Over pricing your home could cost you tens of thousands in this market!
We are seeing our market decline. We hope it will end soon however it is anyone’s guess. In this market you need to be the nicest home for the most reasonable price to sell. I encourage my sellers to get it right the first time because if they don’t they are following a declining market which could really hurt their bottom line. If I do not feel the price is realistic I will encourage the seller to seek other opinions.
I have lost many listings especially in the last few months because I am not quoting high prices to get listings, but I would rather be their third wife than their first. By the third time it usually works! As REALTORS® I believe we are doing our clients a disservice if we are not giving them sound advice. No seller wants an agent to tell them what fictional high price they can get for their home. Well maybe the first go around a seller may, but in the end they wish they had someone to give it to them straight.
It is sometimes hard for even an experienced agent to price homes in this market because it is constantly changing. We use data and interpret the data based on how we see it and offer advice based on this. Being ahead of the decline is so important and at times difficult to predict. I am seeing so many homes that have been listed for months. The seller has been given the wrong price advice or an agent has taken the listing knowing full well they will not be able to sell it. Some agents like having a few more homes in their inventory so they can pick up buyers. Mistake!
Sellers review all the data and insure your home shows well and is priced accordingly. It could cost you thousands if you don’t. Your home is not worth what it was five months ago, but it still has value – the key is properly assessing and listing accordingly.