If you are thinking about selling you need to be serious and listen to the price guidance offered by your agent. One of the worse actions you can take is to put your home on the market at an inflated price to “test the water.” Other real estate professionals know the market and if they see your listing is overpriced they will not show it. After a period of time with no price adjustments or other actions to sell your listing, it will quickly become what we refer to as “shop worn.” Once it has achieved this status in the minds of other real estate professionals the best action is to take it off the market.
Owners Still Try to Price Homes HighReal estate practitioners in the heart of foreclosure hotspots are talking turkey about pricing to their clients.“I don’t sugar-coat anything. I don’t tell people what they want to hear. I tell them what they have to hear,” says Mike Aubrey, an associate with RE/MAX Metropolitan Realty in North Potomac, Md.“[Setting the initial price too high] is not only a waste of time, but you stigmatize your property,” says Joe Manausa, president of Century 21 First Realty in Tallahassee. “People wonder why nobody bought it, why it’s been on the market so long.”In fact, setting a price too high is “downright willful negligence,” Manausa declares.Source: Inman News, Mary Umberger (10/14/2009)
© Copyright National Association of REALTORS®, Reprinted from REALTOR.org with permission.”
And if you are thinking of selling, click on the Buyers folder on our Reports page. There are a number of reports you can read to help you through the selling process.
