Drive Buyers Through Your Door
A common theme that you will find when dealing with me is talking about goals. As a buyer or seller, I firmly believe that it is imperative that you understand why you are doing what you are doing.
For the most part, it is fairly easy to spit out a list of things that you want as a buyer, but it is even easier to forget why you are buying in the first place. My first home did not have linen closets (No good when you have kids) and a large unfinished area in the basement for storage which I loved. When my wife and I bought our next house, we remembered the linen closets but forgot about the basement.
As a seller, everyone would love to get the most they can for the home they are selling. As I have written about previously, price factors in to a potential buyers mindset when they are deciding to spend their precious time to walk through your home during an open house or schedule an appointment with their real estate agent. This is where understanding your goals and having a plan of attack is important. Without one, you are shooting at a moving target that you can't see.
Many people feel that pricing your home just above what you feel it is worth will give you a little "wiggle room" to negotiate and you will end up getting the most for your home. Others price their home at or BELOW market value for a quick sale. Homeowners trying to save a buck or two will go it alone and not use a real estate professional at all, denying themselves of current market area knowledge and expertise.
A recent study conducted by Collateral Analytics showed that homeowners who decide to sell on their own (For Sale By Owner - FSBO) do not typically save money, and unfortunately in some cases, end up costing themselves more by not using a real estate professional. By analyzing home sales in multiple markets in 2016 through June 2017, the data collected by Collateral Analytics showed that FSBOs tended to sell for less than comparable home sales that used a real estate professional.
So what does all of this have to do with driving buyers to your home? DON'T OVERPRICE! The following chart outlines how potential buyers react when a home is accurately priced. The closer your home is priced to market value, the higher percentage of potential buyers will come through. Doing the opposite has the effect that you are probably assuming.......nobody will show up!
Getting buyers interested in your property can be difficult and you can take proactive measures to lessen the stress and time it takes to sell your property. That also includes using a real estate professional to help meet your goals. And for heaven's sake, use the advice from your real estate agent to your advantage and get your home SOLD!