When you overprice your home you are really helping to sell your competition.....those other homes look like great deals in the eyes of the buyer. Suppose you are lucky and someone comes along that is willing to pay your price? The problem now is going to be the appraisal.......with comparable homes priced well below yours, it is unlikely yours will appraise for the needed amount. Do you want a Realtor® that will simply tell you what you want to hear or one that will be honest with you?
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Thanks to Therese for making this article available for a reblog......
This past weekend I was at a soccer tournament and was having a nice time chatting with a number of other parent's there. One of them suddenly mentioned she had given my name and phone number to a friend of hers who needed to sell her home. She had the home listed previously for $170,000.00 and couldn't understand why she had received no offers or even one showing during the time it had been listed.
Her friend had spoken to another Realtor just this past week and he had told her that she would not be able to sell her home in her requested price range...that even last year this would have been very difficult and the market has continued to dip in pricing over time, so she is now looking for another REALTOR opinion as to the value of her home.
As we continued to talk I learned this lady owed more money on the home that what this agent had suggested she list it for and that she also had some other debt she was trying to pay off with the sale. This lady is hoping to sell her home for enough to get out from under not only her mortgage but also some added debt she has accumulated.
The above scenario is unfortunately becoming more and more common during these difficult times and I can certainly understand why Seller's are looking and hoping to be able to accomplish this.
The cold hard reality however is...If you really need to sell your home you cannot price it by what you need to get out of it. Whether it is only what you currently owe on the Mortgage or if you are looking to also get rid of added debt you have accumulated on top of this.
Home Seller's need to understand that home values are determined by the current housing market and what comparable homes to yours in your area are now selling for. If there are other homes in your area considered comparable to yours and they are listed at prices below where you want to be, you need to take this information into careful consideration for this is the price range your home should fall in.
If your home is priced much above this comparable range your home will very likely sit on the market without showings or offers because you are now helping to sell all those other comparable homes. Your home is now making all these other homes look like really great deals when compared to yours.
I know this is a hard pill to swallow and you can of course contact REALTOR after REALTOR if you like and you will eventually find one who will list your home for what you want to sell it for but please understand this...you will continue to put yourself through added stress and waste additional, valuable time that could have been spent aggressively marke-ting your home to get the best possible price you can for it.
The best REALTOR in the world can't help you if you won't let them and there are other options out there available to you! Please do not ignore the advice your REALTOR is giving you if this is someone you feel you can trust, for as time goes by things will continue to get more and more difficult and much more stressful.
*Please be sure to contact a reputable REALTOR in your area and learn what options are available that can help you.
All content is original, courtesy of Therese VanderMeer - Realtor - FlexIt Realty
Therese is selling and marketing properties in the Greater Grand Rapids, MI Area and surrounding communities while specializing in Jenison, Hudsonville and Grandville.
Contact Therese directly at 616-780-0786 or by email at firstname.lastname@example.org
Happy to be Providing Buyers and Sellers a Higher Standard of Personalized Service