Cleaning up Some Misconceptions about Selling in Today's RED HOT Market!
Over the last couple of months, I have noticed that some of the NATIONAL HEADLINES are influencing what local property owners are thinking. It’s important to know that every market is a little different and in this Red Hot Sellers Market mistakes can still be made and money can be left on the table if you’re not hiring the right advisor to help guide you through the process.
Misconception #1: It doesn’t matter when I list, everything is selling.
While it’s true, demand for your home hasn’t been higher in years, the timing is still important. Strategically entering the MLS at a certain time during the week is different than putting an oceanfront condo on the market. Also, looking at the current active and pending inventory can give great insight into how many people are on the sidelines just waiting for a home like yours to go live
Misconception #2: It doesn’t matter what price I list at everything is getting multiple offers.
Again, demand is through the roof but there are properties that I still see each week in our local MLS that have to make price adjustments down because they didn’t price the property correctly. The perception of value tends to decrease for your property the longer it’s on the market. Contact me directly and I will share with you the #1 LAW in pricing property right now.
Misconception #3: The first offer is usually the best offer
Every day I see social media posts from agents that are so excited and want to tell the world how they put their client’s property under contract in one hour after it went live and I feel awful for that seller. NOTE: If someone doesn’t want to show the property after day one, or they absolutely have to get it under contract immediately no problem take the first offer if you want. But……….if the goal is to get an offer that will net you the most money and have the best terms taking the first offer is typically a mistake in our current market. Why? Understand that Exposure (Marketing) creates demand, and demand directly influences price. When a property hits the market and is immediately getting appointments give it a few days, make sure the majority of the public that is interested gets a chance to see the home. Sure, it creates more work for the agent but that’s our job, to market your property, generate demand, receive and analyze offers and help you make the best decision.
Check out my latest video on Seller Misconceptions below!