I can't emphasize enough the importance of correctly
pricing your home. To list your home with the Realtor who
quotes you the highest price is to invite disaster, because
he is most likely the one least capable of selling it.
If your property is overpriced, you need to consider three
things:
1) Who will work on it?
A large part of my job involves marketing your home to the
largest number of potential buyers. These buyers are usually
working with a Realtor, who uses the M.L.S.® system. These
buyers are relying on that agent to show them quality homes,
in good locations, at fair market prices. New listings come
on the market regularly, and the ones that catch the other
Realtors' attention are the ones that offer the best
value. In order to sell a house once, we often have to sell
it twice-first to the other salespeople. If they think it
is overpriced, they won't work on it.
2) Who will consider it?
Serious, qualified buyers-the ones with money and motivation,
aren't willing to waste time looking at overpriced properties.
They expect a professional agent to select homes that will
satisfy their needs and are properly priced. The only people
who look at overpriced properties are neighbors, unqualified
prospects, and looky loos.
3) Who will finance it?
Most buyers require a mortgage. Banks and trust companies
who lend the money will require an appraisal of the property
before agreeing to lend the necessary funds to close the sale.
If that appraisal indicates that the buyers have overpaid,
they will either refuse the mortgage loan, or cut the amount
back to a more conservative number. Either way, your sale
is most likely finished.
Being realistic about pricing will
bring you the best results.
» Market Analysis
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