One of the worst things a person can do is overprice their home.
I am ashamed to say, that I to have fallen victim to allowing a homeowner to talk me into pricing their home over market value, just so I can get the listing, and believe me, When this happens, nobody wins.
There are so many problems that can come out of doing this. More times than not, The homeowner will lose and so will the real estate professional that is involved. Let’s start with the real estate agent. There a cost associated with listing a home too high, Everything from your monthly dues, to the advertising, to the preparation to open houses, listings, paper ads, social media ads, and the gas and repair to going to your vehicle for all the driving you will do for nothing, and, don’t underestimate the cost of your time. While I was waiting for people to show up at an overpriced listing, I could have been helping another client, and building my business somewhere else.
Imagine spending a couple hundred dollars on advertising an open house that nobody will come to. What a waste of time and resources. The homeowner went through the trouble of cleaning and preparing and having the house smell nice leave the home for a couple hours only to have nobody but the real estate agent show up. There are so many other things that the real estate agent and the homeowner could have been doing with their time but wasted it on an overpriced house. I can tell you that anytime that this is happened with the exception of once, this has done nothing for anyone. Then their is the homeowner. Here is the house that everybody Is glazing across in the newspapers, magazines, and social media sites now because it hasn’t sold. The yard sign has now become part of the landscape. Now, everybody drives past it, or at least makes an attempt to look at it, Nd still never make an appointment to view the inside because he can already can tell it’s overpriced.
Now that the house has sat on the market for 60 or 90 days, and although you may have lowered the asking price, Still what’s on everyone’s mind, is what is wrong with it. The house could be “move-in” condition, with all kinds of upgrades done to it. But if it’s overpriced, they will never know because they will not come to view it.
The house must be priced properly the first time. If not, it will have a stigma of being a problem because it has sat on the market so long. Often times, when this happens, the property will sell for less.
When you were unsure of what the property prices are, as a homeowner you should want to ensure it’s priced right. Take the time and view other listings in the area preferably that you would think is comparable to your home. The real estate professional has done this many times and does have a good idea of what the fair market value is. Once you feel comfortable with a price on your home don’t stop there. The second thing to do is formulate a plan for selling your house. Some of the things you need to consider that will be included in other blogs specifically to those items would be.
1. Reviewing your checklist of to do’s. This would include minor repairs that may be necessary, decluttering, staging an empty property etc
2. A marketing plan
3. A plan for showing the properties
4. Making sure if you are pushing the envelope with price, you know when and how much you will reduce if the market tells you it is priced too high.
5. A plan for open houses.
6. Where will the lock box be placed.
There are so many points of a checklist that need to be reviewed and planned for that it is such a waste to do it all for nothing. I hope that you have found this blog helpful and encourages you to work with your real estate professional to price and help you sell your property properly the first time.
Please feel free to reach me, to help you buy and sell your next property. I look forward to hearing from you.
Make it a great day.