I was watching The Today Show this morning and saw a segment about a new study that was released titled “Seven Tactics for Selling a Home: A Data-Driven Approach for Home-Sellers” ( See: Segment). Real Estate professionals are already aware of these tactics. The report is from Redfin ( See: Redfin The Real Estate Scientist )and I am in no way endorsing them. I am aware that many homeowners in our area may have seen the segment and could possibly think that the statistics encompassed the entire nation when in fact most of the statistics come from the west coast markets. I have listed each tactic along with comments relating to the greater Grand Rapids area.
1. Don’t overprice your property
Price your house from the get-go so you don’t lose potential buyers along the way. This is especially important in the extremely competitive greater Grand Rapids market. My vacant stagings are even contingent upon the listing Realtor’s agreement that the property is priced accurately for the current market.
2. Set your price to show up in MLS searches
When setting the list price of a home, don’t price it at the bottom of a price tier. Your Realtor already knows this strategy. Not all systems have the same tier breakdown so your Realtor will familiarize you with the tiers in our local MLS system.
3. Debut on Friday This may not be the same for all demographic areas, all times of the year, or all market conditions. Your Realtor should have the current statistics.
4. Stay engaged
Since our local market is highly competitive, any extra effort will pay off. Motivated sellers should be willing to paint, stage, fix repairs and look better than the competition. It’s especially important to keep your home show-ready throughout the entire process. That’s the hard part! Remember, the way live in your home and the way you market it for sale are two different things.
5. Market the property online
In addition to the MLS, other websites can help notify potential buyers of your house for sale. Different types of homes demand different marketing strategies. Consult with your Realtor to inquire about supplementary websites that may gain your home more exposure.
6. When selling your home, stay put
You don’t HAVE to stay put. Another option is to Stage the vacant house in order to help buyers visualize the space and to picture themselves living there. Most of my vacant stagings in the greater Grand Rapids area sell within 2-3 months.
7. If you can, wait to list your property until neighboring foreclosures are off the market
You have most likely heard the news about Michigan’s foreclosure statistics. Just because there’s a foreclosed home for sale in your neighborhood doesn’t mean that it’s competition for your home. Your Realtor is there to help decide.