You’ve gotta price it right!
There IS, in fact, such a thing as an over-priced house for sale in a low/zero inventory market.
Over-priced listings look the same in all market conditions . . . they linger and get stale.
Of course if it doesn’t sell as fast as others, there’s plenty of blame we can conjure up:
- The weather hasn’t been all that nice
- The School semester ends soon
- Last weekend was a holiday
- That lazy REALTOR didn’t do enough marketing (or did the WRONG marketing)
- That street’s too busy
- The house next door looks like a dump
- The butterfly flapped it’s wings in Nigeria
I think that any house that stays on the market for 2-3 weeks and has 15+ showings within that 2 weeks before fetching an offer (and likely multiple offers) was priced perfectly.
Longer than 3 weeks (or shorter than 3 days) indicates a price issue . . . PERIOD!
Yeah! There can be other compromising factors like improper staging or marginal condition or pet odors or crazy paint colors or bad voodoo curses, but ALL of those issues evaporate when the price gets right for TODAY’s market for THAT particular house.
We CAN “fix” some of said compromising factors and fetch a higher price, but it’s hard to do that once the horse it out of the barn because all Buyers have elephant memories and once they’ve seen it ugly, they never forget.
So . . . Even in a HOT SELLER’S MARKET, spend whatever you’ve gotta spend on the front end if you must to get the funkyness OUT before listing for sale. Odds are decent, you’ll double your money at the closing.
Buyers are still unforgiving when it comes to condition and staging “party fouls” . . . they’re going to discount deeply unless the price already reflects the deficiency.
We always know when we get the price right . . . because multiple Buyers tell us simultaneously by submitting multiple offers.
Isn’t this FUN?
As tongue in cheek as this post may sound, it’s all true.
Even in a Seller’s market, Pricing is important.
We Vital Few REALTORS at Pareto Realty are masters at finding that pricing sweet spot.
If you’re contemplating a move in middle TN, give us a holler, and let’s together to build a strategy to get you the most money with the best terms.
How’s that for a sales pitch?
Residential Real Estate Principal Broker and Founder of Pareto Realty, LLC. Creating the quintessential real estate firm with emphasis on "Live, Work, & Play" balance . . . and a true Performance Oriented environment for Real Estate Professionals. Serving the Real estate needs of Home Buyers and Sellers in Middle Tennessee.
Comments(5)