Help! My Home Didn't Sell - Part 3 - Competition
Whether you’re the competitive type or not, competition plays a huge role in the sale of a home. I’m not sure why, but it seems when one person puts their home on the market in a neighborhood, a few more do the same. In some areas around Indianapolis, there are simply, too many homes available.
There’s usually some distinguishing factors why a buyer will ultimately choose one home over another.
Evaluating what other homes in the market offer compared to your home is the first place to start. There are the obvious differences:
- Square Footage
- Number of Bedrooms
- Location Within the Neighborhood
- Garage Size
- Single Level or Two Story
- Price
There’s also the differences in amenities which can make a home more attractive to buyers in the market.
- Landscaping
- Flooring
- Appliances
- Upgrades
- Floorplan
The two most difficult sources of competition in the real estate market today are new home builders and foreclosures/bank owned homes. If your home is in an unfinished neighborhood, where the builders is still actively building and selling, your competiton has more money to offer incentives. Still, there are buyers who can not wait for a new build.
While short sales and bank owned properties do offer a substantial savings, they require the buyer to have either time or money. Short sales can often take 3–4 weeks to receive an answer from the bank. Bank owned homes are always as-is and many require an instant infusion of money.
Remember, competition can be a good thing. When there are three or four homes available in a neighborhood or community, it will generally produce more buyers looking. When you have properly prepared your home for the market and market conditions, buyers will respond.
