Source: Greater Fairfield County CMLS, HOUSES Sold = Single Family, Multi-Family, Condo/Co-Op
That said, a big component to my business model is luck.
You see, my business is built upon other people’s decisions and needs. Sometimes clients think they need to move, yet sometimes those plans can change…in the blink of an eye!
Recently, I’ve been working really hard trying to make a few things happen and they’ve all fallen through. All for very good reasons, but, nonetheless, they are not happening.
Now I need to get back out there and make other things happen.
When things aren’t happening, I am making NO money.
This is the part of the business I HATE.
I definitely need some good luck!
This June and July, the BDX Home Shopper Insights Panel conducted a survey among people currently shopping for a home. The study was conducted on behalf of realtor.com.
The top five reasons why people are shopping for a home right now are:
They all make sense, but #1 surprised me a bit.
Buying a new home is a big undertaking just to make a change in your life!
If you’d like to dig deeper into the results, you can find the original article here.
I was just reading a post on the website FortuneBuilders.
It was a very interesting piece written by Than Merrill from the popular A&E show, Flip This House. Than was discussing everything that can and should go into pricing a home for sale.
As a Realtor, the one thing that keeps me up at night is pricing.
I want to be absolutely sure I get my clients the most possible money but, at the same time, I don’t want a house sitting for too long without any offers because it’s overpriced.
In real estate, more-time-on-market = the kiss of death!
My husband says I take this stuff way too seriously, but honestly, I would want someone to take my money just as seriously if I were the client!
Anyway, in reading through the FortuneBuilders post, something stuck out to me as interesting…
For example, research has found that an exact asking price, such as $737,485, often indicates that the price is less negotiable than a round number, such as $800,000. Announcing a precise price demonstrates confidence in the numbers.
Hmmmm, I see this type of quirkily-numbered pricing strategy used a fair amount in my marketplace and I always thought it a bit odd.
I try and encourage my clients to price in even, round numbers so they are included in more buyer searches.
In my area, buyers tend to search in $100,000 increments, in other parts of the country perhaps they search in smaller increments. It’s helpful for local Realtors to know those search parameters increments for their area.
As an example, say a client wants to list their house at $705,000, adding that extra $5,000 to give themselves some negotiation room. I would encourage them to list for $700,000, that way they will be included in any searches for buyers looking from $600,000-$700,000 AND they will also be included in any search for buyers looking from $700,000-$800,000. If they price the house at $705,000, their listing would not be included in the first search that only shows listings up to $700,000.
In the grand scheme of things, it’s probably worth the $5,000 cost differential to be constantly included in two search parameters vs. one.
In any event, using some crazy number price strategy will not make you stand out, it will actually limit how many times your home is exposed to buyers. I am glad to see there is actual research to support this theory. I will have to seek that study out
So, the bottom line…Price your home using round numbers and you may just increase your home’s exposure to more buyers…One Realtor’s Opinion!
I get an e-letter from Amy Lynn Andrews. Amy Lynn writes a blog about…well…writing blogs
I recently scanned through something on her blog and found a post she had written about things to consider when buying a home.
Seems she has moved 27 times…yes, you read that correctly…27…TWO SEVEN times. Holy smokes!
Anyway, she wrote about things she’s learned along the way and I thought it was interesting perspective from someone who has lived through it.
Coincidently, her first recommendation is “Don’t buy on a T”…which was an exact blog post of mine last week. Great minds think alike!
You can find her blog post here.
If you are buying a home this post will be good food for thought!