Our team specializes in real estate marketing. We formulate a custom marketing strategy for each listing, we help the owner stage the home, we take professional photos, hold open houses and market the home heavily online. We work hard to make sure our listings are in front of as many qualified buyers as possible.
Despite all of this, there is one major mistake most sellers make when downsizing that can make even the best marketing plan ineffective: Ignoring their Home’s Value Proposition.
The Major Mistake Most Sellers Make when Downsizing: The Home Value Proposition.
We tell our buyers that there are 3 things that determine a homes value; Price, Location and Condition. Typically they get to pick two out of the three. If the home is in a good location, and the condition is excellent, typically the price will be higher. If the Price is competitive, and the location is good, then the condition is probably not the best. You will remember when the market was depreciating, the homes that were selling quickly were the homes that were priced the most competitively – condition was practically ignored.
We tell our buyers if they find a home that has all three factors, they better hurry up and make an offer!
When selling, we need to determine which two (or even three!) factors can be promoted. Let’s say your home is in excellent condition, but it backs up to a very busy and noisy road. We can use the condition as a selling point, but we can’t use location, so we need to make sure that the price is a selling point and price the home competitively so that a buyer will be able to overlook the location.
Maybe your Location is great. And you want to get the best market Price possible for your home. Then you have to focus on the Condition. Most buyers want a home that they can move right into with little work on their part. Maybe they are attracted to things like granite counter tops and stainless steel appliances and other updates. You will want to make sure that any deferred maintenance items are taken care of, and we will work with you and give you tips to stage the home and make sure it shows at it’s best.
Since location cannot be changed, typically the most successful strategy, is to price the home “AT the market” (indicated by recent past sales and current competition), and make sure the home is in excellent condition. This, combined with a strong marketing plan, often will result with a faster sale and potentially buyers competing to buy your home.
Selling in the Twin Cities? Call Myra Jensen at BRIX Real Estate today and we will work together to determine the best strategy for selling your home. Request your free home value report here.
