It’s April and we are into the heart of the Spring real estate market. There are at best approximately ten weeks left. More sales activity will occur during this time period than during any other ten week period throughout the United States.
There’s Always An Answer
I personally conducted a quick and simple analysis of the properties that we had listed at this time last year. Many of the properties sold very quickly at a high price. Of those that didn’t, a number of our clients came to realize that the best way in which to increase buyer activity for their home was to adjust the list price. Among those who did, 44% of them saw their properties go under contract… in all price ranges. The data certainly suggests that there’s a lot of hope for home-sellers. Based on those statistics, if you adjust your price now, you basically have a 1 in 2 chance of selling.
Compelling Analogy
I once read interesting dialogue between a Realtor and her client. I don’t even remember where I was when I heard it but the Realtor made an analogy between the importance of pricing and baking a cake. She explained to her client, “I don’t know if you’ve ever done much baking, but one of the vital ingredients to making a lovely cake is baking powder. If it’s missing, the cake doesn’t rise. In fact, no one eats it or even wants to look at it. Well, one of the vital ingredients to getting buyers to, first look, and then offer on your home, is price.”
The Gambler
As Kenny Rodgers declares in his famous hit The Gambler, “You’ve got to know when to hold ‘em, know when to fold ‘em...” It’s not always an easy decision, but the market place speaks loudly and clearly. If have your home is listed and there is luke-warm interest with no offerings, it’s usually due to price. If you’re highly motivated and considering your options for the spring market, remember the cake without baking powder. We are in the heart of the spring market and the time is now.
Written by Al N. Filippone. For more information about the local real estate market, contact our Darien office at 203.655.5358 or visit our website at afahomes.com.
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