Weekly selling tip

Everyone knows the market is slow right now.  A few years ago in the local market there were roughly 19,000 homes on the market.  Today there are more than 54,000. A good supply of homes in Tempe, Mesa, Chandler and surrounding areas is not hard to find.  But that does not mean you cannot sell your house and sell is quick if you understand how the selling process works.

The first thing you will need of course is a real estate professional who will work hard to market your home.  But to allow your REALTOR to move your home quickly you will need to have them list it at the right price.

Why is price so important?  Look at the graph below.  I am not sure who developed it so I cannot give them the proper credit, but the chart is priceless and shows how important getting your house listed correctly the first time is.

Buyer’s interest is highest when your home is first listed on the market. If your home is priced at the proper current market value it has a great chance of moving quickly.  Every week your home is on the market the interest in your home declines.  After time, most of those who would be interested in your home have seen it and ruled it out.  Now you need to rely on the few who have not looked at your home or the few new buyers that are coming to the market. 

Now you lower the price of your home to where it should have been originally.  And with the way the market is declining that current market value could be lower than where it was when you originally listed your home for sale. Now that your home is properly priced it still may be on the market for longer than it should be because the buyer interest in your home is so low. 

The biggest and most important tip for selling your home in a slow market is to price it right the first time.  This will greatly increase the probability of your home selling faster than the average days on market would otherwise indicate.