Selling lots of houses in DC, MD and VA has allowed me to build great perspective on the market. Here are three statements I hear often and the reality of the market:
- Statement: “My neighbor SOLD for $550,000 and mine should not be worth $475,000”.
Reality: Who wouldn’t want more cash? Everyone wants to sell their home for more money. I understand the sentiment very well because I sometimes have a dozen or more of these conversations in one week. I can tell you – I never sat down with someone who thought their house was worth LESS! Here’s the takeaway: your neighbor had 1000 more square feet, gourmet kitchen, incredible owner’s suite and beautiful outdoor space. You have a great home but it’s without the updates that your neighbor had. Among additional considerations, pricing real estate is very much about comparing like things. Spot on data analysis and a sound, measured, approach is a must have.
2. Statement: “I know the best time to sell my house is the spring”.
Reality: That’s anecdotal – right in some cases but certainly not all. I sell many houses every month of the year. Among many factors to consider while you are contemplating your home sale, studying inventory trends in your neighborhood will help you determine the right time to go to market. If there are 7 homes on your street for sale in April every year, why not pick a month where you ARE the inventory?
3. Statement: “I’m not doing anything to prep my house for the market”.
Reality: It is not 1987. Today your home can be marketed to the world online with HDR photography, Matterport Technology, drone video footage and that’s just the tip of the iceberg. Today’s technology enables you to position yourself in the market to gain the most leverage possible. Think about preparing your home this way: “If I prepare well I will gain leverage to negotiate the best price and terms for my home because many more buyers will be attracted to it online”. House prep includes cosmetic updates but it also includes tackling the items that will inevitably come up on a home inspection. It’s your Superbowl; prepare exceedingly well and play your best game!