Tough love with a bite of reality for Sellers in New London County serious about getting their home sold
Since I've been in the real estate business for over 32 years, I usually have a story for any given situation. One of the stories I tell most often, is the one about the sellers who turned down a $228,000 offer the first week their home was on the market because they were getting lots of showings and thought it was too early to accept $7000 less than asking price. Nine months later they sold the house for $189,000. I admit I stifled an "I told you so".
When you list your home, the very best opportunity of selling it comes in the first 21 days. As soon as your home hits the market, buyers looking in your location and price range will be calling their agent to schedule a showing. In the age where listings show up on the internet just hours after the ink on the listing agreement is dry, buyers are watching hourly for new listings to hit the market. If your home is priced right, you should get an initial flurry of showings. If it doesn't sell in the first 21 days then it might take awhile. The average "Days on Market" statistic in Eastern Connecticut is about 90 days but that's because some houses sell within 21 days and others take 5 or 6 months.
Once the first 21 days are past, only buyers new to the market will look at your home. Bernice Ross in a recent article in Inman News refers to the first 30 days as a "honeymoon period". Although I think that period is shorter than 30 days, I do agree with Bernice when she says "If you don't sell during the honeymoon period, there's a high probability that your property will be on the market for an extended period of time. You can generate additional interest with a price reduction, but it never creates the attention you receive when you first list the property."
So what's my point? On the first day of the listing period your home should be priced right and in show condition. Testing the market with a higher price for a few weeks or showing the house when it isn't quite ready is a huge mistake. By the time you reduce the price, it's too late; the honeymoon is over.
And one more thing, "Your first offer is often your best offer" so don't blow it.
Straight Talk on Tuesday Morning is an ongoing series for sellers in New London County who are willing to listen, roll up their sleeves, and do what they need to do to get their home sold. If your aren't serious about selling your home, then move along. There is nothing to see here.
Linda Davis has been selling real estate in Ledyard CT for 32 years. You'll find Linda's profile on her Online Business Card.
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