The Biggest Lie in Real Estate… “Location, Location, Location!”

For decades, Realtors have been telling everybody “Location, Location, Location” for the reason that reason all real estate will or does not sell. In order to sell your house, they will explain that it all comes down to location. Nothing could possibly be further from the truth? There are actually three factors that determine whether or not a home sells or not: price, condition, and location.

Of the three, location is the least important since it can’t be controlled by anybody. Unless you have a big crane to move your home, you need to accept location to be a fact and proceed to the two variables you can manage.

Price is the most important element of selling every home. Sellers usually question, “What can our home sell for?” The answer is easy. A house will sell for about what homes of similar square footage, design, amenities, and in comparable neighborhoods have sold for lately.

The price tag should be based on the reality of similar house sales, certainly not on what you would “like to receive” or feel you “have to receive” for your property. Purchasers don’t care what you need for your home, they will only value what your home is worth to them based on the reality of record.

Condition is the last area that influences a property sale. If your house is in great condition, it ought to sell for approximately full market place value. If a property is in less-than-perfect condition, it won’t deliver the maximum amount of money. Purchasers may convey their impression of your home’s condition by way of their offering price.

In other words, price is by far the most important element of selling. Question any real estate agent you meet what the number one explanation is for a home not selling and, if they are honest, they’ll tell you, “Over-pricing by the seller!” Realtors all realise that the correct price will cause any house to sell, irrespective of location or condition. In case your property hasn’t sold because of the location, change the purchase price and it will probably sell. In case your home hasn’t sold because of condition, either correct what’s wrong, or adjust the purchase price until it does sell.