Sellers who price their home above market value will appeal to a smaller number of potential buyers. But there are other variables too, the most important of which is timing. Once the listing has been on the market for a month or so, buyers expect sellers to lower the list price.
Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so that demand for the home is maximized. In that way, the seller will not be fighting with a buyer over the price, but instead will have multiple buyers fighting with each other over the house.
Realtor.com, gives this advice:
“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”
I spoke to a seller of a Seaport condo for sale that isn’t moving, and offered these tips:
1. Pricing Gauge for Anywhere, Any Time, Any Market:
- If you are getting offers, then your list price is about right.
- If you are getting lookers but no offers, your list price is about 5% to 10% too high.
- If you don’t have any buyers looking at the home, it’s more than 10% wrong on the price.
2. Boston condo buyers are watching the days-on-market statistic, which is public record, and they are seeing other listings pop into under agreement quickly Buyers are subtracting about 1% from your original list price for every week the Boston condo for sale is on the market. You can ‘refresh’ your listing every month, but you’re not fooling the serious Boston real estate buyers either.
3. As a result, sellers should lower their price by 5% every 2-4 weeks until they start getting offers. Mondays and Thursdays are the best days to lower your price.
4. An exciting price creates urgency and enthusiasm among both buyers and Boston real estate agents. Without it, your listing goes stale quickly, usually after two weeks – and then lookers dwindle down to just those occasional stops by agents to help them sell the better-priced house down the street.
5. Boston Midtown condo buyers are using their online tools to make decisions, which aren’t the same as visiting a home in person – but they only want to venture out if it’s an obvious contender. Can you blame them? As a result, the online video presentation needs to be spectacular.
6. Rotate the photo gallery and change up the description regularly to highlight different features of your Beacon Hill condo for sale.
7. Make your home easier to show. It’s best if you move out in advance, and use staging.
8. Tune-up the home before listing, and keep improving while on the market if necessary – and get new pro photos of the changes.
9. Boston real estate for sale hot tip – clean sells! Wash the windows, and replace the flooring.
10. If you don’t want to do the extras, then your price needs to be adjusted to reflect – and it needs to be low enough to solve all the problems.
Boston Real Estate for Sale and the Bottom Line
Hire a professional downtown Boston real estate broker. Your agent’s ability to operate successfully during the coronavirus. Those who have closed sales with buyers and sellers over the last three months have what it takes to get you through!