes sell for 2.1% below.  And addresses that have other numbers but include “777” (like 17778) sell for 1.8% less.  So apparently three 7’s in a row is a turn-off. When you sell makes a difference in how long it will take to sell and how much you can get for it. In New York, at least, the worst time to sell is the second week of December and the best time to sell is March. Psychological pricing does in fact work. Having a nine in the thousand slot instead of a zero (449,000 vs. 450,000) actually does cause homes to sell four days to a week faster. The “Starbucks...