Online is the new curbside, and successful Realtors and savvy sellers know it! What are the common denominators among sellers that sell OVER list price?
Here is an excerpt from Zillow’s 2016 Report on Consumer Housing Trends that summarizes their research on this interesting question:
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Snapshot: Selling Above List Price—What Works
When it comes time to sell a home, every seller wants the same outcome: To sell quickly for as much money as possible. Sellers who sold for at least 2 percent above list price share several traits. They begin preparing both on their own and with a professional early in the process, they tackle repairs or improvements to cater to prospective buyers, they use a multimedia and digital-rich marketing approach, and they are more likely pull their home off the market or hold multiple open houses.
They planned ahead
Sellers start preparing to sell their home before officially listing by researching on the internet, with nearly three in four (71 percent) turning to online resources such as real estate websites (73 percent) or brokerage listing sites (40 percent). Seventy-three percent reported using social networks, too.
They also use home pricing tools, with 66 percent turning to home price estimate tools, requesting advice from agents or friends (63 percent) or even hiring an appraiser (31 percent).
They enlisted a trusted agent
The vast majority (90 percent) of sellers who sell above list price work with an agent, and two out of three such sellers (58 percent) begin working with an agent at the very beginning of the sale process. Successful sellers vet their agent carefully, with 68 percent saying they considered at least two different agents.
Nearly nine out of 10 sellers (86 percent) placed a heavy emphasis on their first impression of the agent they were considering. Most also looked at an agent’s recent sales (66 percent) and local reputation (73 percent) in evaluating whether the agent could help them sell for top price.
They updated their home
Sellers who fetched above list price tackled expensive and messy renovation projects before selling, rather than passing them on to buyers. These sellers were about 50 percent more likely to modify an existing home plan or finish off a basement than the average seller, and approximately 20 percent more likely to renovate a kitchen or repair a roof. They were 8 percent more likely to complete a bathroom upgrade, too.
They understood that online appeal is the new curb appeal
Sellers who sold for more than list price made imagery and home information available across as many internet media as possible in their quest to market their home. Nearly half (48 percent) had photos taken of their home, three in 10 shot video, and many shared their listing on social media (28 percent), had their home professionally staged (26 percent), or shot drone footage (21 percent) or other types of imagery (18 percent).
They aren’t afraid to take control
Eight-two percent of sellers who ended up selling over list price held at least one open house to draw in potential buyers. That said, if their first approach didn’t draw the attention they were desiring, these sellers weren’t afraid to regroup and try again. Twenty-six percent of those who sold above list price took their home off the market once (compared to 20 percent of all sellers) opting to start anew rather than letting the home languish on the market with minimal activity.
Not all sellers who fetched above list saw bidding wars. One quarter (27 percent) got one offer and then took it, while another quarter (24 percent) received four offers or more. Almost all (86 percent) of above-list sellers went through a buyer’s inspection.
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Picture It Sold Photography is a local team of five photographers and a support staff in our Jupiter office. We shoot HDR photos, videos, aerials, and 3D tours for MLS listings in Palm Beach, Broward, Martin, and St Lucie Counties.