Todays’ real estate buyers are savvy and empowered like never before. While the Internet has greatly increased the visibility of homes on the market, it has also provided greater access to data home buyers may not have had in years gone by.
It is now easier than ever for buyers to see which homes up for sale and do a great deal of research on them in minutes, anytime, anywhere on their laptop, smartphone, or tablet. They know what’s selling for what, and won’t pay more for a property than they could for another, similar home.
Home buyers today are smart shoppers. Not only can homebuyers see what’s for sale, they can also easily find out what homes have recently sold for. Since consumers now have access to this information, they have a better feel for home values – and overpricing a home means it’s even less likely today than in the past that buyers will want to come take a look.
How can you as a seller take advantage of this environment, where buyers are so much more educated than they were before? The good news is that most sellers are not as educated as the buyers today. Sellers often price their homes based on the value they feel for their own property, which is understandable. But a smart seller will carefully review the market price data and set a price for their home which they can see will cause the home to sell, while other homeowners languish on the market. Smart pricing gives informed home owners a significant competitive advantage in getting their home sold.