Selling your home - 4 Pointers#LOCK
Posted September 05, 2015
This year more than ever before I meet clients who have to sell their homes before they can buy another one. Often a buyer believes that a seller will accept a contract and wait to close the deal until the buyer has sold his own home.
If the buyer already has a contract on his current home, the seller may occasionally agree to wait. This happens more often during the off-season. But if the buyer does not have a contract on his current home, or has not even put it on the market for sale, it is most unlikely that a seller will wait for the buyer to sell his current home first. And if you are looking at a new construction purchase you only have a 6 months window before you close on your new home.
Selling a home can be an unpredictable pursuit with a plethora of variables. Here are data driven pointers which may help identify which homes are likely to fly off the market (in 60 days or less):
· Keep calm and price it right. The housing market is improving, but take care not to overheat your listing price. Homes priced more than 12 percent above their current market values are almost half as likely to sell in 60 days as those priced closer to their estimated values. The sweet spot is between market value plus six percent above it — a range where homes sell about as quickly as those priced below their market value.
· Take a picture, but not too many. The optimal number of listing photos is 16 to 21, but it’s better to have too many than too few. Having fewer than nine photos lowers your chances of selling in 60 days by two percentage points. What I often see now is that agents display very small photos online hoping to distract buyers, I guess, and hoping to use only their own buyers.
· Size matters. As a rule, smaller homes (under 1,100 square feet nationally) sell the fastest about nine percentage points faster than the largest homes in a 60-day window — but that doesn’t hold true for all markets. In San Francisco and Indianapolis, for example, small homes take the longest to sell.
· Get the word out. Page views are a strong indicator of how quickly a home will sell. Listings with 280 or more page views in the first week were three times as likely to sell in 60 days as those with fewer than 100 views. That’s powerful incentive to make sure your agent spreads the word early by posting your listing online.
September 05, 2015 11:50 AM