The hot and hazy days of summer that we’re presently going through remind me of my childhood. Days out of school meant riding my bike, fishing and later on learning how to stack square bales in the back of a pickup truck.
Before I got old enough to work, summertime meant watching “The Price Is Right” every day at 10 am. Dad and I would make a competition out of guessing the prices of the products that leggy models brandished with whitened California grins. We would do that for the better part of an hour until Bob Barker closed the show with an admonition to spay and neuter your pets.
Most of the time Dad and I had no real knowledge of the price of Bob’s products. We just shouted out our uneducated guesses, spraying and praying, hoping that we were somewhere close.
The Wilson County real estate market is hot right now, pandemic be darned, and it’s a seller’s market. If you’re selling your home you shouldn’t be “guessing” if the price is right like daddy and I did back in the day.
Here’s where a competent and knowledgeable realtor comes in.
A realtor will conduct research on your home when you decide to list it with him or her. What they are looking for are comparable prices of homes that are similar to yours that are actively on the market or have sold. We call these “comps.”
And while there’s a ton of different criteria that can go into that comp search, things like closest location, most recent sale; square footage, year built and condition are the most common.
You see a “For Sale” sign go up in your neighbor’s yard. A few days later you wake up to see that an “Under Contract” topper has magically appeared on the aforementioned sign overnight.
“Dang, that was fast!” you think as you drive past on your way to work.
It was no coincidence or luck that home sold so fast. Not even in Wilson County’s “seller’s market.” That agent really worked on the comps to price it right.
There are three strategies for pricing your home that a realtor can use: above comps, at comps or slightly below comps. My friend and fellow realtor Jon Wilhelm is a former Wilson County Deputy and has a couple of stories about pricing homes:
“I had a seller decide to price their home aggressively, just below comp market value. The first few days on market we had back-to-back showings all day. After Day 3 my sellers met me at my office and I presented them with four great offers to choose from.
“Second seller decided to price $20,000 over market comps. Goes on the market … crickets. One showing a few days in, then a couple more. Meanwhile the sellers are having to keep the house clean and show ready. Two weeks on the market we make a price reduction. We get a few more showings, but still no offers.
“Finally, one more price reduction brought them to market value. Multiple showings over four more days, another great open house, and receive multiple offers.
“Who do you think had a more pleasant selling experience?”
It’s a great time to sell your home in Wilson County! Use a competent realtor who’s willing to put in the work to price it right, not just guess like me and daddy used to do all those years ago.
Special thanks to Jon Wilhelm-Blackwell Realty for contributing to this column. Jon may be reached at firstname.lastname@example.org.
Jason Goolesby is a songwriter and realtor with Blackwell Realty. He may be reached at (615) 784-8687 or at email@example.com