Capitalizing on First Choice Dominance can be a game-changer for homeowners looking to sell. This phenomenon, where certain properties garner significantly more interest and command higher prices due to their appeal, can be leveraged to maximize your home’s market potential. Here’s how homeowners can use First Choice Dominance to their advantage, ensuring their property stands out in a crowded market.

What is First Choice Dominance (FCD)

We see FCD around us everyday with common items we buy. In the smartphone industry, a model that offers superior features, brand reputation, or user experience can dominate the market. For instance, when Apple releases a new iPhone, it often sees a surge in sales despite the presence of other comparable smartphones on the market. Fashion is another example, a particularly coveted designer item, such handbag from brands like Chanel or Hermes, can command immense market attention. These items often sell out quickly after release, with many consumers willing to wait for restocks or pay premiums on secondary markets rather than purchasing readily available alternatives from other brands.

Relating to Real Estate, FCD occurs when your property not only meets the basic requirements of potential buyers but surpasses them, becoming the most desirable option available. This could be due to aesthetic appeal, modern upgrades or simply the way the home “feels” to home buyers. Whatever the reason, a home that achieves this status doesn’t just sell; it sells quickly, often at a premium price, and sometimes with multiple offers. The other comparable homes for sale lose their desirability and home shoppers are willing to wait for another home that has all the things they want hits the market.

Recent Example

I recently sold a condo in San Jose, California. There was one other unit for sale that was the same size, beds and bath. Both units where listed for $499,000. The difference was my listing was slightly updated and was staged.

My listing sold in 5 days, $26,000 over asking. It sold in 5 days, after 1 open house. As you can see it was slightly more modern with nice floors.

The other unit never sold. It was withdrawn from the market after 45 days. The crazy thing is, the buyers that were out-bid for the more desirable unit, did not want to buy this unit, even though they could get it for $499,999, maybe even lower. The total cost for the updates on this unit would have been around $7,000. All the new owners would have to do is upgrade the flooring, paint the cabinets and replace the countertops.

I asked the buyers that were out-bid on my listing if they were going to buy the other unit. They said no, they just didn’t want it. I told them they could do a few simple updates and the unit will look exactly like the one they missed. They just didn’t want it. It was now their second choice and they wanted to wait for a unit that made them feel like the unit I sold.

How homeowners can take advantage of FCD

1. Invest in Key Upgrades: Before listing your home, consider what features are most coveted in your market. Kitchens and bathrooms sell houses, so these are often wise areas to invest in. Even small upgrades, like new fixtures or fresh paint, can significantly enhance the appeal of your home.

2. Focus on Curb Appeal: First impressions matter immensely. Investing in landscaping, a new front door, or even just a power wash can transform the look of your home. Enhancing curb appeal can make your property the first choice by attracting more prospective buyers from the moment they pull up to the curb.

3. Utilize Professional Staging: Staging your home professionally can help potential buyers visualize themselves living there. A well-staged home often looks more appealing in listing photos and during showings, increasing its potential to become a first-choice property.

4. Price It Right: Even the most attractive home needs to be priced correctly to sell. Work with a knowledgeable real estate agent to set a price that reflects your home’s market value and its first-choice attributes. A strategically priced home that looks like a great deal can quickly become a hot commodity.

Results when your home is the most desirable home for sale

Increased Market Attention: A home that stands out as the preferred choice naturally attracts more viewings. More foot traffic translates into higher chances of receiving multiple offers, giving you leverage during negotiations.

Higher Selling Price: First Choice Dominance often allows homeowners to command a higher selling price. Buyers are sometimes willing to pay a premium for a home that ticks all their boxes and stands out from the competition.

Faster Sale Process: Homes that dominate buyer interest tend to sell faster. This not only minimizes the inconvenience of having your home on the market but also helps avoid price reductions that come with listings that linger for too long.

For homeowners, understanding and implementing strategies that contribute to First Choice Dominance can significantly impact the sale outcome of your property. By focusing on what makes a home appealing, and ensuring your property presents these qualities prominently, you can turn your home into the first choice for buyers in your market. Remember, in the world of real estate, being the first choice doesn’t just mean selling; it means selling well.