You know that the size and age of your home, its location, and other factors about your home itself have an impact on the selling price of your home, yet there are several other things that can affect the selling price of your home that you may not have considered. These things are generally beyond your control, but they can have a big impact on the selling price.
The Local Market
How much other houses in the area are selling for directly impacts how much you will be able to sell your home for. The local market can also vary depending on supply and demand. If there are a lot of houses in the area for sale and only a few people looking to buy in that area, houses are going to sell for less in that market. The local market can also determine how quickly your home sells.
The broader economy has a direct impact on people’s ability to buy a home. If the general economy is down, it means that there is less money available to the average person for buying a home. This can cause your home to be on the market for a long time before it sells. It can also cause your selling price to be lower as people have less money to spend on housing.
When interest rates are higher, it means people have less money to spend on buying a home. As interest rates go up, people spend more money on interest and bank fees than they do on other necessities, causing selling prices to be lower. Interest rates that credit cards charge and interest rates that are charged on mortgages both impact the selling price, although in different ways.
If you are trying to sell your home, don’t let anything you can control stand in your way of getting a good price and a fast sale. Contact us today to learn more about our professional title services.