Your Home is a Product
Once you put your home on the market, sellers need to face the reality that the home is no longer a home. It is now a product. I know it is very hard to look at a home in this manner with the carefully crafted memories that your family has, but the reality of today’s market is that a meticulously staged home that will appeal to the masses will command more from the buying public.
The homes that appeal the most are the ones that have a crisp, clean feel to them. Such as:
- Newly painted home in the latest neutral colors,
- Interior that is dusted and de-cobwebbed,
- New neutral carpet, and
- Landscaping that is cleaned up without weeds and with mulch.
It helps to have an updated kitchen, bathroom, and a finished basement. However, if I stuck a batch of 100 crisp, clean new $1 bills in front of you, would you feel it would be worth $120 over the actual value of $100?
Remember, marketing is all about perceived value when it comes to selling. The best situation is when the buyer perceives that they are getting more than the seller is asking because the buyer (if able) will be willing to pay more if there is competition.
Commanding a product that is worth more to the public than the asking price is a much better situation for the seller. It’s not a concept commonly practiced. Sellers actually frown upon pricing their home competitively too low because there is that doubt that buyers would want the home more than the list price.
Yet, every time I encounter a home that is handled as a product with a reasonable to lower price than the surrounding properties in a low inventory market, it sells and fast usually with multiple offers. Think about it next time you want to place your home on the market.
Is it better to wait and see if buyers will bite at your price? OR
Is it better to have the offers roll in and choose which one you want to work with?