About Home Pricing:
Price your house too low and it probably sells fast but you miss out
on what it could have sold for, (if properly priced and marketed).
your house too high and it remains on the market and tarnishes rapidly,
which only adds to your stress.
buyers do their homework – they know when it’s right.
unprecedented sellers' market (2002-2005) has long passed.
amount you sell your home for is NOT a competition. SEEK A FAIR PRICE
is very unlikely that you will get the price you could have gotten
18 months ago. That is the disadvantage of selling in a Buyers’
A CMA (Comparative Market Analysis).
Do not rely on the ITICSIF technique. The ITICSIF (I Think I Can Sell
It For) technique is one of the biggest contributors to seller stress,
lost time and loss of revenue. Don’t get me wrong, there are strategies
and there are times when a certain strategy is appropriate. The trick
is to select an strategy based on factual information, not someone’s
I suggest you be skeptical
of stories you hear - try to check facts for yourself. Often,
you are not privy to the bumps and negotiations that occur along the way.
Recently, a client told me about "his friend's property
down the street" that sold for a certain amount. When
I checked, real estate records showed that the asking price was indeed
the amount mentioned BUT the actual sale price was more
than 25% below the asking price. His former
neighbor had forgotten to mention the reduction.
What If My Property Is Over-Priced?
When a property is overpriced fewer agents will preview or show your property.
As Realtors it is their job to know local market conditions and home values.
If your property is priced higher then all the competition, Realtor won’t
waste their (or their buyer’s) time. Their time is much better spent
with homes that are priced more realistically.
When you later drop the price, your house is past it’s prime or
old-news. You will never be able to obtain the level of interest that
occurs when a property first goes on the market. Your best window of opportunity
has been lost and the property will probably take longer to sell.