Most of us Realtors face this at one time or another so I think we need to bring it out in the light. How in the world do we price the home correctly without sending the seller running screaming down the street right into the arms of another Realtor? I already told you last week that a fellow got really mad at me when I told him what I thought his house would sell for. One minute I was the bearer of information that he wanted and the next I was an enemy to be reckoned with and I suspect I am not the only Realtor who has had this experience lately.
Last week I focused on some of the things to consider when selling your home and a very sharp Realtor pointed out in response that above all PRICE is the thing that is driving the buyers, and you know what? He’s RIGHT!!!! Not only is it the right price but the right price at the right time. You know that old expression – “you only have once to make that first impression” – well that is the reality of our market. Many times I have a seller that wants to price it high and just wait and see what happens. Then if it does not sell we’ll reduce it!! What could be wrong with that? Plenty because your best time to create enthusiasm and attention for your property is when it first appears on the market. If you get the price right in the beginning it will go a long way towards getting a contract. AFTER ALL you want to sell your house not list it.
I have lost many a listing because I tell the seller what I feel that his property would sell for and most of the time that does not make me the most popular Realtor. I have read in other Real Estate magazines about a practice called “Buying a listing”. Say you are a seller and you call 3 different Realtors and more than likely you are going to pick the one that tells you a number that you want to hear that is more in line with what you were thinking your house was worth. So you list it high only drop it several times before you hit the right price – this is bad, you never gain momentum, and by the time you get the price dropped to where the market is, you likely are forced to sell less than what you may have been able to get had you priced it right in the first place.
One of the most compelling reasons to price your home right in the first place is the valuable buyers that are walking right by your home because it is not in their price range while in reality it is they just do not know it. Okay I am going to get real personal here with the risk of getting myself in trouble. I know of a beautiful home in a gorgeous neighborhood with fabulous finishes in the home with incredible views, great amenities, big bedrooms. . . just an amazing home and it just SITS. It sits because it is so overpriced that the people that could have bought it have gone down the road to purchase homes in the very price category that this house should have been. So the seller says “tell them to bring us an offer”. Well, they never get to see that offer because it does not come up in other Realtor’s search.
If you have a house that has been sitting and sitting and sitting please have a heart to heart with your Realtor and let her guide you to the right price to sell. I know it is a rough time for sellers but keep in mind that you can sell your home quickly if it is priced correctly.