Correct Pricing is Key to a Successful Home Sale
The conversations surrounding real estate today revolve around the financial aspects of the market. Where prices are headed, where are interest rates going and should we move on and sell our home? Should we upgrade now or wait? The short answer to the latter questions is, yes. If you are looking to upgrade to a larger home, now is definitely time to do it because you can make up the loss on the selling end with your new purchase. If you are planning to sell your home, the correct listing price is vital to a successful sale.
We see listings that linger on the market for years with no movement and we have to ask ourselves, why? However, other homes are listed on the market for just a few days and are getting multiple offers near list price; again we have to ask ourselves why. The reason is pricing, regardless of the market it could be autos, stocks or gold, the market price drives the successful sale of a home.
Many Realtors will agree the premise of a proper listing price can be broken down to this basic principle: You cannot sell anything higher than market value. If you went to your stockbroker and said you wanted to sell you stock above what was listed in the Wall Street Journal you would find it impossible to find a buyer. The same applies to the sale of a used car, you would find it impossible to sell a standard used car over the Blue Book value..
We always hear people say we are in bad real estate market. The market is what the market is and we can do very little to change that. However, we need to list a property commensurate to market conditions.
All too often, we see homes that are listed too high and languish on the market. Despite thinking that multiple offers are going to come in, perspective buyers believe that a home that is not priced competitively is being sold by unreasonable people. This causes very few people to look at the home and even less to make an offer on it. As the seller finally reduces the list price, many people are wondering what is wrong with the home, why is the price being dropped. This mindset is what sellers need to avoid by properly pricing their homes based on market conditions.
The market is what the market is, right, wrong of indifferent a good listing which shows well will sell. Additionally, a home needs to show well along with the correct price. There are many showing factors that help a home sell; the biggest component on showing is “less is more.” Sellers will want to remove furniture, pictures, excessive knick-knacks and paint with neutral color so the “bones” of a home show through, not what is in it. I will work as hard as I can for any homeowner to get their house in the best shape possible both on the inside and the outside so it will command the best price possible.