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The Most Important Thing I Do..........

The Ann Arbor, MI market is is fluctuation. It is changing almost daily.

Pricing a home right is THE MOST important thing I do.

Mr. and Mrs. Seller, buyers don't care what you "need" to sell.

Mr. and Mrs.Seller, It is not wise to "test the market for a month."

Mr. and Mrs. Seller, Yes, they can just "make and offer" but they won't.

Mr. and Mrs. Seller, The buyer is looking at all the homes in the price range you have priced the home in. Your home just does not compare in that price range.

Mr. and Mrs. Seller, Your home is helping to sell the other homes listed in your price range, because it looks like they are getting a good value on the other ones.

Mr. and Mrs. Seller, All the marketing of your home will still not sell an over-priced home.

Mr.and Mrs. Seller, get it right the first time.

A Comparative Market Analysis is only what a house is worth in a certain location, in a certain condition and at a given point in time, within a 30-90 day time period. In the Ann Arbor, Michigan market homes need to be re-evaluated every 30 days. Your realtor should stay on top of what is listed, what has sold and what has been reduced. A market value is always changing so you must change with it and price accordingly.

My website offers lots of great tips for selling your home.

Search other homes and see on-line how your house stacks up to the competition. Look at location, size and ammenities. Be brutely honest with yourself. Put on your buyers hat. Would you buy your house or another one?

Listen to your realtor who sells hundreds of homes, who see's the competiton, and sells homes every day and lives and breathes the market.

Posted by Missy Caulk-Ann Arbor- Realtor(R)- Ann Arbor Real Estate on 05/19/2007 12:39 PM

Comments (32)

ann arbor, michigan, pricing, missy caulk, cmas

This post has been included in Michigan Information Washtenaw County, MI Information Ann Arbor, MI Information

32 Comments on The Most Important Thing I Do..........

MAY

2007

Missy,

Your advice to sellers is the key for getting the job done! Great tips!

Suzanne, thanks for stopping by.

This is right on Missy. Your post is excellent information for anyone considering selling or buying a home. If the consumer takes note of what you said they are going to have a great experience working with you.

James, it is nice for you to stop by and show encouragement.

Living and breathing the market. Now that is what a good agent should be doing.

Stefan, I love the way you said that. I really do live and breath the market.

MAY

2007

For part two of this post, what do you say when you have extremely stubborn seller's that think their home is worth more than everyone else's on the block? You've said all of the above and they still will give you a book of reasons why "you" are wrong. what then?

Roxanne, read my post on " I turned down 3 listings this week. It was posted a few days ago.That is what I do.

thanks for the link and the quick response I appreciate it :)

Roxanne, no problem. We don't have time for over-priced listings.

Missy, in todays market, overpriced listings are a waste of our time and money. Let another realtor list it. I love expired listings! Especially when they call me after not listening to me the first time.

Great post Missy, you are a true professional! Neat and to the point!

Kay, I love it to and I do get call backs.

Jim, thanks I appreciate the comment and you stopping by.

Thanks Missy!

This is really well stated. I prefer simple, to the point conversations. I think I will print this out and stick it to my wall so I can memorize them.

Sarah, thank you !

Missy- you're a woman after my own heart. Lots of agents in my area have a bigger budget to market more/better...many are better at talking their way into business...I've succeeded because I price homes better than anyone in my area. To me it's a pretty simple science of compare and contrast (you know- the skill we learned in early elementary school)...the fun part is sticking to your price with your seller...They love you in a week or two when the house is sold for full price. Of course, you'll lose some listings by sticking to your guns--that makes it even more fun 6-12 months later when you go back and ask, "How did that whole listing high because you want wiggle room or someone will throw out an offer thing work for ya?"

Jim, true, true, true.

I took two listings recently where the seller wanted to price it an extra $5000 high for those reasons listed in your post. I overcame the objection and listed them to sell. The one listing sold in 3 weeks!!

Ethan, excellent !

MAY

2007

I have a listing right now that is at least $30,000 over priced. She was referred by a friend and I asked her on the phone (before the appointment) how much she thought it should sell for. She indicated that she really didn't know. I worked hard on my CMA and recommended about $35,000 less that she listed it for. She has had about three showings in five months. I haven't wasted any money on advertising--just my work in creating a website for it and she is fine with that. She told me she won't be lowering it until she moves (building a home) and so I do nothing until that time. If it wasn't for the connection in the referral or if she had asked me to spend a lot in advertising etc., I probably would not have taken the listing. It will be interesting to see how it all turns out.

Missy,

Amen! Amen! and Amen! You said it all so very well.

Cathy, As long as your not spending money and they don't get mad at you.

Cynthia, couldn't have said it better.

Missy, great post and very well said. pricing is everything. No marketing in the world works if its overpriced. I also would add to your list that overpriced is overpriced whether its $10,000 or $ 100,000 over.it still will show as over and off the market to the savvy buyers we have out there in todays market

Absolutely, Thomas. Oh, I wish the sellers would read this.

Missy -- great post. You hit the nail on the head. Unfortunately, many real estate agents (lots in my area) are taking listings at any price just to get them. It is an awful epidemic in certain neighborhoods around here. Wish more agents advised their sellers like you do.

I hate it put it like this, but to each his own. Some realtors in Ann Arbor that work for conventional companies will take anything. But, they don't pay for their advertising like we do at RE/MAX. So it doesn't really matter to them.

Well, they really do pay, by leaving 50 to 30% on the table, but they will still take a over-priced listing every day of the week.

I don't care.............I tell the truth, if I don't get it, oh, well. So be it ! At least I'm not spending money and time and frustration advertising a over-priced listing.

MAY

2007

A lot of times - I'll take out my sellers and have them be the buyer by looking at their competition. It usually helps me price the home accordingly or drop the price. I also tell the sellers that I find that buyers because of their research, already know about where the home should be priced and if the seller's home is priced too high, they may have lost their buyer.

JUN

2007

Missy - I love that you turned down three listings! You're right, we do not have time for over-priced listings. Now, do you have a list of responses for a price reduction?

Paula, since I posted this in May, I'm up to 5 now.

JUN

2007

Missy

This post is exactly why you are getting 2 offers on the posted condo I just looked at...great job

JUN

2007

Thanks Terry !

AUG

2008

ABSOLUTELY right on! Sellers are suffering the "correction" of the current market. Pay attention, if you want to sell, listen to your REALTOR and be the best home in the price range, price it RIGHT! Todays savy buyers are not gonna bite if you don't price right!

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