The South Coast Real Estate Round-Up

A Grand Opening is One of Your Keys to Success

September 13th, 2013 4:24 PM by Christopher Terry

Although some areas of the country are doing better than others the Fall River housing market is finally recovering. Both single family and multi-family sales are up and so are prices. That means good news for anyone thinking about selling. However, you must be careful not to fall into the trap of over exuberance. Pricing a house incorrectly when it is first listed for sale can be a huge mistake.

Ken H. Johnson, Ph.D. at Florida International University and Editor of the Journal of Housing Research, referring to previous research by John Knight, revealed:

“Sellers as well as Brokers/Agents should therefore be aware of the critical necessity of getting the price correct from the start. Sellers wanting to over list will ultimately take longer to sell and will sell their property for less, on average, according to Knight. Brokers/Agents’ desire to take a listing and get the price right later will ultimately lead to their working harder according to Knight, and they are not doing their sellers any favors.”

Think of it this way, when your house first comes on the market it is your opportunity to have a GRAND OPENING. Do you remember when Target first came to the area to compete against Walmart? If you went to Targets Grand Opening and saw that things were over priced, and that the store didn't present well, wasn't ready to be opened, would you go back? Even worse would you recommend the store to your friends? No and No. In fact, you would tell your friends to keep shopping at Walmart. Real Estate is the same way!

Why am I Bringing Issue Up Now?

Recent price increases seen in housing have been the result of a lack of salable housing inventory across the country. This inventory challenge is beginning to correct itself and many believe that price increases will begin to taper off.

Bill McBride, the author of the renowned economic blog Calculated Risk, explains:

I think that inventory bottomed earlier this year, and that the NAR will report a year-over-year increase in inventory very soon (probably for September). As more inventory comes on the market, buyer urgency will wane and price increases will slow and even decline seasonally in many areas this winter.”

If you are putting your house on the market, give us a call. We will consult with you on how to establishing your price and prepare your home for your Grand Opening. That is the only way you can guarantee getting top dollar in this market.

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Christopher Terry is a licensed real estate broker in Ma and RI, has completed the Accredited Buyer Representative Certification, is a graduate of the Certified Distressed Property Institute, holds the prestigious CDPE designation, is a 4-Time winner of the Master Sales Society's 5/50 Award and is the founder of EZ Home Search Real Estate Inc.

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Posted by Christopher Terry on September 13th, 2013 4:24 PM


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