Selling Home in a Competitive Market?

Competition in the real estate market is always high since a plethora of companies and agencies run similar marketing strategies to sell a property. What will you and your agent do then to beat them?

Sure, you can sell your home in this sellers’ market with ease, but are you optimizing the value of your home?  Let’s look at a few ways to do that.

1. Evaluate Your Property.

Assess your property and address any repairs that you’ve been holding out on making (within reason of course). 

The first impression is crucial. By the time potential buyers enter the door, their impression is already partially formed. Their overall impression must be positive as they move through your home. So, before you list it for sale, make sure that it will leave a lasting first impression. Or at least mitigate the NEGATIVE impression as many buyers tend to look for the shortcomings and negative condition of the house as an opportunity to get a discount.

2. Consider Staging.

If you’re a busy person and don’t have time to fix up your home, then you might consider home staging. There are staging professionals or services available today that don’t cost too hire for a few days while buyers are coming in and out of your home.  Avoid leaving your home vacant if possible.

3. Establish an Effective Online Market Strategy.

Advertising your property online is one of the most effective ways to attract more people or clients that best suits you.  If you hire a real estate agent, they will do the marketing but do not leave it all in their hands.  This is your property and it is to your greatest benefit to secure the highest bidder for your home.  So when you or your agent place the listing online, be sure to share it with your friends, group Facebook pages and anyone that will listen. 

4. Acknowledge Constructive Criticism.

When you are into selling a house, look for ways on how to improve your listing or the house itself. The first couple of days will tell you much about your property as feedback will start trickling in.  It’s important to stay as objective as possible as buyers are going to highlight more of the ‘bad’ than the ‘good’…especially as they are asked why they did NOT put an offer on your home. 

5. Price Appropriately.

Pricing a home takes the following into consideration: past sale statistics, competition's pricing, industry trends and specific home condition.

Don’t overprice your home as that could throw off your potential buyer.  The only thing you accomplish with overpricing is staying on the market longer and getting sub asking-price offers.

Yes, presently we are in a sellers’ market and you have buyers literally lining up at your doorstep to court you and make an offer on your home.  But real estate is cyclical and sellers’ markets can quickly turn into buyers’ markets.  Please reach out to Echo Real Estate Advisors at www.echorealadvisors.com or (972) 695-3676 for any questions about this topic or any other real estate inquiry.