Helping the South Lake Tahoe, CA Home Seller sell their house (pt 4)
(Lake Tahoe Real Estate Blog / February 21, 2012 / Richard Bolen)
One of the things we do is provide as much information as we possibly can to help a South Lake Tahoe, CA home seller sell their house. To be successful at that there is much a seller needs to know, comprehend and ultimately accept. This is part four in a five-part series to help all home sellers.
In general, and this is the bottom line, a seller needs to price their house properly to sell it successfully. To do that, one has to be informed, or fully market aware. It is market awareness that helps prevent a home seller's biggest mistake: listing their house too high.
When a home seller lists their house too high, it costs them time and money. This series will detail exactly how much time and how much money listing too high costs.
A summary of all of the Top Five things a Seller needs to know is found below.
The Odds of Selling :
This post is a focus on the fourth of the top five things a home seller needs to know. The Odds of Selling is a look at a home sellers chances of success.
The Odds of Selling is an accurate look at selling odds in four different time frames for a home seller to consider. This gives a seller a true and rather sober picture of what to expect.
We will use the median sold South Lake Tahoe, CA house for this study. As of right now, that is $225,000, so lets look at the odds of selling a South Lake Tahoe, CA house between $200,000 – $250,000.
Odds of Selling in 1 Year :
Here's the odds of selling a South Lake Tahoe house in this price range in a year:
- There is a 52.3% chance of a Seller being successful.
- There is a 47.7% chance of NOT being successful.
- 174 homes appeared on the market in the last 365-days in this price range.
- 91 of these homes sold. 83 have not.
Odds of Selling in 6 Months :
Here's the odds of selling a South Lake Tahoe house in this price range in six months:
- There is a 40.2% chance of a Seller being successful.
- There is a 59.8% chance of NOT being successful.
- 122 homes appeared on the market in the last 6 months in this price range.
- 49 of these homes sold. 73 have not.
Odds of Selling in 90-Days :
Here's the odds of selling a South Lake Tahoe house in this price range in 90-days:
- There is a 28.2% chance of a Seller being successful.
- There is a 71.8% chance of NOT being successful.
- 71 homes appeared on the market in the last 90-days in this price range.
- 20 of these homes sold. 51 have not.
Odds of Selling in 1 Month :
Here's the odds of selling a South Lake Tahoe house in this price range in a month:
- There is a 17.6% chance of a Seller being successful.
- There is a 82.4% chance of NOT being successful.
- 17 homes appeared on the market in the last month in this price range.
- 3 of these homes sold. 14 have not.
Thinking like a Home Seller :
Based on this information, here are some thoughts a home seller might consider to sell a home in this size-range.
- 1. The quicker I want to sell, the more attractive my house will have to appear to today's home buyers.
- 2. Most, if not all of today's home buyers are looking for a deal. To increase my odds of selling success, I must position my house so that it screams "deal."
- 3. If I do not have the nicest house by far in my size or price range, I must make it's listing price as attractive to today's deal conscious home shopper.
- 4. To best price my house, I should consider its characteristics by price and by size, which are included in this series.
- 5. I also must look at the next post in this series, The Effect of Listing a House Too High.
Summary of the top five things a home seller needs to be aware of are:
1. Absorption Rates
This informs a seller about market demand; it identifies a seller's competition, tracks the number of competitive sales a month and pinpoints how long it will take to sell the current inventory in a seller's price-range.
2. Characteristics by Price
This informs a seller about current home prices by examining the key characteristics of a house over time.
3. Characteristics by Size
This helps a seller develop a listing strategy by examining key characteristics of a house based on comparative size.
4. The Odds of Selling
This helps a home seller fully understand their odds of achieving success over time.
5. The Effect of Listing Too High
This exactly identifies what it costs a home seller to list their house too high, both in terms of time and money. The results are both stunning… and a great savings for the South Lake Tahoe, CA homeowner.
Posts in this Top Five Things a Seller Needs to Know series:
Feb 24, 2012: (Pt 5) The Effect of Listing Too High: one of the Top Five Things a South Lake Tahoe Home Seller Needs to Know
Feb 20, 2012: (Pt 3) Characteristics by Size: one the Top Five Things a South Lake Tahoe Home Seller Needs to Know
Feb 18, 2012: (Pt 2) Characteristics by Price: one of the Top Five Things a South Lake Tahoe Home Seller Needs to Know
Feb 16, 2012: (Pt 1) Absorption Rates: one of the Top Five Things a South Lake Tahoe Home Seller Needs to Know
Feb 14, 2012: Intro: The Top Five Things a South Lake Tahoe Home Seller Needs to Know
A few more Lake Tahoe Real Estate Blog posts about House Characteristics:
Feb 10, 2012: Characteristics of the Median Sold South Lake Tahoe House
Oct 19, 2011: The South Lake Tahoe House Now and Then
Some of our videos you may enjoy:
Jul 5, 2011: Awesome Fireworks Finale: South Lake Tahoe, July 4, 2011
Dec 9, 2010: How to find and use our Bolero Button… and why you should.
Oct 20, 2010: Bijou Neighborhood video
Sep 28, 2010: A South Lake Tahoe Indian Summer
Sep 23, 2010: Emerald Bay Treetops… and a Bald Eagle
Sep 16, 2010: Walking on Water… South Lake Tahoe Style
Sep 11, 2010: Al Tahoe Neighborhood video
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