Be Wary of the Highest Price Quoted to Sell

When you are ready to sell, getting more than one Opinion of Value can be a sound practice.

It should allow you to confirm the best market price for your home. Yet that’s not always the case.

Consider this

Some salespeople will use an age-old tactic of quoting you a price they think you want to hear in an effort to lure you into listing with them This often results in very few showings, a listing that lingers on the market while competitive listings are selling, a no sale or an eventual sale at less than best market price.

Here’s a good rule of thumb.

Are two of the opinions within 5% of each other? If so, the third and highest price is more than likely wrong. This approach is used by Courts, Trustees and Banks.

After the evaluations are presented, ask yourself the following questions.

  1. Did each Realtor carry out a thorough inspection of your home, inside and out?
  2. Did each ask about upgrades, maintenance and repairs made and repairs needed?
  3. Did each come back for a 2nd visit and present a comprehensive, well thought out pricing analysis with supporting market information?
    Blurting out a price after a quick walk-through can result in pricing mistakes even among the most experienced people in the business.
  4. Once again, are the evaluations within at least 5% of each other? And if not, why not?
  5. Who made the most sense, in spite of your attraction and urge to go with the highest price?
  6. Are you somewhat suspect that one price is possibly sugar-coated in an attempt to win you over? Is it sensible that one evaluation can be that far apart from the others?

As mentioned, this last point is a ploy that happens all too often. It’s a lot like an insincere compliment, easy to spot yet hard for some to resist.

Paddling Upstream is Hard Work

It’s also like paddling a canoe against the current in the Niagara River. No matter how much effort is exerted, you are either going nowhere or the current is taking you with it, in the wrong direction. The result is fatigue disappointment.

A great Realtor will work in your best interest, will be honest and provide you with sound market data. He or she is your best bet to achieving best market price so that you don’t give any of your money away nor scare buyers away.

Eugene Pilato

Eugene Pilato

Broker of Record
CENTURY 21 Today Realty Ltd., Brokerage*
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