I know that every home seller wants to realize as much money as possible when selling, that is a given. Most to almost all sellers think that the strategy of pricing their home a little higher, will give them some wiggle room to negotiate.
In the old days (last year?) that strategy worked about 50% of the time and now, perhaps 10% of the time!
Why is this?
Home Buyers have much more information at their fingertips than ever before, one click and buyers know prices that homes have sold for on the street, in the neighbourhood, how many days it took a home to sell, they have pictures, virtual tours and even online home valuations for free!
As well, the average buyer has already been in 6-10 homes similar to yours, they compare, they get a feel and in the end, the brutal truth of it is that a home's value is what a ready & qualified buyer is willing to pay!
Not you, your Realtor, your neighbour or your hairdresser or Uncle Bob who knows everything!
Think about this: When a home does not sell within 2-3 weeks (in today's market 5 days!), buyers and their Realtor think there is something wrong with the home. And, if you were to reduce the price, the money lost ( you can't lose something you have never had, but that is another story) is not just the lower sales price, but all the extra interest on the mortgage…all the extra property taxes and other carrying costs that add up while the home is waiting to sell.
I call it chasing the market or it is like falling off a cliff in the night, you know you are going to hit bottom but you don’t know when!
Real Estate Fact: The Seller Is Solely Responsible For How Much, and How Quickly Their Home Sells! The Buyer's Contribution To How Quick and How Much a Seller Receives Is What A Capable Buyer Is Willing To Pay!
I wrote a seller's guide that sheds some light on maximizing the sale price:
- How to set the asking price to maximize exposure and a profitable sale.
- How do you really define and compare market value between homes?
- How the total market performance may affect your home sale – positive or negative.
- How to handle buyers during any showing to help yield the highest price.
If you grasp these important issues, you’ll know how to price and sell your home for the fastest, most profitable sale. Also, with this information, you’ll never pay too much for any home you ever buy for the rest of your life.
Where Does a Buyer Start To Look When Are Thinking About Buying a House or a Condo in London Ontario & Area? ?
96.7% of homes sold have been previewed by buyers on websites, either through Realtor's websites, MLS or social media ! That is a huge number and why it is extremely imperative when putting your home for sale in London Ontario & area to have a great web presence or three!
Below is How Home Buyers First See a Home
- 59% Salesperson contact
- 27% For Sale Sign
- 8% Referred by a relocation service
- 3% Through family or a neighbour
- 1% An advertised property in a magazine or print ad
- 1% Through an open house they saw
- 1% For Sale by Owner
Knowing the above numbers and how buyers find your home among all the other homes on the market that are competing with yours, will enable you to make some wise decisions when it comes time to put your home on the market.
There are many homes for sale in London Ontario and making your home stand out & get noticed is very, very important.
There should be virtual tours of your home compatable with buyer's desk top, tablet or a handheld device, a good professional Realtor will spare no expense to ensure your home is presented online in the best possible way. Social media, blogs and on your home on more than one website and a recognized For Sale sign will expose your home to all buyers.
The pictures and other web based presentation tools are now truly the difference between a buyer seeing and potentially buying a home and a buyer simply deleting it from their search never to be considered again as a viable purchasing option.