Economic Factors besides Price affecting home sales
Factors that affect the market:
Supply: MLS, FSBO, and builder inventory. Closed sales and Pending sales
Reasonable time on the market: Different for different markets and locations within each city/county. Over 55 communities’ verses regular residential.
Condition of Home: Curb appeal, updated or not updated, Roof life
Utility: In order for a commodity to have value it must satisfy a need or a want and in order to do that it must provide some form of utility to its owner.
Purchasing Power = Interest rates and borrower credit. It use to be one could have a very low credit score to get a loan. Not anymore, which has taken many buyers out of the market.
Demand: When it comes to real estate its location and utility are what drives the desire to own it.
Marketing: The more people who know your home is for sale the better chance it has to sell.
All these factors apply when it comes to selling real estate not just the price.
Your Realtor needs to understand these factors to keep up with the market to properly advise their seller.
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