Don’t Over Price Your Home and Risk Losing In The End!
August 18, 2008
An agent’s job starts as a salesman, selling you on himself. Once you decide he is the right one, that job becomes an advisor. He advises you what to do to best prepare your home for showing, what not to do, what to expect in offers, inspections, mortgages and yes pricing.
One thing I cannot stress enough is pricing. Sellers know the market is slower but they keep holding out hope that one fool will come along and pay what they are asking. No, there is no shortage of fools and yes a fool and his money soon part ways, but fools borrowing money, and most buyers are borrowing money, have protection.
What protection you may ask…. appraisers. When you home is appraised, the appraiser must be able to defend his appraisal using comparable properties that sold recently and were nearby. These should be the same homes your agent has shown you when he suggested the sales price. Not only will overpricing your home cut down on the showings to potential buyers, it will backfire in the end should you happen to find someone to buy and leave you with the choice of taking the appraised price or releasing the long sought after buyer.
What’s that you say, you want room to come down for those buyers wanting to negotiate? Wrong, selling your home is all about maximizing the potential buyer pool. That is the listing agents job when he starts the marketing phase and it is your job too. Overpricing cuts that pool of buyers. Yes, some buyers will always to negotiate but MOST would rather find a home that is very close to what they are willing to pay. Haven’t you seen the car dealers with no haggle pricing? It is much easier and less stressful to buyers to be non confrontational. Besides that, you are competing with other sellers that have priced their homes correctly. Buyers see those homes and avoid your overpriced home altogether.
Why not price it right from the start, minimize you sale time and end up with the same price or better in the end.
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