Let’s list high so we have some wiggle room…you know…a little negotiating room
As I reviewed some sold properties for a client, I came across a recent sale that had been on the market for 420 days! It shows as 350 days in the MLS (Multiple Listing Service) but with all the “Hold Do Not Show” and “Pending” days, it took 14 months to get this home sold. This is in an area where a typical market time is 60-90 days. The property was listed at about $1,150,000 and sold just above $1,000,000. For those of you who didn’t know there would be math involved, that’s $150,000 worth of wiggle room!
So who has that kind of time to have their home disrupted by this lengthy sales process? This place was owner occupied and required an appointment to visit. Can you imagine the disruption this caused in the home owner's life knowing that the house had to be ready to show on possible short notice? Many times a buyer will call and have a short window available to visit properties which means the owners need to be able to get the home ready to show with minimal notice.
If you want to be a successful seller, start to think like a buyer. And I don’t mean to think like the buyer you were 15 years ago when you purchased your home. The reality is that today’s internet savvy buyers (and they all are!) have so much information available on their cell phones that they know EXACTLY what a home is worth. As you are thinking about wiggle room, buyers are researching the internet to see what you paid for your home, the current price of all the competitive listings and what every home has sold for in the last six months. They know what the market value of your house is and will not overpay.
Over-pricing your home is not a good strategy in today's market. You will end up with a stale listing that buyers rejected in the first week it hit the market. As the Days On Market stack up, your listing gets less and less attention. When you finally agree to reduce your price, don't just chip off $1,000 thinking buyers will be amazed at your generosity. They will continue to ignore your home.
If you are contemplating selling your home, do your homework. Find a REALTOR that will help you find the correct value for your home and will create a marketing plan to get it sold with the least disruption of your life.
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