"The price is wrong, b*tch" was famously coined by none other than Happy Gilmore. As a seller, its great advice when hiring a Real Estate agent. The most important thing you want to know is how much you can sell your house for. At the end of the day, you want to profit as much as possible in the least amount of time right? Maybe you are going to purchase a larger home or downsize and keep some money in the bank. People decide to sell for many different reasons but most of the time the end goal is to net the most amount of money possible.
There are many real estate agents in the market and finding the right agent to sell your house can seem like a challenge. When interviewing more than one agent, there may be slight discrepancies on what each agent would list your home for and even their strategies on how to get you TOP DOLLAR may differ! One of the biggest mistakes sellers make is hiring an agent because they suggest a high list price, when in fact it’s way above market value and will be extremely difficult to obtain. What do I mean by that? An agent can tell you that your home is worth $50,000 more than other agents have proposed, or maybe agrees to the price you want to list it for, but that doesn’t mean they should be the one you trust to get the job done based on that one criteria.
Pricing your home correctly is the #1 thing that is crucial if you want to secure the most profit in the least amount of time, especially in this market. Fancy photos, videos, or Facebook posts won’t do you any good if you have an overpriced listing. The first 7-14 days (depending on what type of market you are in) are the most important, and will be the most telling after a home hits the market. For an average priced home, you will know within the first week if you are in the ballpark. If little to no showings are being scheduled, and your first weekend open house is like a ghost town, you know you are DEFINITELY overpriced. If within that first week you have had quite a few showings and your open house had a good turn out, but you haven’t received any offers, you may be close but may be able to buy some time before needing a slight adjustment. Within those first 7 days if you have one or more offers in hand and are now in a multiple offer situation, you know you were priced just right! That is the ULTIMATE goal as a seller, having multiple people come to you that want YOUR property and now you have the upper hand to see who wants it the most! Especially if you are in a hot sellers market like we are currently! If the market isn’t as fast paced, that 14 day time frame is how you can judge pricing strategy. After sitting on the market for multiple weeks with no activity is what we agents call a “stale listing”. It has been sitting to long and running out of shelf life, fast.
Doing multiple small price adjustments doesn’t help your case, because by now the buyers and their agents are running out to see all of the other homes that are new on the market, and who have priced their listings correctly (the first time) and have forgotten all about yours.
Don’t make the mistake of thinking multiple small price reductions look like a “good deal”. Buyers look at that and mostly assume something is wrong with the house or the seller is unrealistic and they don’t want to deal with whatever pre-assumed issues they have made up in their head about your property already! So at this point, if you tried to shoot for the stars and overprice your home, you’ll most likely end up in a situation where you are now discounting your home and waiting for a someone to come along that will probably throw a “low-ball” offer at you, because they assume you are desperate to sell after dropping the price multiple times!
Don’t be that seller! Avoid hiring an agent that will lead you down that path just because they want to impress you, and make you think they will get you more then the next agent. Being realistic and strategic is the way to go. Having an agent who knows and understands the market and can accurately price your home is important. They will be on your side, fighting for you, have your best interest at heart and know how to strategically get you TOP DOLLAR.
Remember, that is the #1 goal!
By: Shelby Block 916.718.3567