FALL SELLER SERIES: How buyers search for homes
Today almost 90% of buyers are using the internet to search for homes, and the majority of agents use the internet to advise their clients about the best home.
The average home buyer enters in just a few search criteria.
From those three items a typical MLS will display hundreds, maybe even thousands of properties that meet the buyers needs. Then from that list the buyer and agent will quickly scroll through to decide which homes they want to see in person. Search results group homes in price brackets or ranges. These brackets drive what agents and buyers see and it is critical to price correctly. When you price your home OUT of this optimal price bracket a buyers sees property in the NEXT PRICE BRACKET which may be larger and have more features and amenities than your home. Effectively what you're doing is ensuring that people who search in the higher price bracket will find your home among hundreds of other homes that may be newer, bigger and perhaps have more amenities.
Keep in mind that the buyer/agent are eliminating choices immediately without ever setting foot in the home, based only on online descriptions that put your home at a disadvantage. By pricing your home in the next price bracket your home can be eliminated without ever being seen by the right buyer. What's worse, the right buyers, those searching for a home just like yours and all your home has to offer, may not even see your home in their search results and wouldn't have the opportunity to be one of the few they see in person.
To compete and win, your property has to offer the most room and amenities for the best possible price compared to competing sellers houses.