Sellers FAQ’s:
1. How many showings should I expect before an offer?
With a high quality marketing display of your home, as a general rule in a “normal” market for the average priced home, an offer should be receive within 10 showings. The reason for this is a higher quality display will result in qualified buyers that will revisit the online display and share with friends and family building Buyer engagement which will decrease the number of showings before an offer is received. A poorly displayed home will result in loss of Buyer engagement and interest and result in more showings, more frustration in preparing for each showing, and a lesser value in the long run.
2. When is the best market cycle to sell?
This can also be referred to as market timing. Different times throughout the year are busier selling seasons while others slow down considerably. The answer to this question is unique to each home owner as no single cycle is the magic time. Each scenario and your end goals will ultimately dictate. I employ an analytics program that I founded to provide unique insight into market trends for your home and factor in your individual goals to determine the best time for you to sell.
3. What is “Supply and Demand” and how does that affect the sale of my home?
Supply and Demand is the calculation between available homes and Buyer activity. Unfortunately most Realtors® track this over the general market which can be a mistake. There are many factors to consider when determining the Supply and Demand for your home. We need to look at the price in your competitive range based on home type and location to determine the actual demand or months of inventory. In a normal market 2 months’ supply is good for average priced homes whereas luxury homes can be in the 4 to 6 months range.
4. How can Curb Appeal affect the sale of my home?
We have done extensive research on the buyer’s decision journey. This journey typically begins with an online search. Properties are narrowed down by their online appearance and then buyers will “drive by” (this is either done in person or via google street view). When we see a large amount of online activity and a relatively low amount of actual showings we often look to curb appeal as the answer. The buyer’s perception is that the value for this home is not in line with others in the same price range.
5. How relevant is feedback?
This is a good question and one of the most misunderstood. Most sellers want feedback as it’s natural to want to know what buyers think. Usually once the feedback starts rolling in we see that it can become more frustrating than constructive. As part of our marketing approach in getting your home ready for sale you will likely have already made minor repairs or adjustments we have recommended. A Realtor® may end up showing multiple homes in a day so feedback sent after a lengthy home tour is usually very generic (“this just isn’t right for the buyers”). We always follow up requesting feedback after a showing as we are looking specifically for expressed interest and that your home has made it to the Buyers top 3 list. The rest is mostly irrelevant.
Also, as a side note, when we have received feedback saying “it’s not quite right for my buyer” and then we call back when we receive an offer to double check if there is further interest we find very often that the buyer comes back for another look. Never take feedback as fact.
6. How does price impact a buyer’s decision? Why don’t they just make an offer?
When a buyer is looking at a home for a potential purchase, they will compare and contrast with other similar homes in their price range. Today’s Buyers have done a lot of homework in advance. They know the communities they’re interested in, they know what’s on the market, recent sales and they know values. Information is free flowing. Before ever entering your home, the buyer knows a lot. If they see another home that is even slightly lower than yours with all of the features they like they typically will emotionally connect to that home and start the negating process. Correctly pricing a home to sell is strategic, it’s both an art and a skill. Pricing into the market you’re headed with a plus or minus of 3% depending upon whether it’s a Buyer or Seller’s market is the best strategy.