Why don't buyers just " make an offer?"
Sellers often tell me that they want to price their home higher than the market analysis indicates because "buyers can always just make an offer." Why is this not the way to sell your home, (particularly in this market with so many homes for a buyer to choose from)?
Don’t start with a high price and the assumption you can reduce it later. By the time you decide to lower the price, it may be too late. Once the price has been reduced, potential buyers become wary and wonder why the property hasn’t sold. In the end, you will probably have to settle for a selling price below market value – and you will have lost precious time in the process.
Your property will generate the most attention and showings in the first weeks it’s on the market. For best results, you should list it at a realistic price right from the beginning. If your price is too high relative to the competition, the right buyers will not even look at an otherwise attractive property – particularly during the critical stage of initial market exposure.
The value of your home is relative. It is not based on what you paid or what you have put into it through the years. Your opinion of its worth, or my opinion, or even that of a professional appraiser doesn’t affect it. The market value of your property is determined in exactly the same way as any other commodity:
The value of your home is solely determined by what
a buyer is willing to pay in today’s market.
Most buyers will put the overpriced home on their "watch" list...and then forget about it as they continue their search. Take your Realtor's advice and price it right, from the beginning.
Gina Dumas, Realtor / RE/MAX Results / 612.718.2783 / www.GinaDumas.com /