Since 2006, I have sold in excess of 40 homes. I don't say this to brag,because there are some who have sold more and some less, but I say this to urge you sellers to trust the professionals in this field, we don't just pull data from the air, we professionals give good facts of record to our sellers. So you should rely on the professionals in real estate and their knowledge. The same way you rely on a good doctor to determine your illness.
I sometimes meet home sellers that believe that their homes are worth far more than what a buyer will pay. ..
Home selling is in most waysis just like selling any other product. Supply and Demand and what the buyers are willing to pay. Home Buyers, like buyers for most products want to see value supercede price. It doesn't matter what you put into the home, the market doesn't care... (wow, was that tough to say..but probably harder for most home sellers to hear)
I often give this analogy: I have a 1999 Toyota 4 Runner.. it is worth $10,000 to me! I cannot, however run an ad in the local paper expecting a line at my door with buyers fist clenched with money. Realistically, I would probably be able to sell my 4 Runner ( on a good day) for $4000.00.
So why is it that home sellers think their homes are worth far more.. that's easy.. they mistake tend to value their homes based on the emotional attachment and the blood, sweat and tears ( and money) that they poured into their homes.
Here is the some easy ways to tell if a home is overprice:
1. It has been on the market over 3 months.. a clear sign that the house isn't priced to sell.
2. No showings. If a house isn't even being shown, you can bet that it more than just the agent marketing. ( refer to my Toyota 4 runner analogy)
3. Few showings.. no offers
4. Many showings.. no offers
5. Showings.. but low, low offers.. This is common for 2 reasons. Sometimes the buyers want to just 'test' the seller to see where the seller will discount.. other times, they make the offer low because it really is worth what they are offering. Buyers agents advise this type of offer sometimes due to thoughts that the home may not appraise ( another blog).
Solution: Rather than pricing your home "behind the market" which is overpricing by $20-30-40,000, and see if someone will make an offer.. price it below the market.. by about $.10-20,000. In all of my experience, I have seen homes priced this way sell faster than if they were overpriced with the seller expecting a lower offer
Here's what sellers traditionally do: Home Price $259,000... wait.. wait.. wait.. then boom an offer for $235,000.
Here's what I would do: Home Price $239,000, wait 2 days.. multiple offers.. highest price.. $245,000 SOLD!
Most sellers have a hard time buying this until they try it.. and then believe, yes this really does work.
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Lori Lincoln is a realtor with Keller Williams Realty who educates her clients and consults with them. You will not get heavy sales pressure when you work with Lori.
Lori Lincoln sells homes in Massachusetts in Taunton, Rehoboth, Swansea, Somerset, Seekonk, Lakeville, Assonet, Freetown, Middleboro, and surrounding cities and towns
To get your homes value go to: http://www.Massachusettshomevalue.net
search the entire MLS by visiting http://LincolnTeamRealEstate.com
email lorilincoln@kw.com
direct line: 508-878-0917
Lori Lincoln
Keller Williams Realty
508-878-0917
Search Thousands of MLS listings for Taunton,Rehoboth,Lakeville, Assonet,Somerset, Raynham, Easton
$8000 tax Credit. Luxury Home Specialist in MA
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Amen ..as an agent that "raised up" on expeired listing .. I say there are 3 reasons its not sold
Price
Condtion
Adgent marketing _ or failure to market the home
90% of the time is a coombo of 1 and 2