How do I sell my home? Get more visibility? Although many Illinois Home Sellers find themselves pondering these very questions, believe it or not, the answer lays in simply understanding your audience, the buyer.
(Entertain this analogy) Lets pretend for a moment that your home is not a structure, but a strategically positioned hook, with a well chosen lure, aimed to catch just one fish.
Some Fish Swim at the Bottom of the lake: Low Priced Property Shoppers – Investors, Fixer Upper, Motivated, Condo
Some Fish Swim toward the Top: Higher Priced Property Buyers – which these may be folks looking for top finishes, upgrades, which is price relevant or just a larger home.
Some Fish Are Young: Like new and exciting lures.(City Lofts, Exposed Brick, Popular Night Spots)
Some Fish Are Older: May like the traditional worm.
Some Fish are Small: Don’t need a lot of house, nor a large mortgage, and will not bite on a big hook.
Some Larger Fish you catch with a bigger hook: Larger Home, minimum bedroom/bathroom count, play and work space, more space.
Following so far? Different hook length, size and lure will attract different fish. Lets continue:
“There are many fish (Buyers) in the ….sea, and guess what, there are many different seas (Different markets, neighborhoods, etc).
But they all have one thing in common: When they are ready to eat, they will.
Buyers shopping in a $100k to $150k range are not interested in looking at a house listed for $299k so attracting them with higher commissions and upgrades is not relevant. However, a house worth $299k listed for $100 to $150 will have fish swarming all around it. (Small Hook, More Food = More Fish) Think about that for a second. Everything comes down to a balance of price, size and location.
You can run comparables to get an idea of how your property is priced in comparison to the other active and closed homes on the market. Price yourself according to other ACTIVE homes, and you stand the same chance as they do of selling…or possibly just fishing. Price yourself according to CLOSED and UNDER CONTRACT properties, and you are positioning yourself based on someone that successfully caught a fish.
Additionally, one of the key points we emphasize to our client is this: Real Estate is unique in every way. Same home like yours, but across the street, is NOT the same. It is different and unique. Buyers start their homework with affordability, but Buyers purchase homes based on look and feel. If your price is right, and the look and feel is good (or appropriate to it’s price range) you will see offers sooner than later.