In this edition, I wanted to talk about properly pricing your home or piece of land. It is so important in the beginning, if we can to get it right, because it really affects your days on market and a few other key attributes.
The first thing is when we go on the internet, your first four to six weeks, that is when you get the most internet activity on your listing. That’s when you get the most views on Zillow, the most saves. So if you are in a wrong price category, we’re missing a whole level of buyer that could be looking and wanting to purchase your home.
The second thing is, as the listing stays on the market, the longer it stays, it sometimes can be perceived as getting stale. Now, all marketplaces are different because days on market varies from market to market, it varies from St. James to Winding River to Boiling Spring Lakes, to Oak Island. But we really have to be cognizant of that because you will reach a point where it becomes stale inventory.
Third thing is buyers want to know that you’re serious in selling your home. Just like some buyers low ball with an offer, they want to know that a seller is not just trying to highball if you will, their listing price. So they may look at the listing price, know the market they’re in and say: “wow, that’s way too high for this marketplace, that seller’s not serious in selling their home.”
And the last point is, even though we all think sometimes that buyers do ball, there’s a very small percentage of them that actually do it. They do have a conscience, meaning if you’re too high, they may not want to actually offend you with making an offer at a market price. So you might again be missing a buyer that is truly genuinely interested in your home, but it’s just priced too high.
So to recap, the first four to six weeks on the market, that is when you’re going to get your most activity. You don’t want your listing to get stale. Again, each marketplace differs with, with days on market. Buyers want to know you’re serious about selling and a large percentage of them don’t want to offend you with what would be a market offer, but considered low ball because of the pricing.
So as always, thank you for having me just four quick points, but it is so important too, to get that listing price correctly the first time.