“Focus on the top of the triangle.”
The Buyers’ Triangle represents the entire real estate market within 25 miles of where you live. It’s broken into three layers: people with “no interest” (70%), tire kickers who are “looking” (25%), and active buyers (5%). Lookers become buyers, and when they buy, they usually drop back into the “no interest” zone (unless they are investors). The Buyers’ Triangle changes every day; it’s a dynamic market. The “Buyers” top of the pyramid shrinks and expands according to your selling decisions.
“You need much more than one buyer to get the best price.”
Some sellers believe: “I only need one buyer to sell my house.” The right price is an irresistible magnet to multiple buyers. It is smart, quick, and leads to top dollar, often higher than your listing price. A good Realtor® will help you make sure that “the price is right.”
“Overpricing your home shrinks the top of your triangle.”
Many sellers set their price much higher than what they’re willing to accept. Overpricing your home is the quickest way to shrink the top of your triangle. What you consider a “bargaining” price often eliminates real buyers from whom you’d welcome a contract. Buyers don’t look at overpriced homes. Agents representing them don’t bother, either.
“Good Open Houses lead to multiple offers.”
Most Realtors® use open houses to get new customers, although they may not admit it. However, if your agent does it right, with your home in mind, a “creative” Open House can lead to a fast sale. Want proof? Read this blog post.
“Do you need a real estate agent?”
The average home sold by a Realtor® gets a 12% higher price, double the cost of an agent. For Sale By Owner is dying a slow, painful death for good reasons. If you eliminate agents from your selling, you reduce the size of the “buyers” portion of your triangle by at least 80%. Plus your life, 24/7, must focus on selling your home, showing it, finding inspectors who agree with your homeowner’s disclosure, writing a contract, getting a title agent, and finding a real estate lawyer for your closing.
“The power of paint.”
Nothing raises the price of a home faster than a few buckets of paint, a nicer entryway, and 100-watt bulbs in all the electrical sockets. If you decide to sell a fixer-upper, get ready to sell your home for peanuts. Obvious teardowns in quality neighborhoods are the exception.