1. Price - Its important to realize that the market has changed and price it to sell. Homes priced too high at the initial listing experienced a sales price 88% less than the listing price, whereas homes that didn't have price reductions sold for 97% of the listing price.
The take-away: A home priced too high and then reduced seems to give buyers the idea that more reductions are possible and the low ball bidding begins in earnest.
2. Use the Web: The share of Internet buyers has grown from 28 percent in 2000 to 72 percent in 2007 and 72% of all California buyers use the web to shop a property. According to Redfin's numbers, most people shop are using $25,000 - $50,000 search increments. Your property should be priced to show up in that search parameter. A home priced at $655,000 would miss the search of all homes between $500,000 and $650,000.
The take-away: Become more computer savvy and use the net to create slide shows and maps. There are quite a few companies that produce templates and will list on all the major sites. Use a company that produces a complete template design and will also list on all the major search sites like craigslist, google base, hot pads and more.
3. Fridays The Day: Its folklore in the real estate industry to list on Thursday. Not so, according to Redfins website stats. It seems that Friday is the choice of home buyers looking to schedule a weekend of window shopping.
The Take away: The beauty of the net for advertisers and marketers is the number of statistics that can be pulled. All movement can be recorded, number of clicks, number of inquiries and more. It becomes easy to see what is working and what is not.
4. Stay in the House: Buyers who are in their homes feel less pressure to reduce the sale and this is a fact obvious to buyers.
The Take away: They tended to low ball a property less often if the owner was in the property. We make an assumption that if the person is far away they are somehow in greater need to sell or are less attached and will accept a lower price.
5. Wait: If your area is experiencing a lot of foreclosures, Redfin advises you hold off until they have been cleared from the marketplace.
The take away: Its logical that informed buyers would use the high foreclosure rate in your area as a lever to lower offers. I imagine that too many for sale signs in a neighborhood would attract more buyers looking for distress sales.
6. Be Active: According to Redfin, agents respond to sellers who are more engaged in the active sale of their home. The take away: Enthusiasm is contagious. Agents give more service to those who you perceive to share an active and enthusiastic interest. Agents like to feel that active cooperation will help generate a sale at a better price and sooner rather than later.
If you have never been to the redfin site, it is worth the trip.
Thanks for Reading
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