The spring market is getting underway and there are many homes either on or set to hit the market. When preparing their Montclair home for sale one of the hardest discussions we can have with an owner is where to set the initial offering price on their property. We are seeing that this is a frenetic market with some homes still receiving multiple offers while others languish for month unsold. With the seismic shift that has occurred in the last few years in the Montclair real estate market, pricing a home at a level which will cause it to sell can be a tricky thing indeed. There is no doubt that we are in a buyers market and what you paid, what you need to sell for and what you want to get will not determine the price that your house will ultimately sell for. The key to getting your home sold for highest possible price in the shortest amount of times is to price the home where the buyers will see your home as the best value available in their price range, period. This New York Times article discusses this idea in more detail and it is worth a look if you are thinking of putting your home on the market.
The cold hard truth is this ANY home will sell if it priced correctly. From a timing perspective there are numerous ways to get to the final selling price and all will yield different results.
- Price high with the expectation that “Lets see what happens and we can reduce the price later”
- Price just at market price along with everything else available
- Price to generate energy by positioning as the best value and ultimately moving the buyer(s) to action
Approach number 1 communicates to the potential home buyers that your home is essentially not on the market. The second approach generally results in buyers taking a look but taking a wait and see stance. In a buyers market the being price at or above market value will cause the days on market to become longer. The most action a property receives is during the first two weeks after the home is listed. Once the days on market for a home approach 30 days the buyer pool will see it as stale and shortly after begin to wonder if something is wrong with the property. In general the longer the days on market, the lower the final sales price tends to be.
The best way to recieve the highest possible price in the shortest time frame to initially be precieved as the best value available. The first two weeks will attract those buyers actively looking to buy a home in Montclair and they will have seen what is available already. Energy pricing the home will in the long run move the buyer(s) to action and net you this highest possible price in the least amount of time. We can provide you with a list of specific properties where this strategy has worked so feel free to reach out via the contact page. Please know that we sensitive to and certainly understand that each situation is different for every seller. We encourage you to educate yourself about what is happening with home sales in Montclair. You can sign up for our Market Snapshot and also check out our Market Stats page. If you or someone you know are thinking of selling please contact us for a confidential discussion.
