Why pricing your house is like microwaving popcorn…

One might think I’m crazy for making such a comparison. How can selling the biggest investment of your life be similar to microwaving food? The answer is simple. No, I’m not referring to the fact that if done correctly they both produce a rather delightful outcome. While this is true, I’m talking about the discipline and precision timing that is needed for optimal results.
When I first microwaved popcorn, I made the crucial mistake of setting my own time and hitting the start button. I had the movie ready to start and was waiting impatiently with my empty bowl. When the buzzer went off, I opened the bag and dumped it all out. What the heck?! The popcorn was black and it smelled awful. Don’t tell me this has never happened to you! At this point I was disgusted and quickly learned that you can’t just make up a time and walk away. You have to pay close attention and listen for the ferocious popping to slow down. Once you hear it slow down to a pop every three seconds or so, it’s ready! Take it out and enjoy the buttery snack with your favorite movie.
You should use the same technique when pricing your home. As a home seller, it’s never easy being told that you have to drop your price. However, it’s very easy to calculate when a price drop is critical. If you are getting several showings a week and multiple showings on weekends, you’re in good shape. When you start seeing a decline in showings, get ready to hit the button. Once you go a couple weekends without a showing, especially after you’ve been getting many, it’s time!
Like the popcorn, if you wait too long, you will get burned. While it is tempting to make sure you get every kernel out of your bag, and every dollar out of your home, trying to get the extra little bit can cost you the entire bag, or sale. Also, in the buyer’s mind, if your house is still on the market months later at the same price they will either assume that something is wrong with the house, or that you aren’t motivated to sell. Your listing will become stale.