This home should look familiar as you JUST saw it listed on Friday. Owned and listed by Tim Longest, this home was in high demand it’s first 48 hours on the market. After a successful Open House on Saturday, and several showings throughout the weekend, Tim had more than 5 offers on the table for his home…a few ABOVE asking price.
Tim, a full-time, professional Realtor®, used the following steps to make sure his home would sell quickly, and for the best price:
1 – Studying the Market
Tim knows the market in Central Florida. He’s been contemplating a move to the Orlando area for a long time, but wanted to make sure he got the timing right. With today’s tight inventory, and more buyers emerging after a statewide lockdown for COVID-19, Tim knew he needed to get his home listed quickly in order to beat other sellers to the market. Our team also relies heavily on data from the yearly Profile of Home Buyers and Sellers published by the National Association of Realtors®. This publication, which all Realtors® have access to, gives detailed information on how buyers find the right home, and what influences their purchase.
2 – Preparing the Home
It’s important to make sure the improvements you make to your home will give you a reasonable ROI (Return on Investment). Tim spent his time and money over the years renovating this home to make it his, but he also kept in mind that some improvements get you a better return than others. Tim invested in quality flooring, kitchen and bathroom renovations, and cosmetic improvements in order to get the most out of his money. Other items that can be especially valuable in a coastal home include safety upgrades. He also took the time to prepare his home for sale in the weeks and months leading up to putting it on the market, and he shares his recommendations in a previous blog post.
3 – Pricing Strategy
Every home seller, regardless of whether or not they hire a Realtor®, is in charge of selecting the list price of their home. It’s important to get the RIGHT price – at this price, you’re getting offers (possibly multiple, and possibly over asking price). Price too low, and buyers wonder what is wrong with the home. Price too high, and you risk having few or no offers, and even few or no showings.
4 – Marketing Strategy
Marketing a home takes a lot more than just putting a sign in the yard and listing on the MLS or Zillow. Our team is in the business of marketing homes so they sell. Tim put together a detailed strategy that included social media posts, syndication to national websites, top billing on national search sites such as Zillow and Realtor.com, professional photography, and search engine optimization. And because he’s a part of Your Florida House Team, he was part of a marketing strategy even before deciding to list his home. We work on our brand, our buyer database, our referral network and professional contacts so we don’t start from scratch with each new home we list.
5 – Launch Plan
In order to optimize the time on market, Tim prepared a systematic listing launch plan well before his home went live on Friday. This included blog posts detailing how he was getting his home ready, hiring a professional photographer, pre-planning his first few open houses, talking to his neighbors, developing a showing strategy, and having other professionals in place such as a title agent.
6 – Negotiations
Because he received so many offers in such a short time on market, Tim utilized a multiple offer negotiation strategy, aimed at getting the highest and best offer from every buyer who was interested in purchasing his home. Taking the first offer, or even the highest offer, isn’t always the best strategy. Tim analyzed each offer and considered factors such as closing date, inspection period, financing, and price, in order to make sure the offer he chose was truly the best. He also put in place a mechanism for accepting a backup offer should any insurmountable roadblocks arise with his first offer.
The remaining bedrooms boast lighted ceiling fans, large windows, and plenty of space for family and friends. An oversized, fenced backyard offers over 90′ of waterfront with plenty of room to customize your oasis. Pre-cut wood window coverings and underground utilities make for a worry-free experience during severe weather. Other upgrades include high efficiency heat pump(3 years old), 5.25″ baseboards and fresh paint.
Thinking it might be a good time to sell your home? Click here to speak with Tim or a member of our team about selling your home in this unique market – fast, and at the best price!
Looking to purchase a home? Our team now offers financing as an extra service to our clients. Click here to get pre-approved!