Want to sell? Price it right, no matter the market.
On many occasions, people have asked me to list their home at a price that makes no sense.
“Let’s try for X” is the worst thing you can do when selling a home. Why? First, no one purposefully overpays for a home. The way home prices go for a high number is when the more people look at the house and want to buy it.
Buyers and their agents are not stupid. If a property is worth say $500,000, a price of $575,000 (because the owner wants to try) makes it a place where buyers ignore because they think the owner is smoking something and they will be hard to deal with.
If it is priced around $500k, then everyone that wants to house gets excited and the price may go up over that.
Also, the sellers don’t understand that the buyers get mortgages and the value will be established by an appraiser. If the property does not appraise, then the seller usually lowers the price. In the end, they get less.
(Also, the idea of basing a listing on the price is also silly. I, as a listing broker do everything I can to get you the best price no matter what price the house is.That’s why I have brought the price of listings back to what they should be. Check arrivva.com for all the details)
I am changing the narrative in housing. Commissions need to come down, municipalities need to open their eyes and mortgages need more common sense underwriting.