We’re in a very hot market right now and homes that are priced well are flying off the shelves. The average days on market for homes under contract is currently less than two weeks. The average for active homes, however, is between 30 and 40 days. Why the difference?
The difference lies in the concept of listing your home versus selling your home. If you want to sell your home, you need to price it accordingly. If you do, it will fly off the shelf too.
How can you price your home to sell?
In the video above, I’ve provided a pyramid chart that explains the statistical impact of price visibility. At the top of the pyramid are people who price their home 15% higher than its true value in order to leave room for negotiation. By doing this, those sellers only attract 10% of all potential buyers on the market look at their property.
“There is no right or wrong way to sell your home as long as you sell it.”
In the middle of the pyramid are the sellers who price their home right at its true market value. By doing this, they typically attract 60% of all potential buyers to look at their property.
At the bottom of the pyramid are sellers who price their home 10% to 15% under its true market value. These sellers attract anywhere from 75% to 90% of all potential buyers to look at their property. In a hot market like ours, they’re much more likely to generate competing offers and eventually accept an offer that’s above their asking price.
The truth is, there is no right or wrong way to sell your home as long as you sell it. In the last 12 months, 42% of all homes listed on the MLS expired. You don’t want to become a part of that statistic. The best advice I can give you is to listen to your Realtor and do as they say.
If you don’t have a Realtor and are considering selling your home, please don’t hesitate to reach out to me. I’d love to help you.