In a market with so much inventory (absorption rates on the Virginia Peninsula are currently at 6.3 months), how does a seller differentiate their listing from everyone else's?
I recommend that sellers think of their property as a product; just like a product on the shelf in the grocery store. Buyers don't care how much you paid for it, or what your new home is going to cost; instead, they are going to make their purchase based solely on comparison. Is your house the BEST VALUE for the money, compared to the other houses that are available?
The first differentiator is PRICE. Rather than focus on what properties have sold for historically, the savvy seller is paying attention to their active competition. Buyers buy based on comparison. What other similar homes are available, and are they more or less expensive than mine? It's also critical to remember that today's homebuyer had a vast array of choices, so you need to review the competition by casting a pretty wide net, not just those homes on your street.
The second differentiator is CONDITION. Because they have so many choices right now, buyers are looking for move in condition. Paint in neutral colors, replace worn carpet, and invest in fresh mulch and first impressions. Those dollars will pay off three-fold by reducing the amount of time your listing is on the market.
Lastly, consider buyer concessions. If a shopper is considering two boxes of cereal that seem to be comparable, the one that offers a rebate or a prize inside is likely to win the purchase. There are dozens of incentives (for buyers and agents) to promote activity on your listing.
For additional Info contact John Womeldorf/ Liz Moore & Associates 757 254 8136
John@MrWilliamsburg.com email
www.MrWilliamsburg.com/ website
www.MrHamptonroads.com/ website
www.MrTidewater.com/ website
www.MrVaBeach.com/ website
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