Priced to Sell! How to Make or Break the Sale of your Home
If you’re putting your home on the market, especially if you live in an area where prices are going up and buyers are competing for homes, you may be tempted to try listing it at a high price.
Don’t do it!
Experienced real estate agents will tell you that pricing your home appropriately from the beginning is critical to getting it sold quickly and at the best price. Research shows that overpricing your home and then dropping the price several times while it languishes on the market usually leads to selling it at a much lower price than what you originally should have asked for it. The longer a home stays on the market, the deeper the discount is likely to be off the original price. And that’s not worst part….most real estate agents will then label you as an ‘OPT’ – that’s an acronym for “Over Priced Turkey.” And even if you do get showings at the higher price, it will be for comparison purposes to help sell other better-priced listings in your neighborhood.
According to survey’s done, homes that sold in August 2016 within their first week on the market sold for an average of 2.08 percent above list price. Homes that lingered on the market for four months sold for an average of 11.53 percent below their original price.
How to price your home correctly
Many homeowners want to set their list price based on what they paid for their home, the balance of their mortgage, or on the profit they want to make so they can move into another home. In reality, your home is worth only what the market will bear. And as soon as it hits the market it becomes a ‘product’ just like anything else for sale. If you price your home too high, some potential buyers won’t want to look at it at all, while others will simply walk away without making an offer.
If you’re interviewing several real estate agents to choose a listing agent, you may be tempted to pick the sales professional who suggests the highest price for your property. But sellers, like buyers, need to beware, especially in this age where technology has given birth to greater transparency in real estate. The real estate agent who provides the best pricing strategy and explanation of how your home should be marketed will be more likely to sell your home quicker and for a higher price than someone who tells you only what you want to hear.
A pricing analysis should include sales prices for similar nearby homes that sold in the last month or two. In addition, many real estate agents include prices for homes currently on the market that will be your competition, as well as homes taken off the market because they didn’t sell. Other data real estate agents can use to suggest a price range include how many days homes were on the market at various price points and the average difference between the list prices and sale prices on homes that have sold.
As your real estate agent we can help you estimate who might want to buy your house and what else those buyers are looking at so you can measure your price against the competition.
Our team has the experience to factor in all of these issues in the context of your local market conditions, including whether home prices are rising or falling and whether it’s a buyer’s or seller’s market.
Why should you hire us to represent you?
There are a lot of reasons and so many things that we do that differentiate us from all other real estate agents in the market, however, I will give you the most powerful.
- We offer a 1-day listing agreement, all other agents will ask for 3 month, 6 month or sometimes a 12-month contract, we only ask for 1 day. Our 1-day listing agreement guarantee is that if after 1 day of your home being on the market you are not 100% happy, feel you made a mistake or whatever the reason may be you can cancel immediately at no cost, no obligation and no cost to you. We make it where you are always 100% in control, we work for you and we make sure we are held accountable.
- We have the most aggressive and effective marketing period, the average realtor spends $250/month on marketing, we spend over $10,000 on marketing, systems, processes, equipment and support staff to ensure we get maximum exposure for our home sellers and make sure that our listings 100% stand out and far above their competition. With selling over 750 properties in a span on 21 years, we have learned what works and what does not, we have a very effective marketing plan that gets proven results and we know what it will take to get your home exposed to the maximum amount of buyers and get you a top dollar offer.
- We spend a lot of one on one time with our sellers to ensure your home is ready for photos, visual tours, all marketing materials, and showings, we will go with you room by room, letting you know what we feel needs to be done in each room so your home is 100% ready to be listed and marketed which results in top dollar offers.
- We offer our sold or we buy it program that will give you a backup cash offer, so you always know worst case, that you can take a backup cash offer and move forward with your real estate goals.
We do so much that is different than other agents in the marketplace, we have the experience, the proven results and you will get more energy and effort from us than anyone else.
What I would like to do is come by your home so you can give me a property tour and at the same time I can show you all the services that we offer, what our marketing strategy is and what our plan of action is to get you top dollar for your home. I will also be able to give you my opinion on current market value and my recommended list price. Everything we do is 100% no pressure and no obligation, the purpose of the meeting is for me to give you all the info you need to make the best decision for your family.
- FREE: How to Prep Your Home For Sale Guide
Step-by-step guide that helps you avoid the common mistakes homeowners make in selling their home on their own.