Wow – real estate has changed since “Back to the Future” was out in theaters. Even with 1.21 Gigawatts, Marty and Doc could not have arrived at this scenario!
Raise your hand if you attended an open house last weekend because you saw an ad in the newspaper. If this is true for you and you’re on the bus don’t raise your hand because it will stop…and everyone will be upset with you!
So – who searches the newspaper for open houses these days? Very few people, I imagine. In fact, in a survey of 17 buyers that attended our recent Kilner Group Thursday night open house, every buyer showed up because of an alert from an online app. Every one.
Many folks I meet are selling the home that they’ve lived in for over 15 years. These sellers are often very surprised about how real estate works today. Online apps clearly rule the day.
Once upon a time sellers would put an ad in the real estate section of the newspaper, price it any way they wanted, and could count on folks showing up to see the property. Today, it’s completely different. Sellers have a complementary staging consultation, a professional photo shoot, a production video made and every nook and cranny of their home can be seen from Rockville, MD to China. Online sites tell consumers if the price is fair and those sites inform buyers about the last 10 homes that sold on the street…and how much they sold for! You can just see the character, Biff, getting all bent out of shape about this, can’t you?
So if this is true, what does it mean for you as a seller? Today you have to price “in” the market. That means the product has to totally agree with the price point. Consumers are savvy these days and online apps tell buyers whether sellers are priced fairly or not. Guess what? If you are not priced right, you will be ignored. Guaranteed. Today, buyers are actually deciding to buy your home online and they simply confirm their purchase decision upon viewing the home in person.
With that in mind, when Sellers price according to the market and they look their very best, the world recognizes that they are a value. Then, and only then, buyers show up to the home in person and are ready to write an offer.
Great Scott! Don’t be left outside at the Enchantment Under the Sea dance. When selling your house, play to the apps and let the market show up and deliver. Your future depends on it!