I am watching this again 2 years later and I discovered something new that I didn't understand way back. Don't assume you have learned what Joe has shared with you. Watch the same videos from him periodically you may learn something new, because you have practiced more and got new understandings to see what you didn't see before.
I am NOT a realtor however I have had friends that were . Their are many factors involved in finding the correct value of Your home. Just to name a few , condition location location location , land that goes with it etc. I will be selling My families home sometime over the next few years . Nice area in New England . Im the only family member left
Loved that this explains the proper processes and procedures for correctly pricing a home to sell. Adding costs to cover negotiations and fee's into the asking price only adds STRESS, and TIME on the market! Good stuff Joe!
Hard to attract numerous offers at top end. There aren't that many buyers. How would you price a 10 million dollar home>??????????????????? Would you market a house at offers over $99,990 or offers over $100,000.???????????????
Thanks for commenting 48tilt. There is no blanket answer to pricing at the high-end, it is situationally dependent and we also have to factor in the seller's motivation. Generally speaking though, the lower you price a home, the larger the buyer pool. In my market area, many of the perceived "luxury home specialists" are netting sellers less than 80% of the initial asking price and taking more than a year to do so, showing the old pricing strategy is ineffective. As for the second question ... I think you are asking, do you price a home on the "0" or the "9" ($99,999 versus $100,000). This is not a insignificant question, I have actually addressed it specifically in this video: th-cam.com/video/dfKYJDGrzpA/w-d-xo.html
Love the video, I'm a realtor in Ramona, California and the tip about realtors saying the highest price is such a good point. Does the realtor use a staging service? Do they have contractors ready to help fix anything needed? How about virtual tour videos and 3D dollhouse digital twins? MUCH more important. Thanks for making the video!
Joe, your approach sounds super and we will give it a try. If we have new homes scheduled to be complete in 4 months, do we also need to spend money on Facebook, Instagram and Twitter to do marketing besides listing it as "Coming Soon" on MLS? Maybe we should do virtual staging since it is popular now for empty homes? Love to have your input! I have subscribed your channel because I know you rock. Thank you 👍 👍 👍
Hey Nick, thanks for the kind words! The video was focused primarily on the homeowner selling an individual home, but the points made do impact new construction as well. I suspect you are in a market (Raleigh???) that is like most others, grossly under-supplied. If this is the case, I think you build a strong "coming soon website" (here is ours: comingsoonhomestallahassee.com/) and you ensure you get each home on the site as you break ground. The site allows for a time/date it is estimated to be completed. You then use your social media to create awareness (of your coming soon site) and to drive traffic to it. The key for you (again, assuming new construction) is to generate a ton of awareness before the home can be purchased. You want buyers competing for the right to purchase. This will also help you if you are having supply chain issues and are concerned about pre-selling a home. Best of luck Nick and thanks for commenting!
What if your Rolex was one of the only watches on eBay? Would generating interest still be a tactic or would the interest be the least of concerns? In my local market there are currently two homes under $300000 and my agent wants to price mine at $250000 for the same reasons you are mentioning.
Stoneageidaho, this is a great question. If I might make it even more clear, I suspect you are asking when demand clearly far outweighs supply, does the job of attracting buyers (generating interest) decline. My answer is "no!" I have talked with agents who have received more than 50 offers on a home in this crazy market. Contrast that sellers' outcome with a seller that generates 3 offers. Remember, not all offers come from valid buyers (nor valid agents for that matter). More, more, more ... that's what I want for sellers. As far how to price your home ... you didn't say what your agent thought it would fetch, but I do like his/her aggressive mindset in a market where many agents are being lazy. Remember, it is easier for your agent to price it higher and get less offers (less work for your agent). Pricing/valuation is very local in nature, but right now, pricing at 95% to 97% of value for a home under $300K in Tallahassee (coupled with MASSIVE PRE-MARKETING) is generating great interest for our sellers. Best of luck with the sale of your home StoneAgeIdaho!
That would likely affect it's value Monchichiyoshi. The key is to make your home the "best buy" for the group of buyers who will be attracted to your home. That will put you in the drivers seat in negotiations.
Great video. I'm trying to determine market value on a home for sale in Riverside CA, where the market is very hot with low inventory. What if the range is much larger, say 500k and 575k. Also, pending sales are selling for much higher than list price. We'll not know the sale details until they sell. What's your advise? Thanks in advance.
