Hi guys Alexander Piana here with another video for sellers and importance of intelligent pricing and pricing a property correctly.
Here’s a graph we’ve been using for years and real estate that basically shows time versus activity:
Within our first two weeks we have the best chances on selling your home. We basically can understand that this the time where the property is fresh, it’s exciting, it’s new to buyers and to all the agents so we had to capitalize on those first two weeks.
So doing all the necessary marketing like a sign in the yard, in the MLS and putting it all on websites, during the open houses, during the e-blast to all the clients in the new listings; typically with that kind of exposure, your home will get the greatest amount of attention and interest within those two weeks . That is why the two week period is the most important.
For not getting any showings , for not getting any offers within those three, four or five weeks then definitely there is an issue there its either with the condition of the home or the price of the home. Pricing is usually the number one reason why people view homes, so we used to go there first and look at the condition of the home or the location of the home.
Second, if this is the case where the properties become a little bit stay long and been just sitting on the market, we really need to have a quick conversation with the agent. Understand what the other agents that are showing the home are saying, what their buyers telling us. So we can get a little better feedback maybe perhaps we can do a little sprucing up for the property or do a little curb appeal change, maybe the interior or a staging of the property is not working.
We have to remember the market can always change its mind and they can give the home another chance. However we can never pick up all that lost time that we lost initially for those first 2-3 weeks. Perhaps what can also happen is a stigma to cloud your home’s value and the buyers out there might think there is something currently wrong with the home, so we definitely don’t want that to happen.
We also have to remember that and counter pricing in about getting the most for the home, is actually about getting your home sold quickly at fair market value. And again fair market value is when you come to agreement with the buyer and the seller, and they both can agree on a price. This is a very important.
Hopefully this information helps on pricing ones home.
To get more information give us a call at (714) 745-0896
Alexander Piana, The Piana Team.