The Price is Right

Why the listing price of your home should

be right the first time:

List vs sale price.JPG

 

Why Buyer's are keen and know the market: 

In this tight market with low inventory it is important to have your house priced correctly.  There are buyers who have been looking, waiting on that perfect property that meets all of their needs and at the right price. These same buyers may have also 'missed out' on a couple of gems already.  Maybe due to moving slowly, waiting til the weekend to see a place or trying to 'get a deal'.  What's important to know here is that these buyers are READY.  So, by the time your house hits the market, they are very familiar with the factors that create value in a home:  location, condition, upgrades, potential....and after a few letdowns, they know they need to act quickly and aggressively.

"I'll list it higher now and just lower it later" 

I disagree with this strategy, especially in this market. The first 11 days are the busiest in my opinion and buyer's will know if your house is overpriced.  When they see this, they might just skip right over you and think "I'm not wasting my time with this."  What I want a buyer to say when they see your house hit the market on Day 1 is this:  "Wow, look at this, this is what I'm looking for and it's priced right...we need to hurry and see it!"  Alternatively, let's say you do decide to lower it.....well, your listing and picture is going to keep coming up in their feed but they've already established a negative feeling for your house in thinking it is overpriced....so now, your home has been on the market and the days keep adding up and now a new group of  buyers might be thinking...."Something must be wrong with this house if buyers have passed on it for the last three months..."

My pricing strategy:

When discussing a listing price with my clients I spend a few HOURS looking at data in advance for our listing meeting.  I don't just show up and ask the client what they want to list it for. I arrive prepared, with an interactive spreadsheet that I create....It contains a slideshow of the recently sold properties and the current active market (your competition) as well as a list of houses that have failed to sell. This takes much longer than clicking a button and generating an automatic CMA. Together, the buyer and I determine how their property compares.  We pretend we are the buyer and look at all the properties that might be considered and discuss just where our property should land on that sheet. 

Results, my last 5 listings : 

  • 2/1 in Rosewood:  Listed for 170,000. Under contract in 8 hours. (closed in July 2017 for 173,000)  
  • 3/2 in Old Woodlands:  Listed for 220,000, Under Contract in 55 days after multiple offers (listed over Christmas and in winter) (closed Feb 2018 for $214,900) 
  • 4/3 in Jackson Heights:  Listed for 380,000. Under Contract in 5 days after multiple offers. (closed March 2018 for $380,000) 
  • 3/2 in Forest Acres:  Listed for $180,000.  Under Contract in 23 days after multiple offers.  (closed March 2018 for $170,000)
  • 3/2 in Arcadia Lakes:  Listed for $184,900.  Under Contract in 3 days after multiple offers. (PENDING closing in August). 

The asking price for my last 4 listings closed total was: $950,000, and the closing figures for those was: $937,900....that's an average of achieving 98.73% of listing price and approximately 21 average days on the market. 

Let's get started today:

When you're ready, we'll meet for a quick consultation at your home.  I might take a few preliminary pictures and go back and look over data.  Once complete, we'll meet again at your home to discuss the market, perhaps discuss projects that need completing, staging of existing furniture and minor changes you can make to achieve great results.  Are you ready now?  Give me a call:  803-237-0117.