Marketing Your DC Home For Sale
The importance of presentation, positioning and pricing in marketing your Washington DC home for sale. The ‘Three P’s” will help you realize greater profits in a shorter period of time on market.
Marketing Your DC Home | Presentation
Presentation is one of the most important factors in selling a DC home.
The way in which a home is presented will determine traffic levels and the quality of that traffic. Appealing to a target buyer by utilizing effective staging and presentation techniques will shorten the sales cycle, draw maximum traffic and offers, allowing you to achieve the highest net profit possible.
Positioning Your DC Home For Sale
What is Positioning? It’s finding your home’s place in the market.
1. Location: Where is your micro-market and what are its comparable listings and sales for homes with similar size, attributes and condition?
2. Buyer Demographic: Answer the question “Who is my Buyer?” In marketing, you can’t be all things to all people. It’s important to identify your target buyer and tailor your home presentation to that group. A solid understanding of your micro-neighborhood demographics can help you successfully identify your buyer.
3. What are your home’s USPs within these categories that will help boost its appeal to that target demographic?
4. Choose a “personality” for your home based on the results of #1 and #2. We’re experienced at this and we’ll guide you through it. These results will determine what, if any, pre-market changes you make to the home, how it will be staged, described and advertised.
Pricing Your DC Home
DC home sellers have two main goals; to sell quickly and achieve the highest possible price. Days On Market (DOM) are the enemy of those goals. Homes sold during the first 10 days of listing typically sell over list price, while selling within 20 days nets approx. 92-98% of listing price. Homes sold in 60 days average approx. 87% of list price, and beyond 60 days sales average 79% below list. If a property hasn’t sold within 30 days, it’s safe to assume that it was listed too high.
When appraisers value a property, they generally compare homes sold during the past three months within a one -mile radius. Factored in are square footage, number of bedrooms & bathrooms and the age and general condition of the home. The biggest gains in value are realized in the most important rooms of the home; the kitchen, baths and basements. Keep in mind that upgrades decline in value with age and taste is subjective. The bathroom tile you adored at install may make your buyer want to reach for a sledgehammer tomorrow. The “new” flooring you just finished paying off may already seem worn and dated to buyers. So when you’re thinking about your investment in the home, remember that many of the cosmetics depreciate over time.
Taking these points into careful consideration, we will be able to generate a Competitive Market Analysis (CMA) which should guide you to a realistic list price. Remember, real estate agents don’t set home values—the market does. Utilize your CMA along with your agent’s valuable insight to decide on a list price that will generate good traffic and solid offers in a short period of time.