Statistics have proven for years that when buyers get in front of the computer
to start searching for a home, the questions they want answered are:
- How big is the house?
- How many bedrooms?
- How many baths?
- What is the price?
When we list a property and place it on the Multiple Listing Service we are competing
with all the other 3 bedroom 2 bath homes listed for sale in Grand Rapids. Buyers
typically bring up about 40 homes on a search and look on-line at 20 of them in our
Grand Rapids market. The graph below indicates what are the top requirements
to a Grand Rapids home buyer Home Search:
What are buyers looking for when they search for a home?
As you can see from the graph above, this is the order of importance buyers
put in their home searches:
- Square Footage
- Bedrooms
- Baths
- Price
Price is number 4 behind Square Footage, Bedrooms, and Baths.
BUT Price is the ultimate point of competition.
They don't see the fabulous photos of your designer kitchen, the visual tour,
your wonderful photos of your "green thumb" garden or the newly
remodeled bathroom if your stats don't compare. If you are not in the top 20
by Square Footage, Bedrooms, Baths, & Price, maybe even the top 10 they
don't even bother with clicking on the photos or details of your home.
Price is the only thing left when you have 40 similar homes on the market
competing for the same buyers. Supply and Demand will continue to rule
the real estate housing market in the forseeable future, and Price Plays a
Major Role.
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_____________________________________________
The authors of the this blog write about Grand Rapids Real Estate,
the Greater Grand Rapids MI area, and what it is like to live in
West Michigan. We believe: Grand Rapids is a Great Place to Live!
Westbrook Realty Grand Rapids MI Real Estate
Contact Terry 616-292-7263
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Every market is different and we are in one big country. In Northern Maine, the square footage is less important to local buyers. It is to outside purchasers as they know 2700 s/f is a pretty good sized house. In our area, how many bedrooms is the one criteria that makes a picture start to form in their head as they ask questions. The bedroom count is the size factor looked for, asked for. Video with audio and live five sense motion helps us "show the home" or land, farm, whatever. You get them in to a cyber video open house..the only open house option you may have.
Price....that's what people are looking for here. Period! they are watching for the good price. Our homes are pretty cookie-cutter. So nice kitchens, granite, good floors and price. Did I mention price?
Andrew, My point exactly know what your buyers are looking for in your market and make sure your listing compares favorably or all the video tours and other marketing tools will be invisible they will just pass you by.
I agree that price is probably the deciding factor in today's market especially with the models being very similar in size.
I think you make some very good points. BRs, BTHs, size are all top priorities, but price is usually the deciding factor.
In this market that is certainly true, price is what it all comes down too.
Ginevra, She is not alone most sellers think they have something special and as long as they do they will continue to own the house.
Karen, All the amenities you talked about only make a difference after you get selected as one of the properties in consideration.
Douglas, We find that even a small price adjustment can make a huge difference in activity.
Gerry, Price is KING and sellers need to just accept it and compete or not put their home on the market.
Terry, in our market...the only thing that counts is price point. It makes it a hard market for a non-distrissed seller. Everyone has gotten use to the fact that REOs and short sales are price below market and want a non-distressed home to be price accordingly. Tough market!
Wow, wish I had the capability to get those reports from my MLS - I like them! You are so corrent - while there are 3 criteria that are important, with all things the same PRICE trumps!
Jeanean, We are similar and it is reflected in the sales activity. Only the well priced homes are considered.
Leesa, With so much competition buyers just don't look at the higher priced properties and they may offer a good value but price is still KING.
Terry and Bonnie
I am suprised to see square footage was the top search key over bedrooms and baths.
Tom, I guess we all need to evaluate what the consumer wants regularly to make sure we give it to them.
Terry, I agree with you that all of the information should be entered properly. A lot of agents leave things out thinking it's going to make their phones ring or attract inquiries to their email boxes. Nothing like annoying them into making an inquiry!
You are so correct that you have to wow them with the numbers before they will even look at the pictures. If you can't be on that first page of listings then like Google first page, page two is never seen and either will be your home.