Applying The 3 P’s Of Marketing To Get Your Home Sold In A Super Competitive Environment
Just about every day I’m asked what to doto sell a home now that the market has tanked. We all know by now selling right now is frustrating at best and an exercise in futility at worst. It’s more important than ever to use every resource and technique possible to create an expertly engineered marketing activity series using all possible information and tools available in your market.
The first step is to gain a high level of understandingof all of the homes on the marketand their features, benefits, pricing and overall condition of any of those homes that compete with yours so you can create a game plan. Look at each home carefully and learn what a Buyer would like about each of the homes and how yours stacks up. Is yours bigger, better, younger, older, etc…
Next revisit your own home and try to be objective about how it fits with the inventory. Certainly your home is better than some but less appealing than others. The key is to price your home more expensive than inferior homes and less expensive than equivalent or superior homes. Pricing, now is extremely sensitive and its essential to be very accurate. In a declining market like we have in Conifer horse property an important and effective strategy is to price in a way that creates a compelling attractive offer that is easy to recognize and act upon. In other words your home must clearly be the best value at whichever price you choose. If your home is the second best priced home among similar homes it will be the “bridesmaid” and never the “bride”.
Next is to establish the amount of inventory relative to the frequency of sales. If homes are still selling at a fast pace then you must regularly revisit your pricing strategy and maintain an objective value-based strategy relative to competition.
In Evergreen real estate the days of looking at recent sales, determining recent price per square foot and multiplying that by your square footage is over, at least for now. Unfortunately, as the market experiences a correction, recent sales may be significantly higher priced than what your home may sell for.
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