Whether you are thinking about or actively trying to sell your home, it is important to keep your goals in mind. Now this may seem like a simple concept, but more often than not this concept gets lost in the emotion of selling your home. In order for a real estate transaction to go smoothly sellers and buyers alike must pick out what is most important to them. (In this post, I will talk primarily about selling.) Is selling fast a priority or is selling for a premium a priority? Occasionally we can have both, like we did a few years back during the “oil boom” here in Alva, Oklahoma but in the market lately that has proved to be a different story.
As a real estate professional, we can help you sort out what your goals are and align them properly to how the house is priced and marketed. If you have a house that is desirable to a good market of people, there is no problem placing a premium on the house. However, you must be willing to wait for the buyer that will pay the premium for their dream house. If there is a comparable house on the market for a lower price, you may lose buyer to the other properties. This is okay, but you need to prepare for potential buyers to pass.
On the contrary, it may be important for the seller to have a quick transaction(Ex: not sit on the market for 6-12 months). If this is the case, sellers need to align their list price and marketing towards a quick sale. This starts by sellers realizing that they often times will not get the premium list price for their property. I will warn you now, you may need to put on blinders to what other comparable houses are listed for. Remember, this is what they are LISTED for not what they are going to SELL for. There is a big difference between those two ideas. By placing an inviting list price on your property, you are encouraging people to not only show serious interest in your house but to have the opportunity to fall in love with it as their next home.
Obviously there are many other conditions that will need to be accounted for in a real estate transaction such as property conditions, potential use of property, LOCATION, and other things. However, figuring out where you are in terms of premium list price and selling time frame, both relative to previous listed factors will help keep the right goals in mind. If at all possible remove the emotional attachment from the transaction so you can keep focus on your goals. By hiring a real estate professional, we are often the ones to offer a fresh perspective to your home selling experience and your expectations.
Real Estate Broker
June 23, 2017