Written by: Hans & Steve Wydler
When looking at two very similar homes in the same neighborhood, why is it that one seller can manage to find a buyer more quickly and get more money than the other one? Is it merely a matter of luck?
Before we can answer these questions, we must dispel the myth that a home has an “inherent value.” In other words, the notion that a home will sell at the same price regardless of what the owner does to prepare and market it is false.
Yes, luck plays a role in any sale, but like playing blackjack, there are things you can do to maximize your chances of winning. Of course, in blackjack, there is always the story of a player who takes a “hit” on 18, draws a 3 to get a 21, wins the hand, and thinks he’s a genius. In the home-selling context, you may hear about the seller who did absolutely nothing to prepare their home for sale, asked an outrageous price, and ended up doing well. In both cases, those are the unicorns. Blackjack players and homeowners who don’t know (or ignore) the odds do so at their peril.
When selling your home, the key is to understand the difference between what you can control (your marketing plan) and what you can’t (the market) and to develop a strategy based on that difference.
Here are a few ways to maximize your odds in the market:
If you focus on what you can control and learn from reality, you will make better decisions and maximize your chance of getting a satisfactory sale.
Steve and Hans Wydler are associate brokers and founders of Wydler Brothers of Compass in McLean, Va., and Chevy Chase, Md.
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Wydler Brothers have been selling residential real estate for over 20 years in the DC metro area. Along the way, they’ve achieved numerous awards and recognitions, including being recognized as “The Most Innovative Real Estate Agent in America” (Inman, 2014), written several articles for The Washington Post, authored a book, “Inside the Sell”, co-founded a real estate tech company which sold to Move, Inc. in 2013, and built Wydler Brothers into a highly respected boutique brokerage with 70 agents and employees which they sold to Compass in 2019. Currently, Wydler Brothers is among the top 3 teams in the DMV and was the #1 Compass Team in 2022.