The 1 Thing You Need To Sell Your Home
Before you listed your house you sat down with a real estate agent. You probably talked about open houses, flyers, marketing plans, staging, photographs and for how much other homes have sold. But did you talk about real value. If you didn't maybe I can help explain what is true value.
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There are 3 ways to look at a homes value: appraisal, current market analysis(CMA), and true value. An appraisal although important only determines how much a bank will loan on the property. Now a current market analysis is closer to true value but this is an educated guess. A subjective guess that a listing agent can make favorable for the seller. And a buyer's agent can make the comparable homes favor the buyer's price. Ok, so what's true value?
Simple, true value is when a buyer knocks on your door with a signed contract at a price you agree to. Although it sounds easy to have that at your door. It's not, even in a hot spring market like this one. I think part of the problem is the understanding of pricing. Sellers tend to think that a home's list price is what they should get. Like I tell my sellers if the ask(list) price is what your going to get, then we would just ask for a million bucks. I told a friend of mine a few days ago about the apples to oranges comparison.
Imagine if you will, your listing price is an orange. The selling price is an apple. Now the old adage is "that's like comparing apples to oranges." Well you shouldn't they aren't the same thing and they don't relate. That's my philosophy on the selling price verses list price. Honestly they have no relation to each other. We've all seen houses sell below and above the list price. Here's the best way to look at the list price: the list price is actually an amount of time you're willing to wait. So how long are you willing to wait to get what the market will bear?
Knowing this philosophy will allow you to understand the importance of dropping your price. After a home has been on market for 6 months people look at it differently. The buyers don't say "wow look at this great deal!" No, instead they say "what's wrong with it?"
The only risk in under pricing your property is accepting the first offer that comes along. You'll know your home is priced right when you have at least one showing a day or multiple offers.
I promise the market will bare fair market value. Don't be afraid to lower your price. Lowering your price will only create competition. It will most likely result in a multiple offer situation. It's much easier to work with several buyers than just one buyer.
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Posted in Real Estate Post Date 09/05/2023