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Buying Real Estate

Don’t Rush The Process

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What would you What would you do if your house did not sell in 24, 48, or 72 hours?

Have you got your home listed for sale but aren’t getting it sold? Companies marketing in timeframes such as 24, 48 and 72 hours potentially kill the most amount of money you could receive. What is the buyer thinking if the home has not sold in that timeframe? Maybe something is wrong with the home price, leaving you high and dry as a home seller looking for a higher price.

The risk with these companies is they do not allow the entire process to work so you can receive the highest price for your home. As a home seller, you will be expecting a quick home sale. However, the offers may not start rolling in immediately. What if there is no offer at all after the home is listed!?

As a home seller, you would have to reduce the price at least once (around 12.9% of the sellers do this). This is a time-tested remedy for a quick home sale because the longer the house stays on the market, the chances of selling it for list price are reduced considerably.

Statistics Speak

According to the statistics, sellers who go with offers within the first week of listing have a 57% chance of selling the property for list price. However, during the second week, the options reduce to 50%, and after that, the reduction continues.

But the statistics are not universally applicable for every real estate market. If you live in a strong seller’s market, the chances of selling your property quickly for list price increases. However, don’t cut your pricing out by telling the market it should be sold in hours! Sometimes the highest price takes 5 to 10 days.

Price is the primary factor for property sale

There are numerous possible reasons why buyers are not willing to purchase your home. However, price is primarily the most significant deterrent for a home sale. Pricing a home correctly is imperative because even a hot seller’s market is no guarantee to every home sale or a quick sale.

Price adjustment is a solution

Make sure to price your home correctly and competitively at first so that you can avoid future price objections. According to the real estate experts, testing the market is not an objective strategy as the response for a property sale can be gauged in the first 7 to 10 days of listing. If the home does not sell in two weeks or no offer is received within the first 10 days, and up to 30 days, it is the indicator that price reduction must occur.

Benefits of rapid price adjustments

Real estate coaches suggest that home selling success comes with a rapid price adjustment, as the same buyers may come back who have liked the property but were looking for a price adjustment. Also, with the price reduction, the property reaches interested buyers who had toured it before but pulled themselves off because of the higher price. Once they know the price cut is coming, they may offer slightly above your intended reduction. This makes a win-win position for both the home buyer and the seller.

Only the best real estate agent knows the correct timing

For a home sale, choosing the right time to reduce the price and % of reduction is not easy. An expert and knowledgeable real estate agent is your best ally to value the price reduction timing as crucially as setting the optimal price initially.

Think rationally before lowering the house price

Once having decided to drop the listing price by ‘X %,’ always consider the following:
The longer your house sits on the market, the less attractive it will be to potential buyers. So set the best price initially. After that, research when to lower the price and by how much. Chasing the market down is a bad strategy. If you have fixed the right selling price from the start, you will not have to decrease the price later.

Decreasing the price harms potential buyers’ ideology as they wonder what is wrong with the property. Moreover, they might be interested in waiting longer to witness even more substantial price drops.

Certified real estate agents are your best allies

Hiring a knowledgeable real estate agent who could provide a competitive market analysis (CMA) is always advantageous. They can help you research your neighborhood property data/value down to the ZIP code for determining how long your comparable homes are selling and at what price. With the help of a CMA, you can determine the true value of your property. Most of the time, real estate agents offer this service for no added fee or obligation. This strategy helps to gauge your home sale timing and price discounts to be provided on the property.

Follow the golden rule

As a seller, you may want to make only small price adjustments to facilitate the sale. However, this is a bad practice. Taking multiple small reductions prolongs the sale process. Instead, decide on a price cut of a significant level to jumpstart the buyer’s interest in your property.

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