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Factors That Increases or Reduces the Chance of a Property Selling
Selling property can take a toll on you, and in a recession scenario it becomes all the more difficult. So what are the factors that determine how quick and profitable a property sale is? There are some sellers that always look like the lucky ones when it comes to fetching the best results. What is it that gets them this enviable edge over others?
A broad look shows that there are three determining factors that increase or reduce the chance of a property selling quickly:
The first step to a great sale is a great purchase. So, if you are buying property now, ask yourself if the property you're contemplating is appropriately located? Location will play a major role when the time for sale comes.
Some factors in location like safety, proximity to schools, offices, shopping complexes, and public transport go a long way in luring buyers. On the other hand, properties located near busy highways, train tracks, the airport, and next to prisons deter home buyers. Some of these disagreeable factors may crop up after you have purchased your property. Therefore, it is advisable to remain involved in community meetings where approvals for projects like these are discussed.
Also, buying property in areas that are still being developed and are likely to bloom in years to come are the best bets in terms of the purchase and sale of the property. These places will be cheaper than the current hotspots and will ripen in value in a short frame of time thereby maximizing your profit margin.
The condition of your property determines how much a buyer will need to spend on repair and renovation before they start using it. Naturally, a property that is in good condition fetches a higher rate than an ill-maintained one. Keep in mind that calculations for what you plan to spend on renovations need to be accurate. Major profits could be lost by spending more than what will be recovered after the renovation.
There is one process that works well and is not too costly: staging. Proper staging adds face value to your property. All that glitters is not gold, but things that glitter definitely tend to attract consumers better. Therefore, home staging is a great idea if you want to sell faster: A good looking home or office attracts more viewers and increases the chances of a sales. Statistics have shown that staged houses get sold at better prices than un-staged ones.
Finally the price you quote for your property will directly affect how fast you sell. The rule here is to quote a price that is just right: neither low nor high. If you undervalue your residential or commercial property, you will lose out on significant profit. Likewise, if the initial prices you ask for are higher than the standard prices, you will drive away prospective buyers.
Also, take the time to research the right price to start with. If you planned on going with a higher price than others, lower it. This will keep potential buyers from developing a negative impression of your property before they have even seen it.
In conclusion, choosing the perfect location, maintaining it right, and pricing competitively can lead to a fabulous sale.