Back again with our special show ‘Speed Real Estate,’ all about moving fast – in today’s super-competitive real estate market.
And now let’s talk about selling. Speed counts when you sell, because if your house just sits on the market month after month – buyers will possibly start making low-ball offers. With a fast sale, you can avoid all that.
Ask any REALTOR®, anywhere in the United States – how to sell a house for the maximum profit in the minimum time….and they’ll tell you one thing.
Price it right.
Not too low, not too high. But – just right. Do that? And chances are you will have a fast, successful sale, for the best possible profit.
I know. In today’s ‘seller’s market,’ you might be tempted to say, hey, let’s ask much more than any other house in the area….just to see if we can get it. Just pick a number out of thin air, and see if anyone goes for it.
Well, that’s tempting….but usually, not too effective. And here’s why.
When your REALTOR® helps you price your home, they base their figure on comparable sales. That is, houses similar to yours, in neighborhoods similar to yours. What sold, what didn’t sell, and so on. Based on that data, they can figure out an extremely accurate list price for your home. Right? Right!
But remember – they’re not the only ones doing it. So are all the other REALTORS® out there, who represent buyers! If your house is priced right, that’s what they’ll tell their buyers….and you’ll probably get offers fast. And therefore you might be able to sell your house faster too.
But if your house is priced too high – THAT is what they’ll tell their buyers. And that begins the big slowdown. Because your house might well sit on the market without any offers, week after week, month after month, while other properties sell. Not good.
OK, but say you DO price it way above the market value, and someone makes an offer anyway?
Well, you better hope it’s all cash, Because if they need a mortgage, the place will have to pass the appraisal. And if the appraised price comes in lower than the contract price – somebody’s going to have to fix that. Maybe the buyer will come up with the difference in cash…or maybe you’ll have to reduce the price…back to where it should have been in the first place. Or maybe the whole deal falls apart….
So you’ve lost time.
And a price that’s way too high is not only costing you time, it’s costing you money…. Because every day the house is on the market, is a day you have to cover the mortgage, and taxes and insurance and utilities……and on and on.
So there you have it.
Pricing your house right. Not too high, and not too low – is the proven strategy for to achieve the ultimate seller’s goal, of maximum profit in the minimum time.
It kind of makes you think about that old saying ‘time is money.’