Thank you Omar. The advise works in your price range. Think about it this way. Let's say your home appears to be worth as much as $575K. If you price it at $575K, you might only get an offer from the "stalker" (the one who is willing to pay you the most for your home). But if you price it at $550K, you will likely get people bidding on the home, which will make the stalker have to bid much higher. Price your home slightly below what your real estate agent says it is worth and (in today's market), the buyers will go bananas and you'll wring every single penny of equity from the home. Best of luck Omar!
@@ManausaThank you for the reply and advise. A similar home just closed for $600k which was listed for $550. Will do as you suggested and post back results. Take care!
Not at all Kevin. Ultimately, the pandemic could impact supply and demand, Those changes in the market might impact values, pushing them significantly higher or lower, but the actual strategy of how to price for top dollar will not change.
Thanks for the critique Maria Lara, it's valuable and I do appreciate it! I think I've gotten better since I recorded that a year ago. I would love to get your opinion on some of my newer ones (where I am using a new microphone too), like this one: th-cam.com/video/j-RbuNo-4Fc/w-d-xo.html.
I am watching this again 2 years later and I discovered something new that I didn't understand way back. Don't assume you have learned what Joe has shared with you. Watch the same videos from him periodically you may learn something new, because you have practiced more and got new understandings to see what you didn't see before.
That's great Nick, I'm glad it helped.
Seriously helpful video
Thank you @rebeccaleyla, I'm glad it helped you!
I am thankful I entered the real estate game in this digital age. I can't imagine the old timeline to get a home listed.
For sure Ondrea but we will soon hit a cycle where there will be high inventory levels and pricing will become a more difficult science
Great information on Home Selling. #masterclass #realtor
Thank you for commenting BRNC! It's great to have you back to our channel.
Such good advice, I’ve heard of this aggressive pricing strategy from multiple top agents..thanks so much for the info 😘🙌🏼
I am glad it was helpful Loan and thank you so much for taking the time to provide feedback!
loved the story about the Rolex lol
Thank you Alex Kinsley, that just made my day!
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I am NOT a realtor however I have had friends that were . Their are many factors involved in finding the correct value of Your home. Just to name a few , condition location location location , land that goes with it etc. I will be selling My families home sometime over the next few years . Nice area in New England . Im the only family member left
Thanks for sharing your experience @Peter-xo6bn, it greatly adds to the video and channel. Best of luck in your sale.
Wow that's a lot of wind
Thanks for sharing your opinion Steven Light
Loved that this explains the proper processes and procedures for correctly pricing a home to sell. Adding costs to cover negotiations and fee's into the asking price only adds STRESS, and TIME on the market! Good stuff Joe!
Thank you, and who needs more stress? Thank you for commenting
Hard to attract numerous offers at top end. There aren't that many buyers.
How would you price a 10 million dollar home>???????????????????
Would you market a house at offers over $99,990 or offers over $100,000.???????????????
Thanks for commenting 48tilt. There is no blanket answer to pricing at the high-end, it is situationally dependent and we also have to factor in the seller's motivation. Generally speaking though, the lower you price a home, the larger the buyer pool. In my market area, many of the perceived "luxury home specialists" are netting sellers less than 80% of the initial asking price and taking more than a year to do so, showing the old pricing strategy is ineffective. As for the second question ... I think you are asking, do you price a home on the "0" or the "9" ($99,999 versus $100,000). This is not a insignificant question, I have actually addressed it specifically in this video: th-cam.com/video/dfKYJDGrzpA/w-d-xo.html
@@ManausaThanks for helpful advice. Nice Vid
Love the video, I'm a realtor in Ramona, California and the tip about realtors saying the highest price is such a good point. Does the realtor use a staging service? Do they have contractors ready to help fix anything needed? How about virtual tour videos and 3D dollhouse digital twins? MUCH more important. Thanks for making the video!
Thank you Kaitlin, I'm glad to hear that the industry is similar there too!
A lot of great info! I watched it over again to take notes. Thank you!
I'm glad you found it helpful Katie Pitre!
