Home > Blogs > Don Rogers > Don Rogers View of O Fallon Missouri and St Charles County Missouri Real Estate

Why Is It Important To Price My Home Right From The Start?

By Don Rogers

Real Estate Agent with Keller Williams Realty Chesterfield

April 18, 2009 02:40 PM

If you have been following my posts you will know that I feel that it is important to properly price you home from the beginning of the listing. To wait and adjust the price after 15 or 30 days you have lost valuable time and possible buyers.

That being said here are 5 good reasons to price your home correctly in the beginning:

Your home is most likely to sell for top dollar when it is fresh to the market.
Buyers buy after the shop around. Buyers are in search of the best buy. If your home is priced too high, it will make the other homes look more attractive.
Your property will need to be appraised. If it appraises below the contract price you may have a problem.
Other than possible location, price is the most critical item that both buyers and real estate agents look to when selecting homes to view.
Negotiations
- If priced too high, it's possible that no one will seriously consider or see the benefit of starting the negotiations.
- The more accurately priced the property is, the less likely the buyer is to start the negotiations with a "low ball" offer or even see the need to negotiate.

The advantages of "right pricing" your home far outweigh the disadvantages. The choice will always be yours, the seller, it is the job of the REALTOR® to show you what the market is doing and the price of like kind homes that have sold in your area. Don't get caught up in pricing high and then come down in about a month. What happens if you are not getting any showings and all of the homes around you are selling?

If you have your home on the market and are not getting any showings this is a very strong indication that the price is too high.

If you are getting showings and no contracts then the buyer is telling you that the price is too high.

Remember if you are looking for an agent in O'Fallon Missouri or anywhere in the St Charles County Missouri area to list and sell your home give Don Rogers a call at 314-954-6775 or send me an email at Don@DRogersHomes.com and we can begin the home selling process. There are a lot of real estate agents the St Charles County area but none better to give you the proper information and help to get your home SOLD.

Other related topics:

Sellers are you ready for Spring home buyers

Are you really serious about selling your home

Top reasons for using a professional real estate agent

Value and what every home seller should remember

Re-Blog

Comments(14)

Comment

Show All Comments

Sort:

Debe Maxwell, CRS

Savvy + Company (704) 491-3310 - Charlotte, NC

The RIGHT CHARLOTTE REALTOR!

Excellent post, Don! Honestly, so many clients are having difficulty understanding this and I just don't know why! My best way to get the point across is to say that after they take a bath when selling, they'll make a killing on their new purchase! They seem to get it with that 'reverse economics' plan!

Apr 18, 2009 02:50 PM

Terry & Bonnie Westbrook

Westbrook Realty Broker-Owner - Grand Rapids, MI

Westbrook Realty - Grand Rapids Forest Hills MI Re

With so much information available buyers have so much information they know the best deals and the others just set on the market. Great advice.

Apr 18, 2009 03:27 PM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

You are so correct on these, if you over price your home you could end up chasing the market and losing thousands because of in negotiations and paying extra toward interest on your mortgage. The math just doesn't add up to over price your listing.

Apr 18, 2009 08:14 PM

Don Rogers

Keller Williams Realty Chesterfield - O'Fallon, MO

Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Debe,

I like that approach to helping the seller understand how this works. Thanks

Apr 18, 2009 11:31 PM

Terry,

The buyers once they have done their own research come to the marketplace better aware of what is going on and will take full advantage of it.

Apr 18, 2009 11:33 PM

Todd,

So true sir and there will be times when you price it right, depending on market conditions at the time of listing, you could be chasing the market. Right now you may want to price at the low end of a CMA and not at the top or middle.

Apr 18, 2009 11:36 PM

Toula Rosebrock

Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ

Broker/Sales Associate, Realtor, Lacey Township,

ToulaRosebrock,com

Hi Don:

Exactly....great post! Very important to price a home right at the start.

All too often, sellers end up reducing and chasing the market instead of being on target with the price.

Apr 19, 2009 12:29 AM

Toula,

You are so right ma'am. In today's crazy market we need to be spot on, sellers need to be spot on if the are serious about selling. If they aren't then they are just wasting time and money.

Apr 19, 2009 12:57 AM

JL Boney, III

Coldwell Banker - Columbia, SC

Columbia, SC Real Estate

Pricing wrong from the start can certainly cause you to lose deals you may gotten from people who do not want to make an offer on a overpriced listing. Price has always been important, but I think these days it has become the driving force for the market.

Apr 19, 2009 02:30 AM

Good morning JL,

You make a very good point. What used to be location, location, location is now price, price, price. That being said, sellers need to definitely need to be pricing their homes for sale.

Apr 19, 2009 03:56 AM

C. Bartch

Newark, OH

Hi Don, I'm not a Realtor but as a consumer who has gone and looked for homes to purchase many times, the price was the #1 factor before I decided to investigate the listing.

I do tell my clients that memories and emotional attachment do not equal $$$'s & listen to the Realtor.

Apr 19, 2009 04:22 AM

Cynthia,

Now is not the time for folks to over price their home for whatever the reason. Price is even more the motivating factor to either buy or move on to the next home.

Thank you for stopping in and commenting.

Apr 19, 2009 09:28 AM

Julie Chapman

Julie Chapman Broker - Ormond Beach, FL

Daytona Beach Shores, Florida

Don,

You know how to tell it like it is and make your point beautifully.....overpriced listings don't show and don't sell......thanks

Apr 21, 2009 11:02 PM

Julie,

Thank you for stopping in a for your kind words. Sellers need to begin practicing this it is no longer about location.

Apr 22, 2009 02:27 AM

Why Is It Important To Price My Home Right From The Start?

Comments(14)

Don Rogers

Real Estate Resources

Recent Posts

Additional Information