First Impressions Matter: The Crucial First Two Weeks of Marketing Your Home

When it comes to selling a home, pricing is one of the most important factors to consider. As the saying goes, pricing a home for sale is as much an art as it is a science. However, there are some key principles that sellers should keep in mind to ensure they are pricing their home correctly and maximizing their chances of a successful sale.

The first principle is that fair market value attracts buyers, while overpricing can deter them. Fair market value is essentially what a willing buyer and a willing seller agree upon as a fair price for the home. It is determined by considering a wide range of factors, but the two biggest are location and condition. To estimate fair market value, sellers should look at comparables, or similar homes that have recently sold or are currently for sale in the same area.

Sellers often have an emotional attachment to their homes and may view them as special, leading them to price their homes higher than they should. However, overpricing can actually prevent eligible buyers from considering the home, as most buyers shop within a certain price range and look for the best value in that range. If a home is overpriced, it may not be competitive with other homes in the same price range, causing it to linger on the market and potentially sell for less than it would have if it had been priced correctly from the start.

The second key principle is that the first two weeks of marketing are crucial. During this time, a home is fresh and exciting to buyers and their agents. By ensuring that the home is listed on the Multiple Listing Service, distributed across the internet, and advertised in various ways, sellers can generate the greatest flurry of attention and interest in the first two weeks. If the home doesn't receive many showings or offers during this time, it may be a sign that it is overpriced or not comparing well to the competition.

If a home is not generating sufficient interest in the first two weeks, sellers should consult with their agent and ask for feedback. They may be able to do a little more to spruce up the home's curb appeal or stage the interior to better advantage. Alternatively, they may need to adjust the price to better reflect fair market value. While the market can change its mind and give a home another chance, sellers may lose precious time and allow a stigma to cloud their home's value.

In summary, intelligent pricing isn't about getting the most for a home; it's about getting the home sold quickly at a fair market value. By keeping in mind the principles of fair market value, avoiding overpricing, and capitalizing on the first two weeks of marketing, sellers can maximize their chances of a successful sale. Consulting with a real estate agent and getting feedback on how to improve a home's appeal can also be helpful in ensuring that the home is priced and presented in the best possible way.