In our industry there are times when a bit of a debate occurs amongst us Realtors as to whether it’s better to sell quickly or to ride out the market for the highest sale price. And while it’s not always an easy answer, it’s definitely deserving of a blog post. The reason it’s not always easy is because we inevitably come to “it depends…”
We’ve sold our clients’ homes in both record time and for record amounts but one thing is for sure, every situation is different….hence, ‘it depends…”.
One argument is that if you sell in record time then perhaps the house wasn’t exposed to the market long enough to get it’s maximum price.
The other argument is that selling a house as fast as possible is what’s best for the sellers because it minimizes the inconvenience of the selling process…..and if you’ve ever sold a home before you know it can be a pain the butt. Also, keeping the house spotless all the times inevitably leads to eating out a lot which also significantly adds to expenses. THEN, add children to this process and it can be 10 times worse.
Now don’t get me wrong! I’m not suggesting that you take less than your house is worth or list low just to get rid of it. Not at all! But there are ways of positioning your home to sell more quickly and still get a fair price.
So what is a “high enough price” and what is an “adequate amount of time on the market”?
There have also been times when we’ve sold homes in less than 24 hours.
And there’s been times when we’ve done a combination of the two; selling in both record time and above what we feel to be Market Value at the time.
So which option do you go with? I’m sure many of you are probably thinking you’d want both to sell in the shortest period of time and for over Market Value but unfortunately it’s a very specific market condition that creates that opportunity so it’s not an everyday occurrence; though through our vast marketing we do push for it in every sale :).
So are you a professional couple with no children and have a flexible schedule and lots of time?
Or are you a young family with 2, 3 or even 4 children? Perhaps Mom is at home on maternity leave with the children and it’s not easy to get out of the house for hours a day and keep the house tidy 24/7. Or maybe your children are all in school or daycare and both of you are working but your mornings are crazy enough as it is without adding a cleaning schedule to an already tight morning.
My point in the end is that there is no right answer to whether it’s better to sell quickly or wait for the best offer because…..it depends.
The take away is: When you decide to sell, have a plan and a goal. You’ll need to place a priority on either the highest sale price or the shortest selling period. You can hope for both but going in without a strategy won’t help you make a decision when an offer comes along.
Placing a priority on one of the two, however, will help you stick with your strategy and a achieve your goal.