Joe, your approach sounds super and we will give it a try. If we have new homes scheduled to be complete in 4 months, do we also need to spend money on Facebook, Instagram and Twitter to do marketing besides listing it as "Coming Soon" on MLS? Maybe we should do virtual staging since it is popular now for empty homes? Love to have your input! I have subscribed your channel because I know you rock. Thank you 👍 👍 👍
Hey Nick, thanks for the kind words! The video was focused primarily on the homeowner selling an individual home, but the points made do impact new construction as well. I suspect you are in a market (Raleigh???) that is like most others, grossly under-supplied. If this is the case, I think you build a strong "coming soon website" (here is ours: comingsoonhomestallahassee.com/) and you ensure you get each home on the site as you break ground. The site allows for a time/date it is estimated to be completed. You then use your social media to create awareness (of your coming soon site) and to drive traffic to it. The key for you (again, assuming new construction) is to generate a ton of awareness before the home can be purchased. You want buyers competing for the right to purchase. This will also help you if you are having supply chain issues and are concerned about pre-selling a home. Best of luck Nick and thanks for commenting!
Thank you Joe, your tips definitely helped boost my knowledge and confidence in selling my first home.
That is great Loc Nguyen, thank you for coming back to share your success!
Great story about your Rolex watch sale!
Hah, I'm gladyou liked it Celtic Fiddle! It's crazy how we learn things ...
Joe, your explanation of how to price my home to sell will come in handy when I decide to sell. And Joe Manausa Real Estate will be who I use!
Thanks Shannon, we look forward to giving you 5-star service! Thank you for commenting!
Is this tips for how to sell your home for top dollar or tips for excuses for realtors of why they didn’t sale your home for top dollar? 😂
No comment JTG G 🤓
What if your Rolex was one of the only watches on eBay? Would generating interest still be a tactic or would the interest be the least of concerns? In my local market there are currently two homes under $300000 and my agent wants to price mine at $250000 for the same reasons you are mentioning.
Stoneageidaho, this is a great question. If I might make it even more clear, I suspect you are asking when demand clearly far outweighs supply, does the job of attracting buyers (generating interest) decline. My answer is "no!" I have talked with agents who have received more than 50 offers on a home in this crazy market. Contrast that sellers' outcome with a seller that generates 3 offers. Remember, not all offers come from valid buyers (nor valid agents for that matter). More, more, more ... that's what I want for sellers. As far how to price your home ... you didn't say what your agent thought it would fetch, but I do like his/her aggressive mindset in a market where many agents are being lazy. Remember, it is easier for your agent to price it higher and get less offers (less work for your agent). Pricing/valuation is very local in nature, but right now, pricing at 95% to 97% of value for a home under $300K in Tallahassee (coupled with MASSIVE PRE-MARKETING) is generating great interest for our sellers. Best of luck with the sale of your home StoneAgeIdaho!
@@Manausa the house was listed at 249000 and sold for 286000 on the first day with several other offers and a crowded first day open house.
@@stoneageidaho Awesome!
Great info! My house is going on the market next week. Hope i get to choose a buyer lol.
Price it right and you will Abe. Best of luck in your move!
What if your house is improved more then similar houses in the neighborhood??
That would likely affect it's value Monchichiyoshi. The key is to make your home the "best buy" for the group of buyers who will be attracted to your home. That will put you in the drivers seat in negotiations.
Great video.
I'm trying to determine market value on a home for sale in Riverside CA, where the market is very hot with low inventory.
What if the range is much larger, say 500k and 575k.
Also, pending sales are selling for much higher than list price. We'll not know the sale details until they sell.
What's your advise?
Thanks in advance.
Thank you Omar. The advise works in your price range. Think about it this way. Let's say your home appears to be worth as much as $575K. If you price it at $575K, you might only get an offer from the "stalker" (the one who is willing to pay you the most for your home). But if you price it at $550K, you will likely get people bidding on the home, which will make the stalker have to bid much higher. Price your home slightly below what your real estate agent says it is worth and (in today's market), the buyers will go bananas and you'll wring every single penny of equity from the home. Best of luck Omar!
@@ManausaThank you for the reply and advise. A similar home just closed for $600k which was listed for $550. Will do as you suggested and post back results. Take care!
Joe, Has COVID 19 impacted pricing strategy?
Not at all Kevin. Ultimately, the pandemic could impact supply and demand, Those changes in the market might impact values, pushing them significantly higher or lower, but the actual strategy of how to price for top dollar will not change.
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very nice
Thank you @ArifArifTalbani, that is very kind!
Great info. Just missing the energy. Was hard to stay awake :))
Thanks for the critique Maria Lara, it's valuable and I do appreciate it! I think I've gotten better since I recorded that a year ago. I would love to get your opinion on some of my newer ones (where I am using a new microphone too), like this one: th-cam.com/video/j-RbuNo-4Fc/w-d-xo.html.