lake county real estate. and then some…

selling homes…a family tradition


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Think overpricing your home won’t hurt your chances to sell? Think again…

You have one chance to appeal to a buyer.  One.  And that chance is usually presented on-line.  That is why staging for photos is so important.  And why pricing the home correctly at the beginning can set the course for success, or for failure.  Keeping Current Matters explains it well below :

Selling Your House? Price It Right From the Start | Keeping Current Matters

In today’s market, where demand is outpacing supply in many regions of the country, pricing a house is one of the biggest challenges real estate professionals face. Sellers often want to price their home higher than recommended, and many agents go along with the idea to keep their clients happy. However, the best agents realize that telling the homeowner the truth is more important than getting the seller to like them.

There is no “later.”

Sellers sometimes think, “If the home doesn’t sell for this price, I can always lower it later.” However, research proves that homes that experience a listing price reduction sit on the market longer, ultimately selling for less than similar homes.

John Knight, recipient of the University Distinguished Faculty Award from the Eberhardt School of Business at the University of the Pacific, actually did research on the cost (in both time and money) to a seller who priced high at the beginning and then lowered the their price. In his article, Listing Price, Time on Market and Ultimate Selling Price published in Real Estate Economics revealed:

“Homes that underwent a price revision sold for less, and the greater the revision, the lower the selling price. Also, the longer the home remains on the market, the lower its ultimate selling price.”

Additionally, the “I’ll lower the price later” approach can paint a negative image in buyers’ minds. Each time a price reduction occurs, buyers can naturally think, “Something must be wrong with that house.” Then when a buyer does make an offer, they low-ball the price because they see the seller as “highly motivated.” Pricing it right from the start eliminates these challenges.

Don’t build “negotiation room” into the price.

Many sellers say that they want to price their home high in order to have “negotiation room.” But, what this actually does is lower the number of potential buyers that see the house. And we know that limiting demand like this will negatively impact the sales price of the house.

Not sure about this? Think of it this way: when a buyer is looking for a home online (as they are doing more and more often), they put in their desired price range. If your seller is looking to sell their house for $400,000, but lists it at $425,000 to build in “negotiation room,” any potential buyers that search in the $350k-$400k range won’t even know your listing is available, let alone come see it!

One great way to see this is with the chart below. The higher you price your home over its market value, the less potential buyers will actually see your home when searching.

Price & Visibility | Keeping Current Matters

A better strategy would be to price it properly from the beginning and bring in multiple offers. This forces these buyers to compete against each other for the “right” to purchase your house.

Look at it this way: if you only receive one offer, you are set up in an adversarial position against the prospective buyer. If, however, you have multiple offers, you have two or more buyers fighting to please you. Which will result in a better selling situation?

The Price is Right

Great pricing comes down to truly understanding the real estate dynamics in your neighborhood. Look for an agent that will take the time to simply and effectively explain what is happening in the housing market and how it applies to your home.

You need an agent that will tell you what you need to know rather than what you want to hear. This will put you in the best possible position.

Selling your home? Avoid these buyer turn-offs

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6 Home Turn-Offs You Should Avoid #homebuyer #buyingahome #seller #sellingmyhome www.tkmomteam.com


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Should you list now? Or wait…

Thinking of selling your home this winter?  Farmer’s Almanac is forecasting a tough chicago winter season.  In case the bleak weather forecast isn’t enough to persuade you to beat the winter market, how about some of these…


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Should you list now? Or wait…

Thinking of selling your home this winter?  Farmer’s Almanac is forecasting a tough chicago winter season.  In case the bleak weather forecast isn’t enough to persuade you to beat the winter market, how about some of these…


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Need a change at #home? Try this…

The best part about paint?  You can easily change it if you don’t like the end result!
http://ow.ly/zvMp2


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Think staging your home is only for sellers?

Think staging your home is only for selling?  You may want to reconsider that after reading this…

http://ow.ly/xCSCE


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41% of Americans would prefer to build…

According to KCM’s findings, 41% of Americans would prefer to build their home, as opposed to buy an existing property.  Those are terrific numbers, if you are selling a plot of land, or are a homebuilder looking for business.

However, if you are trying to sell an existing home, how can you use this information to help sell your home? Take a look at the graph.  Give your attention to the reasons that home buyers prefer to build, and make some changes to increase your home’s appeal.  Pay heed – cost savings is the number one driving force for purchasing a resale over a new build.  If you are going to update your current home, to enhance its’ desirability – make sure your costs are reasonable.

41% of Americans would prefer to build.