What is the silver bullet, the insider’s secret, to selling fast in a slow market? What can make your home sitting alongside 50,000 others stand out? The answer is the same almost every time, in almost every market, fast or slow, and a recent analysis in the Baltimore area helped to bring this “silver bullet” to light. Or, should we say these three silver bullets.
Lorraine Mirabella posted the recent study’s findings in The Baltimore Sun on January 10, 2008. The study looked for real estate trends occurring in Baltimore and five surrounding counties, in November 2007, when the average days on market (DOM) was 105. During this time, only 13 percent of the 1,892 homes that sold in November 2007 had contracts within their first two weeks of listing. That’s only 251 homes. And those 251 homes didn’t just “sell fast,” they went from listed to pending sale in an average of 7 days. 15 times faster than the average days on market!
So, fine, what did all 251 homes have in common? Were they all new-builds, who undercut the rest of the market by tens of thousands of dollars? No. Were they all five bedroom, seven bathroom, ten-car garage homes in upscale communities? No. Most were older, three bedroom, two bathroom homes that sold for about $4,000 under the overall average sales price. So now you need to ask yourself, “Would I accept about $4,000 less than average selling price in my neighborhood so that I can sell quickly and move on with my life?” $4,000 is a lot of money to most people, but so are the carrying costs if you end up staying on the market for 105 days…or longer.
If you’ve followed us this far, your curiosity has been piqued, and you’re probably wondering when we’ll finally release those three silver bullets that we teased you with earlier. Well, here they are. Those fast sellers in that slow market had three common denominators:
- They were priced better than comparable listings.
- They showed like model homes.
- They had a full force of marketing, including enticing photos of the home on the Internet, behind them.
Need help putting these steps in motion? Let The Hill Group know, we can help!