There is a trick to selling your home quickly in today’s market. Present your home in its best light and price it very close to where it is most likely to sell. Your home will stand out because it shows nicely and is priced fairly. This brings lots potential buyers and multiple offers very close to the asking price. Even in this market!
Story Of Two Homes
Why do some homes sell in a week and some sell in six months?
Long Road to a Small House – The Story of Home #1
Home #1 goes on the market in October. It has been recently remodeled and the owners have taken great pains to ensure they make as much money as possible when they sell. They are not investors. They are homeowners who feel that they should be compensated for their hard work and ingenuity. They decide on a list price based on what other sellers are asking and then pad that number because of their efforts and the fact that they are in a “very desirable neighborhood.”
“It takes months to sell in this market,” they say. We can wait around for the perfect buyer.”
They get one showing the first week but no offer. Three months come and go. They drop the price from $420,000 to $410,000. After another month they drop the price to $400,000 and fire their agent. They hire the top one percent super seller agent who tells them their home is overpriced.
“A full front page ad in the Virginia Pilot won’t sell this home at this price,” they are told.
After four more months they drop the price to $372,900. A month later they get an offer for $350,000 and sell for $360,000.
It took 10 months and a 15% price reduction to sell their home.
The End
Short Road to a Big House – The Story of Home #2
Home #2, very similar to home number one, goes on the market a week later for $360,000 and sells in 3 days for $360,000.
The End
The Virginia Beach Real Estate Market
Selling Home #2 was much easier on the sellers, not to mention a quicker read. It also brings us a valuable lesson.
The home buyers decide market value.
A good agent will analyze recent homes sales and come up with a range in which your home is likely to sell. Unfortunately, many sellers’ expectations are based on easily researched, but inflated, asking prices and not on the more realistic, but difficult to find, sales prices. There is no market for the buyer who is willing to pay too much (unless your home is truly unique and exceptional).
When selling your home, it helps if you think like a salesman.
A good salesman doesn’t decide on a product and then price it to make a profit. A good salesman goes out and discovers what the consumer wants and designs that product around what the buyer is willing to pay. Bring an overpriced product into the market and it will sit on the shelves. It’s as simple as that.
Summary
Price your home realistically and it will sell in a reasonable amount of time. We will provide you all the research and analysis of your neighborhood and surrounding areas. You will be able to make an informed decision which will put you a step ahead of the neighbors. As simple as it may seem, pricing your home correctly is the most important step you take on the way to selling your home.
