Wrong List Price on Your Home? 3 Steps to Adjust Share
October 28, 2014
The most activity homes on the market see is in the first 2-3 weeks they are listed. But if you are entering week 3 with a low number of showings and almost zero interest in your property, odds are you listed the home at too high of a price.
The longer a property is on the market, the market clock is working against you, there are several things that can be done to help mitigate the damage, getting you closer to selling your home at a good price. But the key is to act fast.
Adjust the Price
Sellers list their property too high for a variety of reasons:
- Based on other listing prices in the area.
- Based on price the owners purchased the property.
- Over-valuing home improvements.
- What they want to get for the property.
Determining the right listing price is the first step. Remember, your listing price should reflect the current market condition, not your “wish” price. And with buyers being incredibly educated on homes pricing, current market trends and other inventory on the market, pricing your home right becomes more critical. At the end, homes will sale for what the buyer is willing to pay and the seller is willing to sell.
Pricing should be based off of comparable sales in your neighborhood. A realtor can prepare a competitive market analysis (CMA), which is a report evaluating homes currently listed, pending and sold. Once you have the baseline for similar houses actually selling in the neighborhood, you have to consider the condition in the home and location, such as proximity to schools or if the home is located on a busy street.
We live in our homes one way, but homes sell a completely different way. Especially for sellers still living in their home during the selling process, separating the two can be very challenging.
Think “hotel room.” Your home needs to become very minimalistic. Remove family photos, unnecessary furniture, and excess clutter around the home. You want to give potential buyers the opportunity to envision their family photos on the wall, their bookshelves in the office or their favorite rug in the living room.
Bring in a Home Stager
Once you have the right price listed and decluttered the home, the next step is to become a master of first impressions. Especially with homes with little interest in the first weeks listed, first impressions are key to downplay the increasing days on the market. Buyers develop an opinion of your home within the first 6 seconds. What are you doing to make that impression positive?
Bringing in a home stager can give you the edge in that initial 6 seconds. We all have personal styles, and that comes into play when you decorate your home. When selling your home, you are catering to a variety of different styles and personalities. You don't want to discourage otherwise qualified buyers because your passion for safaris in the living room didn't appeal to their tastes.
Here you are going to think “neutral colors,” very conservative and basic, but tasteful all the same. And a professional home stager can walk through your home and make it appeal to a variety of buyers.
If you are thinking of selling your home, give me a call. With over two decades of experience, I can help you list your home at the right price, getting your home closer to sold!