Written by Tammie White, Principal Broker/Owner of Franklin Homes Realty LLC
We don't like asking for price reductions. Never have, never will. At Franklin Homes Realty LLC, we believe that if a home is priced right when it comes on the market, it will sell in 30 days or less; whether it's a buyer's market or a seller's market. "Priced right" doesn't mean priced "below" market value.
If a home sells in the first month of marketing, it will undoubtedly sell for the highest price. Having a house linger on the market never has a positive impact on the eventual sales price. Buyers pay attention to the days on the market (DOM). Homes that have high DOM develop a stigma; HIGH days scare buyers off.
Our goal is to always have a 30 day sale.
Some sellers want to push the envelope a little. They say, "Let's try our price for awhile and see what happens. We can always reduce it later. We don't want to leave any money on the table." Unfortunately, this strategy doesn't work. The worst part is it backfires on the seller AND his agent. The seller ends up walking away with less money in his pocket and the agent loses credibility and the chance of a future referral.
To avoid this, some agents will build automatic price reductions right into the listing agreement. These agents know your listing isn't going to sell at your desired price. They've already run the Competitive Market Analysis (CMA) to determine where you should be properly priced. They know your sales price isn't reasonable given the current market conditions in your neighborhood.
We personally have never used this method; it feels unprofessional to us. Besides, the housing market can drastically change in 60 to 90 days. It can be an entirely different housing market, especially if you're in a declining market. Instead, we use real market DATA to determine the right price to list your home from the very beginning, rather than having built-in price reductions or constantly coming back to you asking for price reductions because your house hasn't sold.
Don't get caught in the DOM death spiral.
Instead, take the advice of an agent who has your best interest in mind and recognizes that a 30 day sale will yield you the best price possible. Franklin Homes Realty LLC performs a very thorough pricing analysis. We not only look at the active and closed listings in your neighborhood but also homes that have expired or been withdrawn from the market. These homes tell us what buyers are NOT willing to pay for a home. We preview hundreds of homes each month which gives us a better handle on what your competition looks like. Once your home is priced right, we tailor a marketing plan that is specific to your home.
Real estate has become a global market.
Buyers are moving to Franklin from other parts of the country and world. Marketing your home to a local market is no longer acceptable. Real estate has become a global market. We do that through blogging and social media. That's probably why you're reading this post to begin with because of our social media marketing.
It's time to do away with price reductions and get serious about selling your home. Pick up the phone and discuss the best way to get your home sold in 30 days or less.
Call Franklin Homes Realty LLC at (615) 495-0752 today!
About Tammie White, Franklin TN REALTOR®
Tammie White is a REALTOR® and Principal Broker/Owner of Franklin Homes Realty LLC in Franklin TN. Tammie works with relocation buyers looking to purchase a home in Franklin and the surrounding Williamson County area. She understands the way buyers search for homes making her an invaluable asset to Franklin home sellers. Tammie's website, www.FranklinHomesRealty.com, has become the premiere search tool for buyers relocating to Franklin TN. She has been writing a real estate blog since 2009 and quoted in various publications including the LA Times, Skype.com, The Tennessean and Williamson Source. Trust your home sale to the company who has sold 100% of their listings since 2012. Call Franklin Homes Realty LLC today!