The skill of pricing a home to sell is not art and neither is it subjective. It comes with proper research and market analysis of surrounding homes within the neighborhood, similar year built and similar features. Correctly-priced homes do not stay on the market long (especially here in the Frisco and northern suburbs area of the Dallas metroplex). Usually around 30 days no matter what your housing market looks like. Yes, I do mean it. If the property is on the market for over 60 days, it is a strong indication that it is overpriced based on its location and features.
The first 3 weeks of the house on the market is one of the most important steps in the sale. With good traffic, it must already have "interests" on the property. It could mean that other visiting agents and their clients have more questions about the property or they are asking for a seller's disclosure. These are the signs that you are on the right track.
Why Is The First Three Weeks The Most Crucial?
Because it typically receives the most traffic regardless of the season: Spring, Summer, Fall or Winter. The first weekend could be slow, but during the week and the second weekend should be busier and peaks at the third weekend. Remember that buyers are usually non-forgiving in this marketplace. If it is indeed over-priced to begin with, they usually WILL NOT return for a second showing even if you reduce the price later. So, the typical seller's response about "I'll list it first, then I can always reduce it" concept does NOT work in a housing market like we have.
Also, the further away you go from the time you initially list your home, the further away you are potentially walking away from your asking price. Thus, the greatest opportunity to sell is when it is "fresh" on the market.
I proudly serve and sell real estate in the northern suburb cities of the Dallas metroplex. If you are thinking about purchasing or selling your home in neighborhoods of Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area and other surrounding areas.
I have also written many blogs about the Art of Pricing Your Home.
Read also, Buyers & Sellers: Does Your Price Point Really Matter?
Seller says, "I Dont Want To Give My House Away"
It Boils Down To the Perceived Value of Motivation
Much to your success.
*************************************************************
Contact:
Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com
Note: All contents are original. Consider subscribing to my blog for fresh business ideas, often creative and unique. It is my intentions to bring you effective blog contents that will could make you feel that it was worth your time to subscribe.
Copyright © 2008 by Loreena Yeo (3:16 team REALTY). The First Three Weeks May Be The Lifeline of Your Sale.
 |
|
|
Providing quality real estate services in the Frisco TX, north Dallas suburbs markets with high character values, resources & results. I'd never expect you to buy/sell if I wouldn't want to myself.
Heritage Lakes Frisco TX Summer 2008 Real Estate Report Card
North Dallas TX Summer 2008 Real Estate Report Card
Allen TX Summer 2008 Real Estate Report Card
Plano TX Summer 2008 Real Estate Market Report Card
Frisco TX Summer 2008 Real Estate Market Report Card
In Search of a Foreclosure Deal
Featuring Dallas Creative Wedding Photographer
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2008 ActiveRain Corp. All Rights Reserved
Loreena, good information. Pricing it right to begin with is so important. I put one on the market just a few weeks before Ike and he sure took a hit on our showings.
Very good info for sellers. Many sellers do not realize how important the first few weeks are on the market. This market is very honest and if a seller overprices their home it will sit and sit.
So true. We refer to this as the "sweet spot" of the listing... is critical and crucial to price it right to increase the chances that the property is sold during this time as that is when the most showings and activity will occur.
Loreena - These are good points. I hope that you get a lot of new Realtors reading these posts to get solid ideas and avoid unnecessary obstacles. I'm sure some of it is the market we are in, but I am seeing more and more homes that lower the price after a few weeks and some that lower again.
Loreena - you are absolutely right. The most activity comes within the first three weeks, and you can see a trend after that. I do email my clients the statistics portion from realtor.com and that is great information to provide to your client and the information is very real. Great post and I bookmarked it!
Loreena, I use the three week freshness discussion in my listing presentation and it is so important to price it right up front.
Excellent information. Thank you!
Great information...I'd love to re-blog it! Price is so critical and I don't think sellers realize this still...
Loreena....this is excellent and much needed information!
I would love to re-blog it also!