Some of our clients ask us why they should try to sell their home quickly. They may think that it’s better to list their home a little higher than market value to see if someone will pay a premium for it.
In today’s fast paced housing market, the buyer is equipped with information at their fingertips. Listing your home at a higher market value to find the ‘needle in the haystack’ buyer who will pay a premium for your house actually doesn’t work and in fact, often leads to a lower market value over time. Let me explain why.
When your home is first listed, it’s considered the bride on the market. After being listed for three weeks - it becomes the bridesmaid. Buyers are waiting for the newest listings to pop up in their inboxes, and will book appointments with their agents to see them right away. Price, condition, and location are all key factors to sell a home fast.
Most buyers searching for homes in Ottawa have hired a Realtor who is actively sourcing homes in the buyers budget and preferred area.
Whether the buyer is searching for a home in Kemptville, Dunrobin, or Alta Vista, the buyer’s market knowledge is acute.
They have access to the sales in the area and have become market savvy by viewing similar homes in their area of choice.
It’s the buyers who set the sale price of all homes purchased. Let me repeat myself, the buyers set the sale price of all homes purchased.
What does this mean? It means that if the buyer is not willing to pay a certain price, the seller will not have a sale. Final say is the buyer with their bid.
This is why the seller will attain more money in the shortest period of time as the buyer will not hesitate to make an offer if the home is priced to the market.
Think about shopping for a car. The salesman shows you a well-priced clean car with low mileage. You decide you need to think about it, and go home without purchasing it. The next day when you have decided that you do in fact want the car, it’s already been bought by another buyer who saw the value in the car the same day and didn’t hesitate to purchase it.
When shipping for a home, the realtor who is representing the buyer will show the buyer recent comparables (if under a buyer agency contract), and will further solidify the buyers knowledge that the house they have viewed is priced to the market and ready for an offer, and so they decide to make an offer to purchase.
If the home has been on the market for less than seven days, do you think a buyer will have much negotiation room? The simple answer is “NO”. If the home has been on the market for over 30 days, do you think the same buyer would have some negotiation room? The simple answer is “YES”.
How many needles in a haystack do you think you can find where the buyers are educated, have access to sales in your market area, and have a Realtor who is working on behalf of the buyer to find them well-priced homes to purchase?
Trying to sell your home fast is something you should definitely think about before listing with a reputable Realtor. Reputable Realtors want to list your home where the buyer will find value immediately which in turn will leave them with less negotiation room.
Net the most profit on your home sale with Arnett Realty. Call on of our professionals today to find out what we do differently.