PODCAST:Masters in Business
TITLE:At the Money: The Best Way to Sell Your House
DATE:2023-12-27 00:00:00
URL:
MODEL:gpt-4-gizmo
This episode of "Masters in Business," titled "At the Money: The Best Way to Sell Your House," features host Barry Ritholtz and his guest, Jonathan Miller, a renowned real estate appraiser and data expert from Miller Samuel. The discussion revolves around the current state of the housing market and offers practical advice for sellers.
The episode begins by exploring the current real estate market dynamics. Miller notes that the market has cooled somewhat compared to the past few years, with rising mortgage rates leading to a decrease in inventory as potential sellers opt to stay put. He emphasizes that the market is no longer experiencing the rapid price increases seen in previous years, and sellers need to adjust their expectations accordingly.
Miller stresses the importance of realistic pricing when selling a home. Overpricing can lead to homes becoming stale on the market, potentially harming their value perception. On the other hand, moderately pricing homes can attract more buyers and even lead to bidding wars, potentially fetching higher prices than initially anticipated.
A significant portion of the conversation focuses on the psychology of selling a home. Miller discusses how sellers often lag behind market realities, sometimes holding on to outdated price expectations. He suggests that sellers should listen to their real estate agents, who provide an objective market perspective, rather than relying solely on personal sentiments or desires.
The episode also delves into specific strategies for selling homes, including dealing with high-end properties and using 'aspirational pricing.' Miller cautions against overpricing, as it can lead to properties languishing on the market without any serious offers.
For those considering selling their homes without an agent (For Sale By Owner, or FSBO), Miller explains the downsides of this approach, including lack of exposure and professional negotiation skills.
Timing is another critical factor discussed. While it's challenging to perfectly time the market, Miller suggests that the best times to list homes are just before spring and in the fall, aligning with traditional market cycles.
Lastly, the importance of staging and preparing a home for sale is highlighted. Miller recommends decluttering and removing personal items to help potential buyers envision themselves in the space. He also advises removing some furniture to make rooms appear more spacious.
Overall, the episode provides valuable insights and practical tips for those looking to sell their homes in the current real estate market.
