Do You Want to Price Your Home to Sell?
March 14, 2016 | Richard Sites
Mike Ferry, perhaps the country’s most influential real estate sales trainer, asks an interesting question which is: “Mr. & Mrs. Seller, do you want to price your houses to sell or do you want to keep it on the market for some time?”
Now, on the surface this seems a little silly. I mean aren’t you listing your house because you want to sell? Well, let’s talk about it.
I recently got a nasty call from a “friendly” neighbor and lifelong friend of one of my listings who decided he wanted to pick a fight with me over the sale of his friend’s home. Why? Because it sold too quickly. What?
Now, if you have been reading this blog you know how I feel about talking to the neighbors when selling. This is the best and easiest way to get bad info.
And, as we all know, in real estate everyone is an expert. This doesn’t happen in law or cardiology, but in real estate experts are all too common.
So to get back to the situation, this self-proclaimed expert believed that a quick sale was the result of under pricing not proper pricing. Alright, let’s play that game. How long is a house supposed to be on the market?
Didn’t you hire a professional real estate agent to price your home to sell? So, what’s the problem? Oh, if a house is priced correctly it shouldn’t sell quickly…now that makes a lot of sense, doesn’t it.
I fail to see why a quick sale is the result of poor pricing. I would contend a quick sale was the result of correct pricing. If not, what are your options?
Price it high, lose all the eager buyers currently looking for a home, then lower the price to try to attract more?
Anyone who has been around real estate will tell you that the period of greatest activity occurs within the first 3 weeks of a home being listed. This is why the first price is so important.
I have written about homes on the Loxahatchee River that sold for millions on the first day. Another on the Intracoastal sold for $2.5 million on the first day.
The facts are this: Buyers are ready, willing and able to buy a house when priced correctly. And they are probably tired of looking at houses. Of course, they know better than the seller when a house is correctly priced so they pounce.
In summary, a quick sale is the result of an agent doing his/her job. Proper preparation is the key to plenty of showings, not lowering the price. I sold a home my first month in the business for $1 million by changing the presentation, not lowering the price.
If you would like to have a no hassle conversation about getting your home sold quickly and smoothly you can contact me directly at 561-762-4073. And remember hope is not an effective selling strategy.
Before you leave be sure to subscribe and visit My You Channel where a couple of hundred videos will help you learn more about our real estate market and the Jupiter lifestyle.