Being in a Seller’s market (Low Home Inventory) CAN be the best thing for the Seller if we do it right. We still have to think strategical to get your property sold. Just because things look in favor of the seller, does not mean to be reckless.
A Warning: Price Right
I came from a small town. We had a local grocery store that could feed our whole town. However, their prices were high and few people went to the market. So, every 3 months they would have their produce on sale at a massive discount to get out the old to bring in the new.
Well, it barely worked for the store back home and this method does not work for Park City Real Estate. Think about it. “I am going to price my home X amount of dollars above market value. In three months, when it is shop worn, I am going to lower it way below market value.” Obviously, we don’t think THAT way. But if we look at the facts of price reductions, we will see a trend of unintentionally thinking THAT way.
There you have it. On average you will sell your property 20% lower than your intended sales price. Your days on the market will triple with a higher price.
If you price it right, it less likely you will have to reduce the price and even get a lot less then what you wanted.
Negotiating Power: I have the Power.
You have the power but your home is only worth what people are willing to pay for it. So when a low ball offer comes in, Negotiate. If you can’t meet eye to eye on the offer, Decline it.
When an offer comes in that is a little lower than the listing price, Negotiate. If you can’t see eye to eye, you might not want to decline it if the difference is $20,000 or lower. We have had clients decline those offers and their property was on the market for a lot longer. They eventually had to lower the listing price even lower than what the difference was.
Less time on the Market: Prepare to Move
This is a good problem. Sometimes, the closing date comes faster than expected. Once the offer is accepted, start preparing. Once the earnest money has gone hard, start moving. Sounds simple enough.
If you have motived buyers they can ask for the deal to close in 30 days. 30 DAYS! Things can move very fast but you were able to sell your home. Celebrate by… Packing.
Conclusion: He/She with the right price will have the power to Move.
Here is your action plan to sell your home.
- Price right. At the right price, you will have multiple offers.
- Negotiate with your offers. If it isn’t an offer you want, you have the power.
- Celebrate by Packing.
Team Schlopy Real Estate provides expert real estate services to residential sellers and buyers in Park City and surrounding communities. Contact us today for more information on Park City real estate and for professional assistance navigating this sometimes complex home market.