How to Use Data to Sell Your House Faster
Which of the following statements makes the better argument? “This gorgeous home is in a great location” or “This gorgeous home has a Walkscore of 96, which means that the best restaurants, coffee shops, and stores are just feet away”? We’ll go with the latter since it makes a much stronger case for the walkability of the property and its proximity to desirable hotspots. In this case, the data point makes all the difference: a Walkscore gives hard, quantifiable evidence that the home is in a prime place. There are multiple ways to use data to sell your house like this, and each is a powerful strategy in its own right. We’ve come up with 6 ways you can use numbers to sell your house, and fast.
Figure out Comps for a More Accurate List Price
Comparable homes in your neighborhood are houses that have recently sold. These homes have similar square footage, amenities, number of bedrooms and bathrooms, garage space, and outdoor space as your home. You’ll use comparables to understand what properties in your area are selling for right now, as it is an important step in figuring out your home’s fair market value.
The data point you’ll pull is the price these homes sold for, and you’ll add or subtract for any additional amenities your home has or is missing. This gives you the highest price you can list for without letting your house waste away for months on the market.
The best time to sell your house is based on the month that most homes sold above the average sale price for the given year.
Use Performance History to Pick a Top Real Estate Agent
To find an amazing real estate agent, you should look at the past transaction data of real estate agents who have had success selling in your immediate neighborhood. You can find this transaction history on a site like HomeLight, which is a real estate agent matching service that connects you with real estate agents who perform consistently at the top of their field.
The sale could fall apart if you try to sell your house on your own, and recommendations from friends or family could leave you with a bad agent and an awkward conversation. Picking an agent by the numbers is the optimal solution for success.
Analyze the Data on the Best Time to Sell Your House
If you look at the raw data for home sales, you can actually figure out the best time to put a house on the market (don’t worry – we did it for you!). The best time to sell your house is based on the month that most homes sold above the average sale price for the given year. For example, June is the best time to list a house in Houston – homes are sold for 26% over the average sale price for the year.
Picking an agent by the numbers is the optimal solution for success.
In some markets the best time to sell your house is any time of the year. Cities like San Diego that are warm year round rarely see spikes and dips in sale prices. If your personal circumstances require you to sell now, then by all means now is the best time to sell! Nevertheless, try to wait out the market until the optimal month and you could see a big increase in profit.
Use “99” In Your Price to Attract More Eyeballs
You can use psychological pricing to your advantage when you sell your home. In their book “Zillow Talk,”, Zillow references a data study where more people bought wine priced with .99 in a grocery store than with a .00 price tag. The data suggests that people look at the number before the decimal point and ignore the cents after. A bottle that costs $4.99 seems significantly cheaper than a bottle priced at $5.00.
You can use this strategy in your home sales price, and you’ve probably seen real estate agents do it before. If the agent wants to list your home for $500,000, try listing the property at $499,900 instead. This strategy might reel in buyers who otherwise would pass the house by.
Show Buyers they’ll be in the Green as the Home Appreciates
Buyers want to know that purchasing your home is a great investment. You can use a simple home appreciation tool to show them that your house has a history of appreciating over time and that it will continue on this trajectory.
This passive way buyers can make money on their new home is a positive asset you can advertise right off the bat.
Prove Income Potential as a Rental or Airbnb
Your home has the potential to make income as a rental unit or, in some cities, as an Airbnb. Though advertising Airbnb potential is a good marketing strategy, some cities and neighborhoods have banned the platform due to neighbor and neighborhood complains. Your best bet is to leave out any mention of Airbnb potential in a listing description.
Instead, your real estate agent can talk up the vacation market and how popular or relaxing of a destination your neighborhood is. You’ll know this is rooted in fact based on the ability of your house to be a great Airbnb if the neighborhood allows it.
If your personal circumstances require you to sell now, then by all means now is the best time to sell!
You can also talk up the rental potential of the space. Figure out how much a room, the entire home, or if you’re lucky, an in-law unit, might rent for. This is another number your real estate agent can mention to prospective buyers at open houses or private showings.
You just armed yourself with hard numbers that can help you sell your house fast. Now is the time to use all of the data you just gathered about your house to your advantage. Find your perfect real estate agent and get to work! The market is ready for your data-driven approach to selling your home.
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