JJ-Realtors.com
Sell Your Home At The Right Price
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your house sale price significantly exceeds the market value you may find that fewer agents will be willing to preview it. Any respectable Realtor who knows his job knows local real estate market values and no successful realty agent has time to waste on unrealistically overpriced wild chases. Their time is better spent previewing homes that are priced realistically.
Now you may be reasoning that if you started out with a high asking price for your home then you could always go down if you saw that there was no demand for it. Right? Well, the house price dropping strategy has its pitfalls.
When a new property appears in the real estate listings it automatically attracts the attention of current home buyers. When they see your realty entry they look at the price and that is the price they register. If you later drop drop the selling price your homeit your house is then "old news." You will never be able to recapture the dynamics of that initial activity you would have had with a realistic price. This may result in your house taking longer to sell.
You may argue that you might „get lucky“ and sell out to an inexperienced first time buyer after all, that extra amount you get from selling your home above market price is money you would not have seen if your home was priced lower. Well, even if you do manage to sell above market price to an uninformed buyer, your buyer will need a mortgage. The mortgage provider will require an property appraisal. If comparable sales for the last six months and current market conditions do not support your sales price, the house won’t appraise and your home sale fails. Of course, you can always attempt to renegotiate the price, but only if the buyer is willing to listen.
I can hear you saying, its still worth a try. Once your home has fallen out of escrow or sits on the market for too long a period it gets harder to get a good offer. Potential buyers will think you might be getting desperate, so they will make lower offers. The record shows that often by initially overpricing your home you could actually end up settling for a lower price than you would have normally received. So, less money, longer transaction period and higher stress levels.
It is human nature for you to want the highest price for your home – but be reasonable and do your research first!
