Want to know the secret to selling your home quickly?
There are lots of things you can do to sell your home quickly. Upgrade mechanicals, paint, update kitchen and baths, proper staging, etc. All of these things however take time and, most importantly, money; not all of which you will recoup in the sale.
There is one thing, however, that will almost always guarantee a quick sale even though most sellers are not willing to do it. What is it you ask?
PRICING. ACCURATE PRICING.
Why don’t sellers want to price their home accurately? Because many homeowners have a skewed idea of what their home could sell for in their market. Add to that the advent of online valuation sites offering bloated price estimates and you have sellers thinking their home is worth a lot more than it is.
Selling a home is an emotional process, regardless of how long you’ve lived there. Something made you fall in love with that home at one point and even if that love affair is over, there is still an attachment to the home. With that attachment comes a subjective view of the home’s worth (which is perfectly normal, by the way).
This is where a real estate agent comes in. An agent can help you sift through your emotions and take a more objective look at your home as well as educate you on current market conditions. An agent can advise you on what fix-its and upgrades will reap the biggest return and what is not worth doing.
It’s not always easy to hear that your home is not worth what you think it’s worth, but your agent’s job is not to tell you what you want to hear. Your agent’s job is to communicate, educate, and advise you on the best pricing and marketing strategy to sell your home for the most money possible.
“Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”
-Lawrence Yun, Chief Economist at the National Association of Realtors
Buyers are more knowledgeable than ever before and know when a home is grossly overpriced. Add to that higher interest rates and you have buyers realizing it’s costing more to buy a home than it did just six months ago. Even though interest rates are still historically low, seeing rates double in a few short months have left buyers frustrated and they are just not willing to overpay for a home AND pay twice as much in interest rates for it. Buyers are burnt out with the uber competitive market we’ve been in and are just not willing to play the “how much of my soul do I have to sell to get this house” game anymore.
Bottom line - never underestimate the power of accurate pricing and the importance of having a knowledgeable agent by your side who will advise you on the best plan to get your home sold quickly.
Have questions about the market? Call me anytime. 617-678-0362