In a buyers market like the one we are currently experiencing, there are many more homes for sale then there are buyers. When this article was written, there were approximately 5500 active listings in NL, and less then 350 home sales last month. What many sellers don’t realize, is that it’s not always the best house at the best price that’s first to sell.
Typically, the first step a buyer takes when they begin their home search is to meet with their banker to get preapproved for a mortgage. If a buyer is preapproved for $285,000, and has a down payment of $15,000, then the maximum house price they would typically be searching for is $300,000.
Most property listing websites usually have search parameters in $25,000 intervals, so a buyer looking for a home for $300,000 will more then likely choose a minimum and maximum price range of $275,000 – $300,000. A quick look at the MLS system recently revealed that there are currently 298 active listings in this price range just here on the North East Avalon.
Here lies the problem for homeowners. A typical buyer may only be willing to check out 15, 20, 25 of these homes before they find one that they like and place an offer to purchase. That means a potential buyer may only check out less then 10% of the homes available to them in their search. It’s this “narrowing down process” in which your property only has seconds to make it onto a buyers “short list”.
This is where the quality of your photos can literally make the difference whether this person is going to be a potential buyer for your home. Professional photos are the single most important thing a Realtor can do when marketing a home for sale. They are usually the first point of contact a buyer will have with the property, and are the corner stone of all other marketing.
A recent example of the benefit great photos have when marketing a property happened to me when I was recently looking for a vacation rental for an upcoming trip. I favourited many potential properties on several of the most common websites such as Airbnb, HomeAway, and VRBO. Three different rental platforms with literally 1000’s of properties available, but yet when I cross referenced the properties between sites, I realized that many were the exact same property. Despite having so many to choose from, I ended up picking the same properties from several different sites, and primarily because of the quality of the photos used.
Realtors who use professional real estate photographers to market their listings have also reported similar results ranging from more viewings, quicker sales, and less days on the market. Hiring a Professional Real Estate Photographer is easy and inexpensive. So, if you have a lovely home that’s priced right, but just isn’t selling, maybe you should start by looking at the quality of your photos!
Article written by Serena Nichols. A Professional Real Estate Photographer in St. John’s, NL and co-owner of Photo Pros Plus, the #1 choice of Realtors in St. John’s, helping to market over 1500 homes a year since 2009.