Marie Dupres: Nailing Price
“This home was priced higher than the comparable homes in the area. It ended up receiving multiple offers and sold for a few thousand over list price.“
This home was built in the early 80’s so it had some dated features such as: a step down living room, mirrored walls, glass blocks, distinctive brick inside and outside the home, outdated floor tile, carpet in the dining room, older paint colors, tiled ceiling beams etc. It also had 4 different kinds of flooring.
Livability: I wanted to show it in it’s best light so people could see what it would look like if they lived there, and not just as a house to fix up. This is a home to grow into and update over time.
Highlight unique features: I wanted to highlight and draw attention to the wonderful features such as: the vaulted bedroom and living room ceiling, the view through the house to the pool, use the mirrored walls in a chic and stylish way, highlight the charming interior brick only in some areas by drawing attention to it.
Mitigate challenging features: It had some outdated/challenging features which I wanted to minimize without renovating, such as: different flooring in the same view, overly shiny wood, outdated tile, vinyl flooring, and carpet in the dining room!
When prospective buyers stick around and picture themselves in the home, that’s when you know that you have successfully conveyed the lifestyle they could have in the home.
I got glowing feedback on the home. The staging was so well done that buyers actually thought the sellers lived there and had great taste. It wasn’t like a model home, it was warm and inviting. Once you came in you felt like you wanted to stay longer.
Buyers spent a lot of time in the living room and bedroom, appreciating the flow of the home and the light coming in and discussing where they would put their furniture and how they would live in the home.
Our first open house was bustling due to a successful marketing campaign and positioning of the home on the market. We created buzz as soon as it was listed through digital and print media. Of course we let all of the neighbors know about the property as well, as they are a wonderful resource for word of mouth marketing. In the end a relative of one of the neighbors bought the home.
Staging highlighted the best features of the home and created a warm and welcoming atmosphere. It was the difference between walking in a house and getting a warm cozy feeling and feeling like it’s home, rather than just another house to assess all of the pros and cons of.
This home was priced higher than the comparable homes in the area. It ended up receiving multiple offers and sold for a few thousand over list price. I am always careful not to overprice, but felt we could raise the price per square foot in the neighborhood by marketing the benefits of the community, the lifestyle and the uniqueness of the home. Part of this was conveyed through furnishing and decorating the home to highlight its best features.
The buyers bought the home because of the price point and close proximity to their family. As inventory is decreasing and the median home price is rising, finding a home with a pool that is not in the far suburbs for around 300K is a very good buy.
The homes that sell the quickest are well priced at the start. They are priced at fair market value relative to the surrounding homes and what the market will bear at that point in time. Pricing is not just what the neighbor sold his house for. It takes into account the size of the home and lot, the updates, the maintenance, location, layout and other factors that may affect its desirability.
If there is very little interest in your home when it’s listed, and the home is well marketed and presented, you may be priced too high. Comparable sold home prices and the number of days on market should be a benchmark for evaluating the list price of your home.
Home owners attach a monetary value to the emotional investment they have in their home, while realtors are vying to sell the home for the highest price/square foot that the market will support. Given those two factors, houses often hit the market overpriced and within a couple of weeks it’s common to see a price reduction. When there are numerous price reductions people often start to wonder what’s wrong with the home, when in fact only the only issue was overpricing.The best strategy is to hire an experienced professional that works in your local market and is well versed on its nuances. You would likely not represent yourself in a court of law, you would trust an expert. Similarly you should be guided by a real estate professional when dealing with one the largest investments of your life.
Selling Well with Marie
In a competitive market, it’s important to list your home in move-in-ready condition. I am proud to be affiliated with Compass concierge- a program that fronts my clients the cost of home improvements when they list their homes though me. This is a hassle free way to improve your home without any up front costs or interest. You can use any contractor you would like and the funds can be used for services such as painting, staging, flooring and more. If you have found your dream home, but have not sold your home yet, I am able to offer bridge loan services though Compass affiliates that bridge the gap between the home you have and the home you want. The program offers up to six months of your loan payment fronted when you sell with me.