Short Video... What You Can Do To Sell Your Tucson Home During COVID-19
VIDEO TRANSCRIPT: Ideas On How To Sell A Home For The Most Amount of Money In The Least Amount Of Time During COVID-19
Hi, this is Tyler Ford, Tucson. Arizona, EXP Realty. And I’m going to do a little video in regards to a question that I’m getting a lot and that is especially amongst people that are wanting to sell a home and being that we’re in the middle of COVIT-19, the question is, is it a good time to sell home? Should I wait or should I do it now? And so, whenever you decide to do, respect your opinion.
I’m just going to kind of walk you through some things that if you do decide to sell can definitely put you in front of everybody else and help get your home sold quickly. I do think right now there hasn’t been a lot of homes hit the market because people are tentative, they are afraid to list. And so it could be a good time because a lot of people are sitting at home looking on the computer. I’ve had three listings over the last month and I’ve got every single one of them sold.
PRICING STRATEGY DURING COVID-19
I’ve used a lot of the strategies that I’m going to talk about in this video right here. So I’ve outlined kind of the strategy and kind of walk you through what I think is the best way to get a home sold in this market with COVID-19.
The first one is pricing strategy.
Pricing your home correctly is key in terms of getting it sold. So right now if you’re going to go in over-priced, it’s definitely going to sit, so you need to be competitively priced. One of the big questions is there’s no certainty as to the impact that COVID-19’s going to have on the economy and home values, so you want to get ahead of that pricing curve.
If we do see a slight pullback in the market, it’s better to be aggressively priced just so you are the best priced and you’re not chasing the market down if we do get a pullback. Homes that are overly priced are definitely going to sit and not sell.
I’m going to do another video on, if you’re buying, how to take advantage of this market. As a seller, if you do it right, you’re less likely to have a buyer come in and try to take advantage of this situation, so pricing it correctly is definitely number one.
OFFER SELLER CONSESSIONS
And what I would recommend, this is a great strategy, it’s called range pricing. In the MLS you can do what’s called a range price where you have a minimum and a maximum range price. And, the nice thing about range pricing is there’s a couple of different things. What I would recommend, and we’re going to talk about it, is seller concessions and you can justify the seller concessions based on the range. But the real benefit is the bottom end of that range is what people see in terms of their search and it’s also reflective of the dollar per square foot. So, it makes your home look very competitive in terms of the pricing, but in the comment section, what we do is we put seller will accept our counter offers within the range price. And then, the MLS, there’s a little section where they have that reach pricing. So range pricing is a great strategy in this market because you can have a little bit of a range and some wiggle room. So I would definitely talk to you about considering a range pricing strategy.
And so, the next thing that I would strongly recommend, and I had a couple of homes sitting on the market and I change the listing to range pricing, I offered seller concessions, and literally within the first 48 hours we had multiple offers and had it under contract. So when you do a seller concession, what a seller concession allows you to do as the seller and makes it very attractive for the buyer is your paying the buyers all of them and/or some of them their closing costs and they can literally buy a home for just the down payment. So you could either do a flat amount or you could do a percentage of the sales price. So on the more expensive homes, it doesn’t make sense to do a percentage because that can be a large number, so you’d want to do a flat amount.
Typically, if a home’s 200,000 or less, you’d want to do two and a half to 3%, which would cover the buyer’s closing costs. And if it’s more than that, you can just put in there a flat. But the big benefits is buyers right now are wanting to take advantage of low interest rates. And so, if you couple that with a seller concessions, they can get into a home for less money out-of-pocket and it makes it easier for a buyer to buy a home.
And again, there’s a lot of buyers out there right now wanting to take advantage of low interest rates. They might be limited on cash, and if you can offer a seller concession, you’re going to be ahead of some of the others out there because they’re not doing it. And so again, I did this on a couple of my listings over the last month that were sitting, and boom. I mean they were under contract within 48 hours.
1ST SHOWING IS ONLINE
The next thing to talk about is your first showing is online. In this market, it’s a virtual market. People are doing virtual tours. You have to have awesome, awesome photos. I’ve got one of the best photographers here in Tucson. We pay for that service, so they come out, they take photos. So when we list, you got to have great photos. Your first showing is online.
And then, you want to have a virtual tour. It’s kind of like an online open house where we’ve got a really good video and people can do a virtual tour of your home. And then lastly, it’s all about marketing. And so you’ve got to get real creative in the written descriptions, you want to put the seller concession in there. It’s got to be a well-written thing to capture somebody and pull them in. So you’ve got the photos, then you’ve got the written description, and then in that description, if you’re going to offer seller concessions, definitely the way to go.
SHOWING SUGGESTIONS DURING COVID-19
And, showing suggestions, so this is a question that I get. People are fearful whether you’re a buyer or seller just because of corona suggestions. And so what I’m doing is having on the listing in order to show they’ve got to call to schedule it. We’re screening people just to make sure that they’re not lookie-loos, that they’re serious buyers. That’s number one. So we’re not wasting anybody’s time. So screen to make sure that they’re qualified.
And then you want to leave the home during it just because people are fearful and the whole social distancing, just you want to leave. And then you know when you get back to the home, you might want to wipe down the door, the door knobs, things like that. If you leave the lights on, and just have them leave them on after they leave, if it’s going to be a quick showing. If not, you can wipe down certain lights and things like that.
In terms of showing suggestions, and whatever you’re comfortable with is what you want to do. So again, these are kind of my recommendations.
ANOTHER OPTION IS TO SELL "AS-IS" TO CASH HOME BUYER DURING COVID-19
And then lastly, you can sell as is. Some people are willing to trade speed and convenience for a discount in price. I’m a cash home buyer, so we’re open to giving you a cash offer, you’re trading speed and convenience for price. It’s an as is sale. There’s no repairs. You can close on the date of your choice. So, it’s super, super simple. The discount for speed and convenience is anywhere from 65% to 80% of the market value.
There’s going to be NO commissions. We pay your closing costs. So depending on the property, the shape that it’s in, it’s anywhere from 80 to 65% of the market value, is somewhere where that cash offer will be.
Check out: Sell Tucson Home Fast
BE READY CONSIDER COMING SOON!
So hopefully, this helps. I’m going to do another video in terms of if your buyer, how to take advantage of this situation. And, the big thing is seller concession. So hopefully, this helps. Just some ideas, if you’re wanting to list your home, whatever you feel comfortable with, and then I think it’s a good time. But if not, the other thing, I’ve got a lot of people that are getting ready. So if you’re a buyer and you’re not comfortable in this time, you can get ready, so get photos done, get everything done, get everything ready to go.
And in some cases with clients, we’re putting signs up with coming soon and we’re getting quite a few calls. We might get somebody to buy it before it even hits the MLS. So that’s something to think about as well. But you want to get ready, you want to get the photos done, get everything ready.
Now that you’ve got some idle time, clean, get everything cleaned up, and just get it ready so when the market does come back. I think it’s going to come back fast and furious in terms of all this pent-up demand. So if you don’t want to list it now, getting ready and having it ready to go is key.
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