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You Don't Want To Experience The High Cost Of Overpricing

By Josh Murphy

Real Estate Agent with Windermere Peninsula Properties

May 14, 2009 03:15 PM

So there you are, ready to list your home in Mason County with Windermere Peninsula Properties, a full service brokerage, ready to jump at your real estate needs and beyond.

The home is clean, staged, the yard trimmed and the grass is shimmering.Your priced about $30,000 over anything in your neighbor hood, comparable. You have put a ton of work into the home, new slate flooring, granite slab counters, heated exterior water spigots, the whole bells and whistles.

Unfortunately

THE BUYER DOESN'T CARE.

They want a deal. They don't care that your home has 50k in upgrades over anything else on the market.

PRICE YOUR HOME TO SELL IT, Right away.

I understand you want to stick it out, maybe get a little bit more money, but after a few weeks, the home is old news. The buyers that are going to be targeted have unfortunately missed it because the MLS doesn't allow a criteria stating Listed at_________ but really would take_________.

Start with your best foot forward, the best price you can be at, or else you too will miss your buyer, and experience the High Cost Of Overpricing.

Inquire with...

Josh Murphy

Windermere Peninsula Properties

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Sharon Alters

Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL

Realtor - Homes for Sale Fleming Island FL

Josh, this is so true. Right now properties with lots of upgrades are the ones that will sell first IF they are priced right. The upgrades increase the chance of sale, not necessarily the value.

Sharon

May 14, 2009 03:32 PM

Richard Dolbeare

Inactive - Wailuku, HI

Living the Hawaii Lifestyle

It's indeed true and it's also sad that few sellers understand. Those who do are the ones who get their properties sold while others wait.

May 14, 2009 04:10 PM

Anonymous

Lakefront Condos

Keep in mind that most lakefront houses are usually small and dated, needing some sort of renovation and expansion. Most of these properties were built during years wherein people did not emphasize on privacy, which explains why most old lakefront houses are built closely with each other. At times, one has to give up one positive thing in order to get the right type of lakefront property. For example, giving up privacy may mean getting a lakefront house that is a couple of minutes away from your work.

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May 14, 2009 05:19 PM

Michele Woodward

The Wells Team at Keller Williams Augusta Partners - Evans, GA

Josh

Well first issue is that 30k over every thing else has to appraise. Some sellers seem to think that they know more than their realtor does; however, what they don't realize is that if they price their home right to sell quicker it will probably save them money in the long run. By the time they sit and wait for more money they have been making payments which if they realized defeated the purpose.

May 14, 2009 06:19 PM

Marte Cliff

Marte Cliff Copywriting - Priest River, ID

Your real estate writer

How about the sellers who think their house should bring more than one just like it because they just replaced the septic tank?

Or the ones who think it's OK to start high because you can always come down. By the time they agree to the right price, the house is stale on the market and no one wants to look at it any more.

Educating sellers is, unfortunately, a big part of your job description.

May 14, 2009 08:08 PM

Steven L. Smith

King of the House Home Inspection, Inc. - Bellingham, WA

Bellingham WA Home Inspector

Josh,

You got that right. Lots of the buyers just want a deal. Some of them would be better off buying a better house, based on their skills at repair.

May 15, 2009 02:46 AM

Valerie Spaulding

Windermere Peninsula Properties~Allyn~Belfair~WA - Belfair, WA

Allyn-Belfair-Hood Canal-Local Expertise!

VEry well said Josh. Its a reality they will take the lesser priced home and upgrade themselves. They want the deal and upgrades on a higher priced home doesn't get the buyers to buy it. Even locations are being short changed and not grabbed up for a lesser priced home that is just as sufficient. Need to bring the better value out right from the gitgo.

May 15, 2009 04:54 AM

Troy Erickson AZ Realtor (602) 295-6807

HomeSmart - Chandler, AZ

Your Chandler, Ahwatukee, and East Valley Realtor

Josh - this is so true. Buyers will not pay more for a home because of the upgrades, but they will purchase a home with upgrades over a home that doesn't have upgrades, when they are in the same price range. If you try to get more money for a house with upgrades, it will just sit on the market until you come down to where all the other similar homes are priced.

Jun 02, 2009 10:12 AM

You Don't Want To Experience The High Cost Of Overpricing

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