How Large is the Buyer Pool for Your Property?

I talk a lot to my sellers about a buyer pool. This takes into consideration how many buyers will consider a home to be a good fit. If it’s a unique home or one that isn’t right for all types of lifestyles, then the buyer pool shrinks. The goal is get your home so that it appeals to many many types of people. A large buyer pool can mean a higher price for your home due to demand. What are the things that make your buyer pool as large as it can be?

Price – This is far and away the best way to get more eyes on the property. Pricing it at market value and not overpricing will ensure that all buyers who are searching for similar homes will see it, compare it to other homes in the price point, and see the value.

Location – Is the property in a location sought-after by buyers? Is it near desirable schools and development? How is the crime rate? How are the economics of the area? The more boxes the property checks in terms of location, the more extensive the buyer pool will be!

Accessibility – Stairs generally will shrink the buyer pool. A lot of stairs may really shrink the pool. Levels add complexity to a floorplan which may mean residents will be grouped on different levels which doesn’t always work for the residents. Furthermore, some potential clients may have issues with mobility, precluding them from considering a home with stairs. The less-complex the floorplan, the wider the buyer pool.

Lack of Nuisances – Location nuisances such as proximity to airports, freeways and busy roads, busy working livestock farms, and power lines will keep some buyers away.

Maintenance and Repairs – Some buyers are not afraid of some work. Others never want to pick up a hammer or have to deal with a contractor. If a property has a lengthy list of “to dos”, some buyers will pass it over in favor of properties that are newer or move-in ready. If there is deferred maintenance, it is usually less expensive to have it taken care of before the home hits the market than to negotiate later on price or repairs.

Services – Is the property served by water and sewer municipalities? Some buyers don’t want to deal with a well or a septic system. The more “on grid” the property is, the wider the buyer pool.

Parking – Parking can be a big problem in urban areas for older homes and condos without a garage, driveway, or parking space. Some buyers don’t want the hassle of coming home from work tired and having to drive for blocks to find a place to park.

Pet-Friendly? – Some areas are very pet-friendly which can really cause the buyer pool to shrink if your condo building doesn’t allow pets.

Odors – If there are smoking residents, pet odors, or the house just smells musty, this can be a big turnoff for home buyers. Some will mark a home as a non-contender because of it.

Addressing as many of these items before you list your home, or even considering how these things might affect resale value when it is time to sell, will help you create demand when listing your home for sale. Reach out with questions on things that you should look for when buying, or items you can address before selling to make your home more desirable.