I recently listened to the wonderful Steven Thomas’ Housing Debrief podcast, where he spoke about why homes today aren’t selling. His take? You only get one first impression and you’ve got to get it right.
It’s so true!
I’ve always likened home-selling to online dating. If your house doesn’t look amazing online, buyers are going to swipe away, onto the next property. When your house does shine online, a buyer will not only swipe right but also want to go on that first date … right through your front door!
Buyers are constantly scrolling, especially on long weekends, sitting in their living room, searching what’s available in their desired locations. When a new listing pops up, you’ve got an instantaneous chance to impress them, and when you do, they’re going to be enticed to learn more.
Of course, price is paramount — always has been and always will be. It doesn’t matter whether you’re in a buyer’s market, seller’s market or a more balanced marketplace, price is the No. 1 determinant of your selling success.
Thomas refers to this as the “wow factor,” which, when done right, can get buyers truly excited about a home. He says wow factor consists of: price, which reflects every aspect of the property, condition, upgrades, amenities, maintenance, curb appeal, cleanliness and staging.
Buyers have always been savvy about discerning proper prices but higher interest rates mean they’re even more careful about making sure a price reflects a home’s condition. Thomas emphasizes the importance of “precision pricing,” which means looking at the latest available data to determine the correct price for a home.
And it shouldn’t be the day after you sign a listing agreement.
There’s a lot of planning that goes into putting a home on the market, and each step of the preparation process helps create a warm, welcoming environment for buyers who tour the property. This might include painting, landscaping, cosmetic upgrades, staging and in general, ensuring every detail is just as it should be, both for a camera-ready home and for a home that looks fantastic in person.
Preparing a home for sale can often be the difference between selling in a week with multiple offers, and having a home sit on the market, which is never a scenario you want to see. And while preparing a home properly isn’t a guarantee it’ll sell, it really does help create the most amount of attention. I just listed a home in Burbank—the first time the house has been on the market in 60 years—and it is one of the best-priced properties in the area. Do you know what happened this weekend at our open house? We had about a hundred people tour the home. The reception is amazing but not surprising. That’s what happens when you price right.
Sellers can’t price based on emotion, it has to be a careful evaluation of fresh comps, the home’s condition and location. There’s no “let’s just price higher and see” in our current marketplace. This isn’t 2022 when homes were selling like hotcakes at all price points. This is a balanced market where savvy buyers can spot an overpriced home the minute they see it on their iPad and they’ll take one look then scroll right past, never coming back to reconsider the house again. As Thomas said in the podcast, don’t pad the price or add in an extra cushion “just because.” It’s a negotiation myth that you’ll get more in the end if you do. You price according to the marketplace. You price with precision and if you sell in multiple offers, very often your sales price will be higher than your list price.
So, to sum it up. Price with precision, work with an agent who truly understands the nuances of your marketplace and prepare the home for sale before you even think about placing a sign in the front yard. When you do all that you’ll see a successful home sale. How do I know? Because I’ve been selling homes in the area for more than thirty years!
If you’d like to learn more about my selling strategies, get in touch to book a complimentary consultation.
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Andrew Manning • REALTOR® • Berkshire Hathaway HomeServices California Properties • DRE: 00941825 • 818-380-2147 • andrew@andrewmanning.com