And it’s important that I make that clear because we used to do so, albeit subtly, on Facebook, Instagram, Twitter, etc.
But we stopped this a while ago – and there’s one main reason we did:
There’s No Context.
And, therefore, there’s little value for the marketplace as a whole.
These ads condition sellers to believe that “over asking” is the standard of success when, really, it’s more important to look at relative value (i.e. “Did your home sell for more than similar homes in the neighbourhood?”). Yes, 100k over asking, depending on your starting point, may be less than market value. Context.
They don’t benefit the buyers of that specific home. Do buyers really want their friends and family knowing what they paid – and thinking that they overpaid for their home? Even with the appropriate context, probably not.
Finally, ads like this condition homebuyers to think that paying “over asking” means “overpaying” – a false equivalency that breeds pessimism, possibly preventing qualified buyers from making what could be a positive move in their lives. Lack of context leads to uninformed decisions.
Don’t get me wrong: there’s absolutely nothing wrong with celebrating a sale and your clients’ successes – but “over asking” claims on their own don’t add clarity – they create confusion.
In an evolving Waterloo Region market where big numbers are being thrown around, context is king.