Get the most out of the first two weeks that your house is on market.
When selling, there is an emphasis on pricing your house strategically. But one of the things that agents don’t stress enough is the importance of the first two weeks after you put your house on the market. When you’re new on the market, the first two weeks are a crucial period where your house is exposed to buyers who are looking for and waiting for new inventory. It is also in those first 14 days that you get your most serious buyers. Here are three things that you should be aware of as a homeowner when selling in those first two weeks.
1. You can never get back your first two weeks on the market. You might think that pricing at a premium or higher than market value is a good idea; besides, buyers can make an offer if they like your house. Unfortunately, having some buffers rarely works. Thinking that you can start high and negotiate down is not a good idea. When buyers see that your house is priced too high, they won’t even consider making an offer, thinking that your property is still too fresh on the market. Worse, they might wait for a price reduction, assuming that your house is overpriced, and let the market dictate the right price for your house.
2. Have a good pricing strategy. Many sellers are worried that if they set a reasonable starting price, they could get taken advantage of by buyers. However, you need to remember that the market sets the price of your home. Your initial starting price isn’t what you’ll get for your home; it’s a marketing strategy. By pricing your home reasonably out the gate, you’ll attract more buyers, which will drive up competition and ultimately lead to a higher price. On the other hand, overpriced homes are often ignored by buyers, meaning you’ll have to lower your price anyways just to get an offer.
3. Time on the market is not your friend. The longer your home sits on the market, the harder it is to leverage your position as a seller. Smart pricing is the best strategy to avoid a drawn-out sale. Setting an unrealistic price hurts your chances of a quick sale. Before, we could price your home at a premium, and everything sold because the market rose to meet it. But now, borrowing money is expensive, and we have to look at pricing as a business decision, not an emotional one, to get your home sold.
The good news is that you can always price reposition to get another group of buyers looking at your home, but I always recommend you consider not waiting too long to do so and trying to start the price out where it should be in the beginning. If you want to learn more, reach out to me by phone or email, and let’s connect.
