As a seller, you control the condition of your home, the terms acceptable to you (financing, days to close, etc.), your home’s availability for showings, and most importantly, the list price of your home.
Pricing your Miami home to sell from the onset is the most important decision you will make as a seller. The best marketing in the world can’t get your home sold if it’s overpriced.
Overpricing a home to “test the market” is one of the biggest mistakes any seller can make. The market was already tested by the recent comparable sales in your area.
The First 21 to 30 Days
The first 21 to 30 days that your Miami home is on the market are the most important. That’s when your home attracts the most attention, gets the most showings, and (experience shows) generates the best offers.
What makes those first 21 to 30 days so magical?
Let’s assume that at any point in time, there are 50 active buyers looking to buy in your area, with 5 of those buyers exiting (via purchase or otherwise) and 5 new ones entering the market every month.
Those buyers have already “caught up to the market”. In other words, they are quickly aware of any new listings that come online – having already seen, considered, and possibly placed offers on previously existing or competing inventory.
In those first 21 to 30 days you have the potential of that entire pool of buyers seeing your home, considering it, and placing an offer on it.
What happens after that first month on the market when this pool of existing buyers is already aware of your property?
Five buyers drop out and 5 new ones come in. Now, instead of having 50 potential buyers for your home, you’re left with 5 new ones who are wondering why your home is still on the market.
The chances of generating the same level of buyer traffic and offers as in those first 21 to 30 days diminish greatly. Offers that come in later are almost always lower than the initial offers.
When a home generates plenty of showing activity, but no offers, that often indicates that the home is overpriced.
Putting a home on the market at a price that reflects what you want and not what the market will bear can cost you time and money. The longer your home stays on the market, the greater the chances of getting less for it.
A large portion of your success in selling your home for the highest price possible in the shortest amount of time comes from pricing your home to sell from Day One.
Ready to put your home on the market? Need help determining a pricing strategy that will generate offers guaranteed to sell your home for top dollar? Give us a call (305-731-2226) and we’ll get the ball rolling!