A Selling Scenario…..
You have the nicest home on Whidbey Island, the friendliest neighbors , the best view, the most lovely gardens, and now you want to sell your home. You want to sell it for as much as you can.
How do we decide what is the “as much as you can” price without getting to the buyer’s “no way” price?
These are the factors we start with.
1) What homes have sold around your home in the last 12 months. We start with a radius of 1 mile and move out. Then depending on how many homes we get in this search, we add special features about your home. The view, the construction, age, community amenities etc.
We then take these homes that we have put in our cart and do a more complete analysis to find those that are the very best match for your property. If we are lucky in today’s market we have 2 or 3 at most in the last year sold that meet our criteria.
Now we need to look at how long these homes were on the market? What was the sales price compared to the list price. How many price reductions did the seller take?
2) Now things get tougher. We see what is available on the market now that we would see as the “competition”. These homes can be in a wider radius if necessary. Buyers usually give themselves a lot of leeway here. We take a look at these homes. Either we go together or you trust my evaluation.
3) Now we discuss what you can do to put your home at the top or near the top of this short list. You probably cannot change some things, and may be unwilling to change others. Where are you on the list after you decide on any improvements you will make? This is important.
Moving on to Pricing
This is the most critical moment. I can hear you now….. “Yes I see the market prices for these homes, however, I think I should be able to get a little more. Let’s start higher and see how it goes.” This is the worst decision you can make. We have all heard you are only new once. Well there is no truer statement in real estate.
You capture agents and buyers attention when you 1st come on the market. Once you are on over a week to two weeks, you are not new, you are not hot, and the buyers will still come, but they will be looking for pricing concessions if they decide to buy your home.
How to Avoid this Scenario
Price right in the beginning. You will sell your home more quickly and you won’t get put on the pile of houses that are eventually going to take price reductions to get sold.
Get the Facts and Deal With Them
Once you know the facts, you still have some options. Maybe there are some improvements that you can do to your home that will kick it up a notch on the potential sales price. Possibly, staging your home, or offering owner financing can make a difference.
If after we review all of these things you are ready to put your home on the market, please consider competitive pricing. The SOLD market does not lie. These are the prices people are willing to pay today, and if you want that 4 letter word attached to your home in the near future let’s get it right before we put in on the market.
Start Early
Give you self plenty of lead time to get your home ready. If your home is on the market now, and is not getting showings, we may need to do another market analysis. It is a moving target, so be sure you are always on top of it.
