Last month I was able to share a few tips on how to get the best possible price and terms as a buyer since we are widely considered to be in a buyer’s market. While this is true there are definitely sellers achieving new price records for their homes, and their buildings. We’ve had the honor of a representing a few sellers who have sold for incredible prices who subscribed in some part or entirely to the tips listed below.
Here they are:
1. Price it light and right
The good news is that despite a softening market, there’s still a market. If we look back to 2009 when nothing traded, it almost didn’t matter how inexpensive you priced your home, no one had the confidence to pull the trigger. Flash-forward to 2018 and we are selling a ton of property. The market quickly absorbs value: customers want to feel like the home is priced as a “deal.” That being said, once everyone flocks to the home all the value flies out the window and conventional auction mentality kicks in: everyone covets what everyone wants. With multiple bids in hand you can generate a sense of desire and urgency and drive the price up.
2. Make it pretty
Everyone is buried in a screen somewhere: a phone, a computer, a tablet. You MUST make a home look presentable before launching it for sale. Presentable is twofold: first you must take the necessary time to make the actual apartment as “staged” and attractive as you can. That may mean actually staging it or simply decluttering, painting, and/or making other minor improvements.
We guide our clients all the time on this and emphasize it as a critical step to getting your home sold. In fact, perception is so powerful that a recent study found that 52% of buyers were willing to offer more for a staged home then those that weren't. The picture above illustrates this point to a T - and yes, this is very much a real listing comparing how we staged and photographed an apartment versus how the previous agent did.
Secondly, the marketing has to be best in class. If you aren’t providing a full suite of vivid photos, a clear floor plan and a well written description, then you’re already losing money. The first home visit starts online so make it look good or you’ll lose their attention.
3. Open (your) house
They don’t call it an open house because people can’t get in! They call it an open house because it means the house is available to be seen. When you list your home for sale in this market don’t be a secret listing and don’t hire a secret agent. Be sure your agent is actively bringing your home to customers and brokers and make sure you are granting access. A home can only be sold if someone gets to see it, so let them! In a buyer’s market, you have to let them dictate the schedule. It’s not ideal, no, but it’s one of the key ways to get your home sold. Suck it up now so that you go into contract quickly as opposed to dragging it out.
Despite adverse conditions, we are still achieving great prices for sellers. It may be more of a ground, it may test your mettle a bit more, and it may require you to make certain scarifies (scheduling, up-front investment) but in the end a sold home is better than a sitting home. Be sure to subscribe to the above 3 points to ensure your safest path to success, and please don’t hesitate to reach out and put us to the test.