A while back, two homes in Mountain Gate, the neighborhood where I live, sold in one day while one home took 372 days to sell.
The homes that sold in one day both sold for $250,000, but the home on the market for over a year sold for only $220,000! (Would be suprised to learn that this home’s original asking prices was in the $400,000s?)
So how can this be explained. Very easily because, sadly, it happens almost every day in every community in Palm Springs. And, in every city, for that matter.
If you want your home to sell fast, the most important thing you can do is to do the opposite of what the majority of home sellers do. Price it just slightly under the comparables on the market, say $5,000 to $10,000 under, and it will usually sell rapidly (assuming it really is comparable to what’s selling in that price range). Quite often you’ll even get multiple offers and it will sell for more than you’re asking, even in a down market. This happened to friends of ours here in Mountain Gate in one of the worst markets ever.
What normally happens, however, is just the opposite. Sellers usually want to price their home $5,000 to $10,000 above the comparables on the market, if not a lot higher. Then they slowly lower the price, month after month, when it isn’t getting any offers, until a year later they find they’ve followed the market all the way down to a $100,000 to $200,000 below their original asking price.
Ask any real estate agent, anywhere in the country (or probably the world, for that matter), and they’ll all tell you that they’ve seen this same sad scenario play out over and over again. The saddest part is that it’s almost always avoidable. And, did I mention that it’s not uncommon for 50% of all homes put on the market to not sell at all the first time?
If you would like to know more about pricing your home to sell fast and at fair market value, in almost any market, please contact me. I’d be happy to discuss the various strategies with you in more depth. firstname.lastname@example.org