The Numbers That Really Matter When Selling Your House
When selling real estate these are the numbers that truly matter!
After going on thousands of listing appointments the one thing people worry about the most is what is the brokerage going to charge? As soon as I walk in the door at a listing appointment that is the first question asked. Of course, the seller should know what the brokerage is charging but the main focus should be can I sell my house quickly and get the best ROI (return on investment). This is a sure sign they have not talked with a true real estate professional. The commissions for real estate transactions are the last thing to affect the seller's ROI. That’s right, the last thing! Let’s first talk about what numbers are important and will affect the ROI of the seller.
Pricing the house!
Real estate professionals have access to data to show what homes are selling for in any square mile radius. Pricing a house correctly is super important to the seller. If homes sit on the market past the average days on market for that area, it will send a message to the home buying market that something is amiss. Overpricing is a very important thing to keep in mind. You want to price your house just right. You may be able to price your $550k house at $580k but will it sell in the right amount of time? Remember this if your house is priced right most of the time a buyer will offer more to secure the deal.
DOM (Days on Market)
Every market area has a certain number of days that statistically homes will sell. For example, some luxury homes take 1 year of being on the market to sell. Some houses in Ellicott City Maryland priced in the $300K to $500K often sell in less than 30 days on average. That's also why pricing your house appropriately for the market it's in is so important so your house is not sitting on the market longer than expected making buyers wonder why.
This is truly the most important piece of information every seller needs to understand. If the house is priced properly and presents well how much will you (the seller) put in your pocket!
Fancy flyers don't sell!
If you work with an agent that understands these three numbers and how they all work together to maximize the seller's ROI the commissions paid to execute this will make sense and be worth every penny. When Real estate agents are concerned with fancy fliers, open houses, signing listing agreements, etc... They don't know what really sells a house. Not saying that they won't be able to sell your house just the important information you should be getting to the bottom of first is what is really going to make the house sell at the best price and the right time. Not all that fluff, actually not focusing on these numbers could make you lose more in the long run of the home selling process.
Call today to get a more detailed explanation of how the numbers matter!