We’re currently reading Karen Briscoe’s “Real Estate Success in 5 Minutes a Day” and wanted to share a few VERY IMPORTANT pieces of information we pulled from this page with you sellers out there!
Understanding “why the best houses sell so fast” is very important for our sellers when making decisions on pricing!
“There is a trifecta achieved in real estate: the value of the location, price and condition of the property relative to the market. It is frequently in flux, as the market is constantly changing. For example, if another home comes on the market in the neighborhood and it is a better price relative to the homes already on the market, it then will become the “best house.” Once the first pool of buyers views a home and it hasn’t gone under contract, then that is in itself the market speaking. The message is silent and sometimes “hard to hear.” What it is saying is that the home did not meet the criteria of those buyers. The market is the market study.
There are effectively two ways of getting the attention of the market again. One is to change the condition of the home and the other is to change the price.
The critical condition issues become evident as the agent obtains feedback from buyer agents or from buyers directly at public open houses.
The most effective means I have found is to personally call all the agents who have shown and previewed the home and invite them back to see the fresh look. Another strategy is to host a brokers open house for agents to take another tour of the home. And, it almost goes without saying, be certain to upload fresh photos on the Internet if applicable.
Adjusting the price is the most effective means to grab the attention of the market.”