Sometimes selling your home feels like you’re shooting for the moon! It can be an up and down ride like that of a death-defying roller coaster and that ride can feel very emotional as well throughout the process. When selling a home sellers often focus on one item and that’s price, getting the highest price for the property in the shortest amount of time. This thought process can be dangerous and will likely delay the sale of a home if not executed properly.
Listing a home on the market means you’re putting it in direct competition with the other homes like yours currently on the market. If your price is to low then you will sell it fast, perhaps to fast since you’ve undercut the market. Price the home to high and you’ll be sitting on the market for a very long time to come. If other homes are on the market like yours and yours is not competitively priced then why would a buyer want to see your home? When you bought the home, did you look at it because it was the highest price home in the area?
Selling Your Home Means Shooting for the Moon!
Providing you’re not listing your home during the holiday season which is slow obviously for real estate, you can use traffic as a thermometer to gauge your list price. Traditional traffic will always be the highest within the first 30 days of the property being listed on the market, consequently your best chances to get an offer are also within that time frame. Full disclosure, it may take a couple of weeks for your agents marketing to fully be completed as online and print advertising does take some time to absorb into the market. With that being said though, if from the 10th to the 30th day of the property being listed you don’t have a stead stream of traffic and hopefully one or even a couple offers then that may be a tell tale sign that it’s time to drop the price.
In the event that the above is occurring your agent will likely have had or will be having a discussion with you shortly about getting the price of the home down to “market value”. In our free eBook, 7 Steps to Successful Selling we cover all the important aspects of pricing as well as a timeline on how pricing will affect your days on market. In the event that you notice your home is priced to high then you need to reduce the price as soon as possible. Contact your agent and ask them to pull your neighborhoods most recent listed and sold comparables. You’ll need this information to know who your new competition is and you’ll also want to know what homes have sold recently that are similar to yours. Once you have these figures establish a game plan with your agent, one that is realistic now and will accomplish what you set out to do… sell your home, not just list it for sale!