Understanding Liquidity In Real Estate (Absorption Rates)
Marketing A Home To Get It SoldI am always amazed when some people will decide to sell their home and think that it will sell itself. Whether in a buyers' market or a sellers' market, it is critical to get as many people excited about the home as possible. This excitement will drive-up the final selling price. Marketing a home to get it sold requires a sound plan. Real estate marketing is like an auction. The more people that are attracted to the home, the more excitement that will be injected into the bidding, and the higher the price will go. Conversely, the fewer the people that are excited about a home, the less interest and excitement are generated, the lower the bidding will go. That is why you see some sellers "dump" their homes, even though the homes could attract a higher price. When marketing a home to get it sold, it is about maximizing exposure about the sale-able features of the property across a large, diverse distribution channel.
Positioning A Home To Sell
The buyers visiting your home in the first few days on market were not attracted to your home by an advertisement. In fact it is highly possible that no ad will have appeared during the first week of exposure.These are the buyers who answered ads 60-90 days ago in order to be today’s seasoned purchaser. The buyers we see coming in after three weeks are buyers new to market and not typically prepared to buy for another 60-90 days. This is why advertisements do not sell houses, rather positioning a home to sell is what sells houses!
SummaryYou can sell a home quickly in today's real estate market by determining the market absorption rate for your size and type of home, positioning your home where it will most excite potential buyers that are prepared to buy, and then marketing the home through the best available distribution channels. If you have a sound follow-up plan, you will be able to create the excitement that is required to quickly sell a home in today's real estate market.
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Joe Manausa, MBA is a 26 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.