“Priced to sell”: Now, that’s good to know!
April 10, 2016 | Richard Sites
One thing about real estate that intrigues me is the use of lingo. I tend to pepper my speech with way too much lingo, but very little of it is real estate specific.
Two phrases I find especially interesting are: “Priced to sell” and “Motivated Seller”.
Mike Ferry, perhaps the nation’s foremost real estate sales trainer asks, “Mr. & Mrs. Seller, do you want to price your house to sell or do you want to keep it on the market for some time”?
If you are listing your house for sale, don’t you want it to sell and sell quickly?
So I find these two phrases sort of curious. By definition, a home listed for sale is both “priced to sell” by a “motivated seller”.
So why would an agent make these statements?
I would suggest that one of two things happened. Either the agent priced the house too high and missed the period of greatest activity (the first couple of weeks after a house is listed) or the seller and agent agreed on a price that was too high and again missed the action. This usually happens because the seller talked to the neighbors and decided on a price that was too high and the agent agreed to list it at that price.
An overpriced listing is not a listing for an agent, it is a liability.
So now that showings have stalled, in an attempt to rekindle interest in the property, the two terms I mentioned above are added to the listing info in the MLS.
I have trouble imagining that some buyers are looking on the Internet when one says to the other, “Here’s one that’s priced to sell, maybe we should go see it”. Are the others not priced to sell?
Buyers are looking at houses all the time and know what a property is worth.
How about “motivated seller”? It might as well say “desperate seller seeks low ball offers”. The best way to get good, high quality offers is to prepare the house for sale properly then correctly position it in the market. I recently listed a home in Tequesta, spent 6 weeks preparing it for sale and sold it the first day it was on the market.
Oh, and use professional photographs with aerial shots.
If you would like to have a confidential conversation about selling your house quickly and smoothly contact me directly at 561-762-4073. The market is hot and buyers are out there waiting!