Price Is Not the Issue, Value Is.

January 3, 2020

Price reductions are the easy answer as to why your house did not sell. The reality is price is not really an issue with buyers. Rather value is.

 

Let me explain. If a buyer looks at your home she may be comfortable with the price. If she buys it, she is comfortable with the value your home provides at the price at which you set it. If she does not buy it, your home did not meet the expectations that were created online.

 

Once, a very experienced broker showed me a home she owned and was trying to sell. When we pulled up there were small weeds growing in the driveway cracks, there was a small peice of chipping paint on the soffit board above the garage, and the back deck was dirty and could have used a  power wash. I am not saying the home did not sell specifically because of those issues, but I am saying that lack of attention to detail did not build value. She reduced the price $10,000.00 when she could have fixed those items for under $500.00 and kept the price the same.

 

Other sellers have executed huge price reductions while the photos, comments or facts in the listing have not been checked. This is a huge error.

 

 

 

Here is an example. The following home had eight showings on the first day and one offer that we thought was low. I spent time speaking to agents on what their clients liked or disliked. A common response was that the family room, kitchen and eating area were small and the home felt dark.

 

We looked at the photos, compared to other homes in multiple markets that sold quickly and went to work. In 36 hours the rooms were repainted in a lighter shad and then rephotographed. The original color was great, but it was strong. The owner was very creative and chose a softer, richer and more spacious-feeling color. We reduced clutter in kitchen and removed a couple of items in living room.

 

Next batch of showings yeilded 2 offers, and the home then sold for considerably more than any other home in the neighborhood.

 

We could have easily reduced the price to match the neighbors, but the data we had said we could spend $700 on repainting to fix the issue rather than do a price reduction. Good for these sellers, I appreciate the effort, it earned them an extra $9,000.

 

It is the small details, that make a huge difference. We specialize in the small details that will maximize your sale price.

 

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