If It's Not Compelling, It's Not Selling
There's a saying related to selling a home that goes, "if it's not compelling, it's not selling". I love this saying. It reminds us that a home must stand out from the crowd to draw buyers in.
We consider four areas when determining if a home is compelling enough to sell as quickly as you want for the amount of money you want.
An adequately discounted price can overcome most other shortcomings of a home. Generally, location and price must both be average, at least, in order for the home to have a chance of being compelling. However, a highly discounted home in an undesirable location will draw investors. If you've got an average, cookie-cutter home in an average location, then lower the price below market value to make the home compelling.
If the home is in a desirable location and it's beautifully updated or full of character, it will be compelling enough to demand a price at or above market value.
A beautiful home that is competitively priced will sit on the market if it's in an undesirable location. This is one of the home characteristics that is hard to overcome depending on the nature of the location's short-coming. If you walk out of your front door and you're staring at a warehouse, you'll need to overcome that with a lower price to make it compelling to buyers. A home that is updated and nice inside will lessen the blow.
If the home is located in the wild west and you fall asleep to the soundtrack of nightly sirens, a significant price drop may be required to try and attract an investor. Take stock of your location and the possibilities.
When a home goes on the market it either joins other, comparable homes or it's unique. If a home happens to be one-of-a-kind, in a good or interesting way, it's compelling. There's nothing else like it. It may take a little longer to find a buyer for a unique home, but it's uniqueness is inherently compelling. Buyers love a home with a good story.
If the home is just like many other homes in the area in regards to floor plan, finishes, lot, curb appearance, or location, there must be another characteristic of that listing that's compelling.
4) Fit and Finish
Is your home turn-key? Will a buyer walk in and realize they won't need to change a thing? Is it an older home with gobs of character? Is the layout modern and desirable?
These are things that will make a home compelling. Most buyers find it desirable to avoid the work that goes into updating a home. The buyers that enjoy working on a fixer-upper will want to get it for a discount. If the fit and finish is impeccable, and you've got it beautifully staged, it's compelling.
The more of these categories your home excels in the less compelling it will need to be in each. Don't let your home get lost in the crowd. Make it compelling!
Contact Us if you have any questions or are interested in buying or selling a home.