When you go to sell your home, this phrase is a good summary to set the stage on today’s market so I’ll define it here in a little more detail.
This is pretty self-explanatory but holds even more weight today. When we do a Comparative Market Analysis of a home we tell the seller the low range of prices is what you have to be at to win the Price War. Not usually a thing easy for them to accept, but to sell quickly you have to be the best deal around. The good news is that home values are creeping back up. But sellers who insist they want top dollar often will find their neighbors are selling much quicker because their high price makes the neighbors home look like a better deal. In other words you want a neighbor who lists at a higher price so you can easily win the Price War.
Now we move into the subject that not everyone understands. Today’s buyers are much more demanding on what they want their home to look like. It used to be “Move in ready” if the home had fresh paint, clean carpet and/or great flooring. Now we have to deal with the HGTV syndrome. Buyers want updates, whatever is the trend at that moment. Nickel finish fixtures, stainless steel appliances, hardwood floors, it’s a long list that comes from home improvement shows on HGTV and home centers playing along by pushing these items in ads. We like to refer to this look as being the ‘Shiny Penny’ that catches the buyers attention. While some buyers know to look beyond these items and think bigger such as home location, floor plan, local area, etc, the eye candy listed above from the HGTV syndrome is what impresses most. So in todays market it not just neat and clean to win the Beauty Contest, its show me the wow factor when I look at your home.
So if you cannot win the Beauty Contest, you’d better win the Price War. If you’re not in a position to win with the Price War, you’d better be first prize in the Beauty Contest. If you want to sell your home really fast, be ready to win both!
Want to know where you stand? Give us a call or text at 317-563-1110 or shoot us an email and we’ll do a free CMA and tour your home to give you ideas on what’s worth updating to win both contests.