How Can I Beat the Odds? Part 2 of a 2-Part Series

Yesterday I wrote about the best time to put your home on the market. But what if those time periods don’t work with your wanna-gotta-move schedule? Here are some tips that will help you beat the #realestate odds:

1. When setting your list price, do so with more emphasis on comparables that are 1) currently under contract and 2) listings that you are actively competing against, than with closed sales (especially those over 30 days old). This strategy will align your price with the cooling off of the market as it moves from Seller to Buyer favor.

2. Be patient. Don’t fret, stress or over react with too large or too many price reductions. Average Days on Market increases during these periods, often doubling. No showings or too many showings without an offer are indicative that a price reduction is warranted, though. One or two reductions during the off-peak sales periods is common. Please keep in mind that a price reduction, no matter how significant, doesn’t mean that you’ll have an offer immediately. Just because there are more homes on the market does not mean there are more buyers in the market.

3. Accommodate every single showing request. I cannot emphasize how important this is. Hold your baby’s first birthday party or your family reunion elsewhere while you have your home on the market. Saturdays are prime showing days. There’s nothing more frustrating than trying to get a buyer client in to see a home, when Saturday is the only day that both the husband and wife are off work and can look at homes together, only to hear that the seller is having a party. I can’t tell you the number of times I’ve heard a buyer say, “that’s ok … they must not really want to sell anyway.”

In my experience, our real estate market in Northern #Utah moves in 90-day waves through three general buyer profiles: 

  • First time home buyers allowing the sellers of the homes that they are purchasing to become move up buyers. The prices of these homes are generally in the lower third of the typical price range for a community.
  • Move up buyers purchasing homes from sellers who are job-relocating or building/buying new construction. These are the homes listed close to the median price for a community.
  • Relocation buyers, whether in state, from out of state, or living down the street, have usually just received a promotion or raise that allows them to move up again and purchase homes in the top third of the typical price range for a community.

Exactly when your home will sell depends on where the cycle is when you list your home and what type of home it is that you are selling. 

If you live in Northern Utah and are considering selling, I’d love to talk with you about maximizing your home sale profit!

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Kim Novak, Principal Broker & Owner
At Home with Diversity®, Green, Proud to Have Served

Novak Advantage Real Estate l 3636 N 2900 E, Layton, UT 84040 l     (801) 726-1443 l novakadvantage@icloud.com l www.TheNovakAdvantage.com

ABR, AHWD, CRS, ePRO, GREEN, GRI, MRP, SFR, SRES – BSBA, CDPE, CSP, SSS

Certified Military Relocation Professional
Certified Buffini Peak Producers® Mentor
2012 Salt Lake Board of Realtors Hall of Fame
RE/MAX Hall of Fame & Lifetime Achievement Award
Northern Wasatch Association of Realtors Lifetime SalesMaster

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