Over the years, I've had the dubious experience of becoming a myth collector. Specifically, regarding the myths around why a home has not Sold. As I talk with agents around the country, it has become clear that these myths are actually very widespread and have developed a life of their own...sometimes with variations which are location specific.
As a public service, I am going to do a mini-series regarding these myths and give some insights regarding why they ought to be dismissed and rejected. Continuing...
Myth #7...All forms of Advertising are Equal. Especially when it's the form I prefer or which helped me locate my current home.
FACT: All forms of real estate advertising are NOT equal. Just about every real estate agent understands this. Many agents will advertize on mediums that do not bring in the best results because the home owner insists. However, the truth is that today's potential home buyer is searching for their home and real estate agent online. In overwhelming numbers!
Take a look at this Field Guide provided by the National Association of Realtors®. Note that only 9% of Buyers are looking at print advertising to identify homes. In fact, most newspapers now have an online version of their paper and feature a number of real estate ads...online.
The other point worthy of note is that just putting your home on an online portal is not enough. It must be supported by visual evidence such as good quality pictures. You'd be surprised at the number of homes which are passed over without a second look because there are NO PICTURES of the interior of the home!
Myth #8...Buyers will always give a LOWER offer...Price HIGH to compensate
FACT: Big mistake! In a highly competitive market, pricing is key. Missing the mark is costly in terms of time and money. We are in a HYPER competitive market in many areas of the country including West Michigan. What this means is that the competition includes homes which are being sold significantly BELOW market value as a result of distress sales such as foreclosure.
In this type of environment, a home owner who wants to sell their home should be very conversant with the neighborhood value and recent history. A competent real estate professional can provide this service and give valuable insights about what it will take to 'get the fish to bite'.
Then price your home to Sell! Here's a little secret: I've seen more MULTIPLE offers in the past 24 months than at any time during my 16 year history of selling real estate. You can't keep a good home a secret. Buyers will sniff out a good deal every single time!
Myth #9...I don't need to offer any Incentives. My Home is a good deal!
FACT: You may be right! Your home might be a great deal. However, the final judgement of that will lie in the hands of a potential buyer. Today's home buyer is dealing with the prospect of rapidly changing lending standards which are impacting the amount of cash they need to have available for a transaction.
For most buyers, the ZERO down deal is gone! They have to bring in an investment of hard cash for the downpayment and then some more for closing costs and pre-paids. So while you may be unwilling to offer an incentive...remember, that your competition likely is. Sometimes, a bird in hand is worth two in the field. The sale you make today, is better than the one you might make tomorrow.
I hope that this post has shed some light about WHY a misunderstanding about the nature of the market can adversely impact the sale of your home. I will be sharing more Myths in upcoming blog posts, so stay tuned! Wishing you a Happy New Year in advance and the joy of a successful home sale. If we can be of help to you in this endeavor, please do not hesitate to contact Audu Real Estate.
Lola Audu, is the Designated Broker & Owner of Audu Real Estate. Our company specializes in helping people buy and sell homes in the greater Grand Rapids, West Michigan area. You can contact us via e-mail @ firstname.lastname@example.org or by phone at 616-791-0511. Thanks for visiting our blog. Here are links to some of our most popular posts for you to enjoy!