During the first week that your home is listed, we will watch a couple of metrics to ensure that your home elicits as many showings as possible. Following the first week, we will continue to monitor these metrics and do everything we can to minimize the time on the market and get an offer on your home. As your partner in this process, we will communicate with you frequently and keep you as informed as possible in order to make timely decisions as necessary.
Number of Showings
It is important to have a good flow of showings. Our goal is to have a minimum of five showings the first week that your home is listed. If we don’t, we will want to assess any buyer feedback and determine if we can make any improvements in property condition, marketing strategy, photography and staging, and pricing. We will work with you during this week to determine the best way forward. After the first week and after we’ve made any necessary adjustments, our goal will be to have a minimum of three showings per week. Depending on any buyer feedback and the number of showings, we may need to discuss reducing the price if we don’t have an offer within the first two-four weeks depending on the market and your timeline.
We will actively monitor Alaska Multiple Listing Service (AK MLS) statistics on your listing and send you updates throughout the first week. In particular, we will look at the number of people who receive your listing via an email subscription service. This means your home matches the search criteria they are looking for in a property. If there are not very many people receiving your listing, that tells us that not many people are looking for a home like yours and your potential buyer pool is very small. If this is the case, we need to figure out how we can improve your listing so that it fits more people’s criteria and expands your potential buyer pool.
If your home is not meeting our desired metric goals, please don’t be discouraged. While we love to see good momentum in the first weeks, it’s also good to keep in mind that sometimes the market changes even within just a couple of months or seasons. To assess for these changes, we can watch the availability of inventory in your neighborhood and the average days on market for similar listings in your neighborhood. Remember too that selling a home can take time and eventually we will find the right buyer for your home.
You can’t control the market, but there may be a couple of things you can do. The easiest thing is to keep your home clean and showing-ready. The more showings we have the more likely you will get an offer. In addition, we may need to take a hard look at what we can do to improve the chances of your property selling. Similar to our assessment after the first week on the market, we will want to reassess the property condition, marketing strategy, photography and staging, condition, and pricing. Maybe it’s time to finally take care of that one item that is the elephant in the room such as the crumbling deck or repaint the interior. Or, if you’ve moved out or the season has changed, we can hire the photographer to take a second set of photos. If there is really nothing else we can do, it may be time to reduce the price. Remember that our end goal is to minimize your home’s days on market and get you an offer. The longer a home sits on the market, the more buyers are concerned that there may be something wrong with the property resulting in screening it out in the first place or, at best, providing a low offer.
Buyers tend to search in $25,000 increments so to hit the next biggest group of buyers we need to be below the next $25,000 threshold. Therefore, if your home is listed at $485,000 we should drop the price to $475,000 to try and hit the next buyer group. Price reductions of $2,000-$3,000 aren’t enough to make any difference.
When we consider new price reductions, we will provide you with new estimates of your closing costs. While the market may substantiate a new price reduction, it is important to understand how any changes may affect your bottomline, particularly if you are in the process of also buying a new home. If you work with a financial planner or mortgage lender, it may be opportune to include them in your decision-making.