When selling your beach home, you want to ensure that you’re setting yourself up for success. Glenn Phillips, CEO of Beach Homes Realty, discusses how to avoid failing to sell your beach home.
After Exposure, Price Fixes Everything. The location of the house helps establish its value. However, pricing establishes getting a transaction done. Here are a few ways to fail to sell your home based on pricing:
- Overprice. Often, homes are so overpriced that buyers don’t even call agents to contact the sellers. This causes the homes to sit for long periods of time on the market.
- Planning “The Haggle.” Sometimes, buyers intentionally overprice so they have room to come down to their actual price during negotiations. However, appropriately priced homes typically sell for about the listed price.
- “Test the Market.” When buyers want to “test” the market, they often don’t have a way to score their test. Buyers sometimes do this to try and justify trying to get a lottery ticket price. If you decide to test the market, you should have a plan to adjust if the test fails.
- DOM (“Days on Market”). Extended days on the market devalue your property. After several price cuts, you’re telling the buyers that you’re willing to cut the price of your home. This almost guarantees a lower price from the buyers when they offer.
- “Death Spiral.” Overpriced homes can lead to a “death spiral.” This happens when you keep making cuts and wind down without doing enough to correct it. Consider how to make the property valuable to the point that someone wants to negotiate.
The simplest way to avoid these steps to failure is to DON’T do them. Proper exposure and appropriate pricing will guide you to success when selling your beach home. Visit beach-homes.com to connect with agents ready to lead you in selling your home.