Pricing, Marketing, and Home Selling Tips

by Erin Fernschild 12/01/2018


 The bad news about selling your home is that there are dozens of mistakes you might make that could result in a lost sale, unnecessary price reductions, and delays in finding a buyer.

The good news is that the vast majority of seller mistakes are completely avoidable -- especially when you have an experienced real estate agent guiding you through the process and providing you with ongoing advice and marketing assistance.

Pricing and Perception

Setting too high of a price for your home is a common mistake -- one that's often difficult to recover from. Since "the clock is ticking" from the moment your home officially goes on the market, it's important to make the most of those first few weeks.

House hunters are often strongly attracted to homes that are advertised as being "just on the market." Those words can be very compelling because they imply newness, a limited opportunity, and scarcity. As the advertising industry has known for generations, consumers are drawn to products and services that are new, fresh, and in demand. However, just like yesterday's news or day-old bread, the longer a house is on the market, the less appealing it becomes.

According to a Zillow study, homes for sale priced around or slightly below market value are almost 50 percent more likely to sell within 60 days than those priced 12 percent or more above market value.

Working with a knowledgeable real estate professional can help make sure you don't lose that initial out-of-the-gate momentum by pricing yourself out of the market. They'll base their recommendations on a number of factors, including a comparative analysis of recently sold homes in your neighborhood .

Here's a house-selling mistake that most people probably don't know about: You might be losing potential buyers because you've chosen an "odd selling price." The National Association of Realtors points out that listings may sometimes be excluded from Internet search results if the asking price is just a few thousand dollars above a typical pricing range. "Buyers search real estate websites for price ranges, such as 'homes between $250,000- $300,000.' If you set an odd price to make your listing stand out, say $302,499, you may miss some of your best potential customers."

If you realize after a few weeks that you've incorrectly priced your house, it not only becomes necessary to lower the price, but you also have to contend with a lower perceived value among prospective buyers.

Buyer Psychology

A few other words and phrases that tend to whet the appetites of prospects searching for their next home include "move-in condition," "landscaped," and "updated." Many people also like the sound of granite countertops, maple hardwood floors, and gourmet kitchens.

While it pays to know a little about pricing, home staging, and buyer psychology, getting advice and guidance from a seasoned real estate agent is usually your best bet for producing the fastest and most satisfying results in selling your house.

About the Author

Author
Erin Fernschild
I believe that when it comes to Real Estate sales and service, you can have it all and that is my professional goal. Erin Fernschild has lived in Stratford, CT since moving from New York City in 2005. First living in the direct waterfront community of Breakwater Key and then moving to Lordship in 2012. Her interests in Real Estate expanded while she was searching for a home that would meet her lifestyle and growing family needs. Commuting to Wall Street in NYC on the train gave her ample time to find the perfect location for all of her requirements, even though she was told by many “you can’t have it all”. Erin attended William Patterson University earning a Bachelor of Science degree in Business Administration and International Marketing. Throughout her career, she has worked for several Investment Banking Firms in NYC including First Boston, Bear Stearns, and Deutsche Bank. In 2016, Erin obtained her real estate license and joined RealtyQuest. Erin’s passion for service and understanding of what it takes to complete any transaction with the least amount of difficulties stems from her role at Deutsche Bank where she co-­founded its Relationship Management team which is accountable for the Bank’s overall commercial relationships. Erin worked face-to-face on a daily basis with large hedge funds, asset managers, and high net worth individuals, listening to their needs, communicating effectively and often acting as a mediator to resolve issues. Her friendly style, tenacity, and technological ability provide her clients with a competitive edge in challenging markets. She is a natural people person who will work tirelessly on her client’s behalf. She truly enjoys assisting others to Buy, Sell and Invest in Real Estate and understands the amount of time, dedication, and thoughtfulness that goes into finding the right property, at the right price, that meets all of her client’s needs.