Thinking of selling a home? Think about those looking to buy a home. This will include you as well. Sooner, with good marketing.
April 1st, the Wall Street Journal wrote an article with the same title. If you have access I encourage you to go read it. Here’s the gist… Looking across the nation, housing inventory levels are low. Really low, down as much as 25% or more in certain areas. At the same time, median home prices are reported as having climbed 7.6%. So far this year, the average time on the market is 81 days.
Certainly that is good, no great news for the Seller’s side of the coin.
Every coin has two sides though and they’re not necessarily in balance. The strongest market segment continues to remain ‘starter homes’ for first-time home buyers. If you’re looking to sell a sub-$200,000 home, you have a good chance it moves quickly.
The problem is that, per the WSJ article, “there is a growing mismatch between an abundance of high-price inventory on the market and increasing demand for starter homes. In Minneapolis, 32% of online searches are for starter homes but 21% of the inventory is in the appropriate price range, according to real-estate tracker Trulia.” This means there a glut of luxury homes (40% of searches, 58% of inventory).
So far this year, this is reflecting my own experience professionally photographing homes for real estate. Many of my clients are doing their own online research and finding a lot of homes on the market, ‘…just like mine.’
a lot of homes on the market, ‘…just like mine.’
The property you have, is where it is. While location, location, location, is important, you cannot relocate it. That means after getting the price set properly (#1 consideration), the #2 most impactful way to make your home stand out from all the rest, is the use of Professional Real Estate Photography.
Most buyers user the internet as a key part of their home buying process. At least 25% (Refin) find the home they eventually buy, online. The question is, Is Pro RE Photography ‘Really’ Important? After looking at the example in the article is should seem clear.
If you want another good example, consider this clip (adjacent image) from Zillow today. I am willing to be there’s one image in particular that jumped right out at you. Which one is it for you?
The key message to consider is this: the higher your home is, above the $200,000 range, the more there are, ‘just like yours.’ To make sure home is the one that pops, consider using professional photography. Insist on it.