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Don’t Make a Big Seller Mistake & Let’s Sweeten the Deal

A Seller’s Big Mistake.

The biggest mistake a seller can make is overpricing their home..  A lot of my clients don’t want to admit that they have their house priced too high.

Yes, I said it. Please don’t hate me.  A lot of my clients don’t want to admit that they have their house priced too high.

And truthfully, 90% of the time, I am on their side about the price. I agree with them that their house is definitely worth what they are asking, but the fact of the matter is, we are in a buyer’s market.

There was a young couple that hired a Realtor who listed their home for $250k. This price was about $10,000 higher than what the houses in the area were selling for, but because the Realtor thought their house would sell for an additional $10,000 the young couple listened to him.

The house sat on the market for 6 months with a few inquiries here and there, but nothing serious. A year went by, and the house was STILL on the market! The young couple eventually decided they needed a new Realtor. This new Realtor did drop the price, but only by $5,000. So the young couple’s house was still listed $5,000 above the houses similar to it in the area.

A year and a half later, the couple and the Realtor, both very exhausted and weary, listed the house at $210k, and someone paid cash for it almost instantly. The market had softened while the year and a half went by, and people weren’t paying what houses were worth any more. The sad part about this is that if the Realtor would have just set the correct price in the first place, the house probably would have sold just as fast and for $30,000 more.

Listing a house above market value will almost always end badly for you. It’s much better to actually start just a little lower than market value, because this gets buyer’s attention. Once the attention has been gathered, you will get more than one buyer interested, and they will probably start a “bidding war”.

Basically this means they will each keep making offers until they actually drive the price up higher than market value, and then you can accept one of their offers.

Wherever there is a market, you can make customers. Lower the price of your home, create a market, get people interested, and then sell for the price you want.

Please don’t get me wrong, I do want to be sure to state that I will strive to get you the best price for your home. My goal is to get your home sold, not to give it away.

 

Sweeten the Deal.

Now that we have the price right, what else can we do to put your house above others?

Everyone is looking for a deal; this includes you, me, your mom, everyone. If people think they are getting a bargain, then they are going to hear that little voice inside of their head saying, “do it, do it, don’t pass it up!”

Marketers have been using this method for centuries, and that’s because it works. If you want to convince someone to buy your home, offer them something that no one else is offering. Even if it is something that seems insignificant to you, it may be the closing deal for the buyer.

Let me tell you about a personal experience. My client had been trying to sell their home for almost a year. He had come very close to selling his house at one point, but the deal fell through. He was getting ready to just give up.

Now getting people interested in his home was not the problem. People were looking at a lot of homes in his neighborhood, and his was one of the nicer ones in that particular neighborhood. This was the problem…

Yes, his house was nice, but so were a few other houses in that neighborhood. He was having a hard time closing the deal on his house, because it seemed like everyone would eventually turn their interest to one of these other homes.

I finally talked him into “sweetening the deal”. He needed something that would make his house stand out. He needed an incentive to get people to buy his house instead of the one’s that were almost just as nice right down the street. So here’s what we did…

We had someone look at his house on Monday morning, but they said there were also going to check out the other houses down the street after they left his house.

But before they moved on, I said, “I just want to give you something to consider. We will agree to pre-pay the entire first year of property taxes. Just think of it as a bonus.”

Get this, they were back on Tuesday, and wanted to buy the house! All they needed was a little incentive to make his house stand out from the other similar ones. Once again, it doesn’t have to be much, and it doesn’t have to be the incentive I used in this example.

The list of options goes on and on, and the only thing stopping it is creative thinking. Put yourself in your buyer’s shoes, and ask yourself what kind of “deal” would you like to get when buying a home.

 

Call today to learn a few more things about what buyers are looking for, and what we can do to dramatically increase the chances of getting your home sold.

Toll Free: (800) 660-2121 / Office: (208) 733-2121 

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