With housing inventory levels at record low levels, we see the law of supply and demand working. Low housing inventory = high house prices. Motivated buyers who are not significantly impacted by high inflation or other economic issues are continuing to buy homes and are willing to pay a premium. Thus, as long as you have 4 standing walls, a roof, and a good foundation, your home will sell in this market. However, if you really want to sell RIGHT, don't make these 3 MAJOR MISTAKES that will lead to more days on the market and a lower sales price.
1. Price Right
Don't be that seller that prices for the top of the market when your home does not match the top of the market offerings such as newer homes, significantly remodeled homes or outdoor living areas and pools, or a highly sought-after location, such as on a large private lot, golf course lot, lake views, etc. With the lack of housing inventory, buyers are looking at all options to buy and costs to remodel.
They are well versed in the competition better than most sellers because they physically view every available home that is comparable to yours in price range and location. If your home is on the market longer than the competition, that is a red flag.
2. Make Your Home Show Ready
I have been amazed to show homes with unmade beds, homes with more than average clutter, or homes that need a general cleaning. Most buyers do not have the vision to see past this and form unfavorable opinions of a home that does not show well. Buyers then wonder if what they don't see, such as major mechanical systems, have not been well maintained and will be problematic.
Everybody wants to feel comfortable touring a home. One that is unkempt tends to signal a distressed seller or an unhappy home. Buying a home is partly emotional so you want buyers to fall in love with your home. When they do, they will want to pay a premium price to buy your home.
3. Don't Make Showing Availability Too Restrictive
If you have taken care of #1 and #2 above, your home should not be on the market long if you permit as many showings as possible at the onset. A significant part of my marketing plan is pre-marketing-BEFORE COMING SOON status. I do this to maximize buyer and buyers' agent exposure and communication so that we have an opportunity to sell before we are officially on the market and if not, on the first day we are on the market, we already have a full day of appointments scheduled. Typically by the second or third day, we have multiple offers to consider so showings are not necessary beyond that.
My marketing approach is very strategic and customized for each home based on its location, features, and forecasting into the immediate trends since even in this strong seller's market, we have to consider factors that impact buyer confidence and motivation to ensure a strong sale.
