Residential Real Estate: Pricing and Online Presence
When getting ready to list your residential property in the real estate market, there are a few things that you should implement in order to sell your home quickly and for the highest price. For starters, you need to ensure that you set a proper and accurate price for your home. Homes that are priced too high will languish on the market causing agents and buyers to steer clear. Additionally, you will need to market your home with proper staging and the best photographs possible for the most impactful online presence.
Competitive Listing Price
Setting the price for a residential property can be a daunting experience for any seller, as the majority are not experts at gauging the real estate market nor is it easy to see a realistic value in personal homes as there can be emotional attachment involved. Some property owners are even willing to test the waters by intentionally overpricing their homes in the hopes they will attract a buyer regardless. Although the urge to set a higher price in order to leave space for negotiations can be tempting, there is ample evidence that shows this strategy doesn’t work and can actually delay the home selling far longer than anticipated.
The price you set for your home can determine whether it sells quickly or lingers on the market for months or even years. In today’s real estate climate, buyers are equipped with excellent online research skills, and they can smell an incorrectly priced property from a distance. They can sift through websites and compare similar properties in a given area. In today’s market, a home is likely to gain the most exposure and momentum in the first week of its listing, possibly even promoting a bidding war. After the eleventh day, the possibility of getting an offer will drastically reduce. Incorrect valuation of your property will likely make it stay longer on the market, something that might lead to you missing out on ready, willing and able buyers who may have submitted offers in the first two weeks of listing.
And as the days go by, buyers who view your listing and see it on the market for months will think there is something wrong with it, not just the price. This is a feeling that can persist even if you organize an open house for them to inspect the home. This is what is referred to as ‘stale bread effect’. Buyers don’t want something that has stayed too long on the shelves; they are attracted by fresh items that have joined the queue. With buyers having the impression that something is amiss they’ll start downward bidding, something that could have been avoided with the correct listing price, and you may even be forced to sell the home for below-market pricing.
Photos And Staging
Besides accurate and competitive pricing, real estate listing photos of a clutter-free and properly staged home will also have a significant effect on a home sale. With more than 90 percent of home buyers using the internet as part of their home search, it makes economic sense to have professional photos when listing a property.
The first impression you give a potential buyer is essential. If your listing images are poor quality and not appealing to the homebuyer, they will possibly scroll to the next option. Exciting property photos will instill a positive emotion and affect the buyer’s perception of the home before viewing it in person. And since emotion is one of the most prominent triggers for buyers, you should utilize it to your advantage by striving for excellence and getting creative with the listing photos. Cell phone cameras should never be used in lieu of a professional camera. Likewise professional lighting and video drones are highly recommended for homes in higher price points to gain the most advantage online. A professional photographer specializing in real estate is often a marketing cost well worth spent.
In addition to a high end camera or even a professional photographer for visually compelling images, it is also imperative to have proper staging of your home. Since the goal is to appeal to the homebuyer’s emotions, you need to include details that help them envision living there. A poorly furnished house won’t do that, nor will personal photos and items. One of the easiest DIY’s in this scenario is to declutter. Declutter, declutter, declutter. Look online for ideas of how to stage homes and tips on how to rearrange rooms, and/or use objects and pops of color to make your house feel professionally staged.
We Can Help
In the current real estate market, serious buyers are looking for properties that are priced in line with market conditions. Additionally, they don’t want to see dull and unprofessionally captured photos. They want to envision themselves living in the homes that are displayed on the listing websites. The Meridian Real Estate Group can help you in accurately pricing your home and providing you with the strongest online image possible. We specialize in residential real estate; from starter homes to luxury homes, from secondary residences to investment properties, we can help serve all of your real estate needs.