Selling a home is more of a process than just signing a listing agreement and putting the house on the market for sell. It's almost like a science that you have to really figure out. Now, I don't believe it's Calculus, but it might just be Algebra 2 or Trigonometry if you still have't mastered the art. However, the more houses a realtor lists and sells, the better the realtor should become at selling them.
In the meantime, what is it that sellers need to know about listing their home and getting it sold? First, no matter what market a buyer is in, they want value. Even in a seller's market where home prices are higher, buyers are still looking for the best deal. In most cases, the buyer is going to choose the home that is going to give them what they want at the best value. Thus, buyers really want the most bang for the buck. If buyers can get near to exactly what they want for a lower price, they are going to take the opportunity.
Second, sellers should to know that pricing isn't determined by sentiment. It's understandable to place a personal value on things you cherish or have put money into, the real estate market, however, doesn't price properties based on sentiment. Pricing is based on very tangible things like location, size, amenities, and condition. This is taken into consideration and compared with the sales data of similar or alike homes within the community real estate market. Personal sentiment often gives value to a home that is incongruent with market data . For example, a seller may have put $20,000 worth of upgrades into a home, but depending on the market, the upgrades may now only give a small fraction of a return on the construction investments put into the home. It is critical to understand the market and where it has shifted.
Third, it is important to know the type of market you're selling your house in. This provides an immediate sense of what direction pricing should take. In a seller's market, inventory is less and there are more buyers. Here, prices are higher. On the other hand, inventory is greater and buyers are less in a buyer's market. Here, prices are lower. This all has to do with supply and demand. A demand in supply will drive prices up while a lack of demand in supply will cause prices to fall. If prices are falling or are low, then that's the direction or trend that should be followed. If the direction is higher prices, the trend will be followed but still with the first point mentioned in mind. Buyers still want value and even if prices are higher, pricing should still be very competitive and present a value to interested buyers.
Finally, know that pricing represents a quick moment to lure in potential buyers. When a home is not priced right off the starting blocks, it decreases the homes immediate saleability. As we've heard before, "first impressions are hard to break." It's not always easy to get buyers to revisit a home once they've determined it to be overpriced. This may easily cause a home to stay on the market much longer. Sellers are still in a competition to sell their homes against other sellers, and it is important to be the seller that is in the running for the buyer's offer. However, there are some listings that will just require more time to sell. For example, the average sell time for a community where I have is listing is 6 months. This is not to say that the home will follow the same pattern, but there is a strong chance that the house will not sell as quickly as another home in another zip code. This is information that requires both the seller and agent to be patient and allow the right buyer to come along.
If you are interested in selling your home and would like a free consultation to see how I can serve you, please contact me directly. As an Upper Marlboro MD realtor proudly serving MD & DC, you can go to my website www.uppermarlboromdrealtor.com to register with me, receive online monthly news letters, and/or search for real estate information to anwer your real estate questions.
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