If I had a nickel for every Atlanta home seller that turned down an offer, only to sell there home many months later at a much lower price than the original offer, I’d be rich.
This idea of initially pricing your home high, “Just to see if there are any takers”, is a really bad one – especially in a buyers market. The Buckhead, Sandy Springs and Dunwoody markets are still desirable enough to sell homes that are fairly priced and marketed intelligently. You just have to price your home competitively right from the start.
When you list a home, the overwhelming majority of showings will be in the first few weeks. There is a backlog of potential buyers, looking in your price range and the North Atlanta area, that will have your home hit their internet searches as soon as it’s listed. It’s essential, in this market, to put your best foot forward to the majority of potential buyers. The buyers are not stupid, and they are not going to waste their time fooling with an overpriced home in a buyers market. If you overprice your home to test the market, you’ll miss out on all those buyers. When it comes time to get realistic about the price of your home, the showing traffic on your home will have slowed to a trickle. There is a very good chance you’ll end up selling your home for less, in a longer period of time, than if you had placed a competitive price on your home in the beginning.
If you want to sell a home in Buckhead, Dunwoody or Sandy Springs, find an agent that is familiar with the area and can assist you in pricing your home in this market.
At first glance, this strategy may seem like it could get your home sold quickly but with less money in your pocket. Pricing your home competitively, in the beginning, will actually create more value for the seller as you won’t be chasing the market.
In this market, a seller is much better off with a competitive price. You don’t want your home to be viewed as stale and unwanted. Wouldn’t you rather have somebody “hooked” on your home, but in tough negotiations, versus having no offers at all?
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Congratulations on selling your home so quickly! I remember the days (back in the late 90s/early 00s) when a house would routinely sell within 30 days of listing; in fact, in 97, when we bought our house, sometimes houses would sell the first weekend they were on the market. That was the case with the house we bought – it was listed on a Thursday, and by Sunday there were 5 offers! Of course, prices were a lot lower back then, which made more houses affordable.
Any tips for sprucing up curb appeal? Maybe that would be a good post.
I have put you on my list of blogs that I follow – I really love your blog!
Thanks for the compliment. I already have your site listed on my blogroll. Just like its name, “Things That Inspire”, it’s a great place to look for design inspiration.
Objectively speaking, I think our old home had a lot curb appeal.
With hindsight we spent way too much money on the driveway and stonewall, compared to the overall value of the home. We would have netted more money had we not spent quite as much on the landscaping and hardscaping, but it was nice to have a steady flow of showings during a down market.