Let’s talk Price
Home pricing is a delicate conversation that we Realtors have to have with sellers. It is personal, telling and can be a bit frustrating for both the seller and the Realtor. I truly feel terrible when I have to deliver the news that a seller’s home is not worth what they think it is worth based on current market information and not simply a Zillow estimate…you can just hear a pin drop and then the argument of why they believe it should be the price they have it at.
We as Realtors look at all aspects of the market including the comps, the actives on the market, days on the market, how the interior’s look in other properties as well as views and updates, construction nearby, how other properties are showing in the neighborhood and a variety of things that helps us come up with a price range. What a seller may have thought, at the time was a great idea for home decor or design may not be, as my mother used to say, someone else’s cup of tea. Seller’s are usually in love with their homes AND expect all buyers to also be in love with their home too. As a seasoned Realtor, I can say that what a seller thinks is amazing about their home in many cases is not what pushes a buyer’s button. Sad but true.
Remember that you were okay with a house backing up to that I-95 retention wall because you loved the pool (even though your Realtor warned you it would be hell trying to sell it down the road)…case in point. Oh, and you forgot to get a permit for that garage conversion…Happy October…it will come back to haunt you when you go to sell and create pricing issues (just had it happen, but I had the buyer). Perhaps you live in an association that has a huge assessment planned…the buyer is going to want to adjust their offer based on if THEY have to pay for that assessment.
So…with this in mind, I have included a super short, but informative video from Realtor.com that can help seller’s really understand when your agent says it is time to lower that price. You don’t want to chase the market, you want to set a market price. My goal is to get highest and best price for the properties that I list and if you have not had any showings or very slow amount of showings or lots of showings and no offers then you have your answer Mr. and Ms. Seller…it is time to review the comps and get that price in line…so you can move on to your next abode.
One thing I want to mention which I believe is of the utmost importance: FEEDBACK …if your agent has feedback for you from other agents and their buyers it is the most wonderful thing…many times you can fix the issues that come up in feedback or it will be handing you the exact reason why your price is too high. So please don’t discount that information or get mad at your agent for sharing it with you… #thathappens sometimes and we get your frustration and are here to problem solve and update strategy.
Here is a great video link from Realtor.com (short and sweet).
Happy Home Selling!