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| Pricing Your Home | ||
Let me ask you a question. What is the number one reason homes don't sell?The answer is the price is too high. Overpriced home don't sell. Therefore, price is not only an important part of staging, but critical for selling in general. Think about it. Price affects a lot of decisions we make in our lives. The reason I consider price a part of staging -- and yes, a very important one -- is that the purpose of staging is to present the home to the buyers in the best possible light. An overpriced home is not doing that. I mostly focus on homes priced too high because it is rare for a seller to undervalue their home, but that is also not presenting the home at it's best either. Overpriced homes do not appear well in the eyes of buyers. Buyers think the sellers are greedy. They don't trust them because they feel like the sellers are trying to get more money from them than they deserve. Buyers may feel like you are insulting their intelligence. It's so easy these days to do a simple Internet search to see what other homes are listed for or have sold for (more important than listing price). When they see the price and then get to the house, they are annoyed and frustrated and leave with a bad taste in their mouths. Serious buyers have a good idea of the value of homes in their target neighborhood. When they see the price, they are expecting the home to be in a certain condition and contain features that coincide with that price range. When they get there and the home doesn't match these expectations, they are disappointed -- and rightly so. In addition to that, your target buyers are going to be looking in the price range of what your home should be listed at and probably what it will sell for. If you home is above their maximum budget, it may not even show up on searches done by the agent or the buyers themselves. You could have the perfect buyer and miss them because you priced the home incorrectly. Since we're talking about pricing as part of staging, I'm assuming you've staged your home. If you have, then all that hard work is going to be wiped away. It is not going to be seen by the buyers that are able to afford your home or are looking for your type of home. Why? They see the price and think, "Wow, it's too expensive. Let's just stick with those in our price range." And away walks a potential offer. People are so busy today that they really narrow down their selection of homes that agents send them. They'll toss aside those listings that are too expensive, don't show well in pictures on the Internet, or don't appeal to them when the drive by the home. While some people will go look at a home they first passed over and are now considering due to the price reduction, most will not. They don't trust the sellers and wonder if the reduced price is really what the home is worth. Obviously it didn't sell at the higher price so that wasn't the true price. Why should I trust it now? And it has been proven in studies that homes that are listed too high to begin with sell for less than they would if they were priced correctly in the first place. Sellers think, "Oh, I'll just try it first and see if it works. If it doesn't, we can always reduce it." As you can see from what I've stated above, this doesn't work. Finally, and most importantly, a home that is priced incorrectly tends to sit on the market and get stale. This is what happens. Those who can afford that price are disappointed when they see the home because it is not similar to other homes they've seen in that price range. They are expecting more for your listing price. Buyers who would fit your home and would love it if they saw it don't get to see it because they pass it over because they notice the price is too high and out of their budget, or it doesn't even appear in their or their agent's searches that they do. (Most sites let you select a range and people do use this feature). Now the home has been sitting on the market for probably several weeks. People who might be interested wonder why it's been on the market for so long. Is there something wrong with it? Are the sellers difficult to work with? With no showings, the sellers decide to reduce the price. Most likely, the reduction is still not enough to draw in the right buyers. Those that do give it a chance are skeptical because of the time it's been on the market. Again, there are no showings. The buyers consider a reduction. The home is now below even what the actual value is Basically, the cycle continues until a buyer finally sees the home (that you have staged), falls in love with it and is not concerned with the amount of time on the market. Another option is that the sellers get frustrated and annoyed and sometimes even defensive and feel that they will stand their ground with the price. So again, its sits and sits until finally they take it off the market. Now, if the home is priced correctly, you're more likely to have a quicker sale. The home shows up in searches of your target buyers because it's priced correctly. Because you've staged the home, there's a good chance that many buyers like it. After doing research they will realize that the price is right on target with comparable homes. You'll often get offers either at or slightly below asking price. You may even get a slightly higher offer because a buyer falls in love with the home and wants to make sure they get the home. Don't take all the time, energy, effort and money to stage your home and then get to the final step and drop the ball on the price. Stage your home. Do your research and list your home for market value or just slightly above. You'll sell the home quicker, avoid the added stress, and most likely get more money for your home because of both the staging and the fact that you priced it right in the first place. |
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| Friday, Jan 22, 2016 | ||
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