Marketing Vs. Pricing: Which Is More Important When Selling Your Home?
One of the first questions homeowners will ask when we sit down to talk about listing their house is, how are you going to market my home? I am an ex-marketing executive, so I know the power of marketing when it comes to real estate. A big part of my value propsition to my clients is my ability to maximize exposure for their homes and make them stand out from the competition. Because the more exposure a property gets, the better its chance of getting top dollar. BUT, having said that, I will also be the first to tell you that all the marketing in the world won’t work if the house is not correctly priced. The best example I can think of is the “”Home Alone”” house, the house that starred with Macaulay Culkin in the 1990 hit movie. The 14 room house is a gorgeous Georgian located on a desirable street in the upscale town of Winnetka, IL. It came on the market in May 2011, at a list price of $2,400,000. The owners knew they were selling in a bad market, but said that they were confident that the house’s celebrity status would get them great exposure. And boy did it! When the house hit the MLS it was THE story on every TV and radio station and every newspaper in the greater Chicagoland area. It even got picked up by stations and papers around the country. Real estate bloggers and Hollywood bloggers wrote about it. That house got more exposure than any normal home could ever hope to get. But it didn’t sell. By August the price had been reduced to $1,950,000. It still didn’t sell. In November it was taken off the market. It came back on the market in March of 2012 and finally sold for $1,585,000, 33% below the original list price. The lesson is clear: If you want to sell your home quickly and get top dollar for it, you should make sure to get the price right first, and then worry about the marketing. A good real estate agent will provide you with comps (house similar to yours) that have recently sold or are on the market (your compeition), and will recommend a list price based on this as well as currrent market trends. Where you price your home relative to the comps will differ depending on whether you are selling in a declining market or an appreciating market. Anne West is a Real Estate Consultant on the North Shore of Chicago. She helps homeowners get the most money for their homes in the shortest time through her expert marketing and internet dominance. Visit her North Shore real estate blog at http://NorthShoreViews.com for more information. Article Source: http://EzineArticles.com/expert/Anne_West/37990 “