Beware Setting Your Price Too High

These days a home needs to be sold two times – once to the general public and once to the other REALTORS® who will then market the property to their clients. 

With a majority of people starting their search for a home online, buyers are armed with more market knowledge than ever before. And in the first few weeks of a listing, there is usually a flurry of activity as buyers agent either preview your home or bring in the buyers that have been waiting for a home like yours - if it’s priced right. 

If you and your REALTOR® set the price too high, fewer agents will bring their clients to see your home. After all, it’s their job to know the market, and if your house is perceived as being overpriced, they won’t waste their time. They will show homes that are priced realistically. 

There are many ways to find the value of your home, from, an appraisal to a free Comparative Market Analysis from a real estate agent. An appraisal may be a good way to find the value today but may become outdated quickly as we will show you in a later article. You will still need to collect ongoing future information.

We know you are getting several calls and letters from agents wanting to give you a free Comparative Market Analysis or CMA as it’s called.  The agent’s primary goal is to list your home. TODAY.  They are not successful until you have signed the Listing Agreement.  Does this make them objective and compel them to put your interests as their highest priority?  No way!  Most agents will tell you what they think you want to hear. They will flatter you with a high price to make sure you will want to list your home with them.  The problem is Buyers are not interested in flattering you.  In fact quite the opposite, they want to find all the faults they can to try to get a lower price. 

When you list your home at an unrealistic price or do not deal with the issues affecting your home’s sale you only lose money in the long run. Nationally, 36 percent of all homes sold at list price or higher. Only 12 percent of the homes in the U.S. sold for less than 90 percent of the asking price. In other words, properties sell when they are priced correctly. When they are
overpriced, they sit on the market until the price is reduced to
market level. Buyers are always searching for a steal, but once a property is correctly priced, it normally sells quickly.
 

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