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Lindenhurst NY Home Selling - Price It High They Will NOT Come!

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Real Estate Agent with Douglas Elliman Real Estate in Babylon NY

Lindenhurst NY Home Selling - Price It High They Will NOT Come! lindenhurst ny home selling

You sit down with me, your Realtor, and I tell you what the market value of your Lindenhurst NY home is. You cringe thinking you can get more for your home. "What made you think you can get more?" I ask. You tell me your friends and relatives, who are not real estate professionals, tell you, you can.

Why are you listening to them?

You see, I know what market value is and so does the bank appraisers. This is key here.

Let's say we list your home above market value and you get a buyer (that really won't happen but stay with me here). You accept the above market value offer and the buyers get the home inspected and all is good there. Now you go to contract then the buyer starts the mortgage process. Six weeks in and guess what? The bank appraiser says your home is above market value and states what they know what the market value is which is usually the number I came in with in the beginning when we first met. Now what?

Well, you can either go with the market value price in order to keep the deal going which would be the smart thing to do or the buyer is going to walk. Now, if the buyers walk and then you agree to market value and we drop the price by $25,000 or $50,000, that buyer pool that has been "watching" your home will think something is wrong with it.

Bank appraisers use the same methods to come to market value as I do and this is why I know what bank appraisers will state what the market value is. Knowing what bank appraisers appraise at is to your advantage, not mine.

Listening to me, your Realtor, in the first place will keep the above scenario from happening. And, I will not take an overpriced listing to begin with plain and simple. Yes, another Realtor might, but I will not. I want to keep our relationship intact before it begins.

You need to trust my knowledge with the real estate maket. I do not pull numbers out of the sky and let's face it, your friends and relatives or outsiders who do not have the resources I do, have no clue as to what the market value of your home is.

If you are not in a rush to sell your home and market value is not good enough for you, then don't put it on the market. Just wait and you will be happier in the long run.

Comments(19)

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Donna & Larry Johnson
Keller Williams Real Estate - West Chester, PA
Chester & Delaware County

Jackie,  So true! Why can't we get most of our seller's to understand this? You would think by now they would get the picture.

Dec 28, 2009 11:57 PM
Toula Rosebrock
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,

ToulaRosebrock,com

Hi Jackie:

Great advice!

Pricing is the key to a property selling!

Dec 28, 2009 11:57 PM
Jackie Connelly-Fornuff
Douglas Elliman Real Estate in Babylon NY - Babylon, NY
"Moving at The Speed of YOU!"

Hi Donna, I think they just want as much money as possible but market value is market value. You can't change that fact.

Hi Toula, Thank you and you are right. They have to know it's the bank appraisers, not us.

Dec 29, 2009 12:00 AM
Raylene Estabrook
Signature Homes Real Estate Group - Yarmouth, ME

Jackie, Great post and so true. It always amazes me how some sellers want to believe anyone with the higher number. I love it when they call me back after trying the higher number with another agent. The conversation usually states with " I should have listened to you..."

Dec 29, 2009 12:02 AM
Jackie Connelly-Fornuff
Douglas Elliman Real Estate in Babylon NY - Babylon, NY
"Moving at The Speed of YOU!"

Hi Raylene! I love it when I get "those" calls. At least you know they did hear you :)

Dec 29, 2009 12:05 AM
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 www.ReverseLoansInColorado.com

For too many sellers it's like that game show "Deal or No Deal". They are always certain they have picked the case with a million dollars in it. Without properly pricing their home, they very well miss their opportunity to get a buyer at all???

Dec 29, 2009 12:09 AM
Jackie Connelly-Fornuff
Douglas Elliman Real Estate in Babylon NY - Babylon, NY
"Moving at The Speed of YOU!"

It's those first 2 weeks on the market that generate excitement among the buyer pool. If it's priced high, that window of opportunity is gone before it started.

Dec 29, 2009 12:13 AM
Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

You are so right about this. I wrote an article for a paper called chasing a market. So even if you come down along the way after being high you end up with less

Dec 29, 2009 12:17 AM
Jackie Connelly-Fornuff
Douglas Elliman Real Estate in Babylon NY - Babylon, NY
"Moving at The Speed of YOU!"

Hi Charlie! You are so right about chasing the market. That doesn't work for sure.

Dec 29, 2009 12:19 AM
Susan Thompson-Solomons
Monument Sotheby's International Realty - Solomons, MD
Southern MD Real Estate-Solomons Specialist
I'm not sure what about numbers staring sellers right in the face doesn't resonate with them, but it sure is frustrating. It's not helping much that the media is presenting generalizations about an improving market when the real estate market needs to be looked at locally.
Dec 29, 2009 12:34 AM
Jackie Connelly-Fornuff
Douglas Elliman Real Estate in Babylon NY - Babylon, NY
"Moving at The Speed of YOU!"

Hi Susan, it can be frustrating. And you are so right about the media but that is where we come in. We are the experts in our areas not the media. I hope you have a Happy New Year!

Dec 29, 2009 12:36 AM
Betty Knowles
Southwest Missouri Realty - Springfield, MO
Ready to sell? Call Betty!

Jackie, Too many sellers only care about what they paid for it, not what its worth today. What they need to learn is they can also buy a replacement home at a lower price than a few years ago.

Dec 29, 2009 12:38 AM
Jackie Connelly-Fornuff
Douglas Elliman Real Estate in Babylon NY - Babylon, NY
"Moving at The Speed of YOU!"

Hi Betty and John, Yes, even though they can't get the price they want on their home, they can make up for it on the buying end. Have a Happy New Year!

Dec 29, 2009 12:39 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Jackie, sellers believe their homes to be far superior to anything around them, which represents pride. When they fail to see the logic and believe the black and white of the numbers that's foolish pride which borders on stubborn stupid.

Dec 29, 2009 01:05 AM
Jackie Connelly-Fornuff
Douglas Elliman Real Estate in Babylon NY - Babylon, NY
"Moving at The Speed of YOU!"

Hi Ed, It's a pride thing which I can understand but market value is where it's at.

Dec 29, 2009 01:14 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Jackie:  Living in the past is not a good idea when it comes to selling a home.  You hit the nail on the head with appraised value.  If you ever encounter someone who is adamant their home is with X and you think it's Y, have them spring for their own appraisal.  That clears things up instantly.  And remind them, cash buyer (who are not bound by appraisals) will be even more brutal.  These are the folks that want DEEP discounts because they are buying with cash.

Dec 29, 2009 02:07 AM
Jackie Connelly-Fornuff
Douglas Elliman Real Estate in Babylon NY - Babylon, NY
"Moving at The Speed of YOU!"

Hi Chris Ann! You are right when it comes to the cash buyer. It's very rare to see that around here these days. I am working with a buyer who is all cash who is buying a short sale. Even if he put 50k into the home, he will still be under market value. Yep, he got a great deal, not a good deal! :)

Dec 29, 2009 02:43 AM
Sue Wettstein Brazzel & Dipper Wettstein
Howard County, MD - RE/MAX 100 - Columbia MD - Columbia, MD
"Fast, Efficient, Hassle-Free Service!"

Jackie,

Good post ... sellers need to hear this message over and over.  The graphic is great too!

Sue

Dec 29, 2009 10:24 PM
Jackie Connelly-Fornuff
Douglas Elliman Real Estate in Babylon NY - Babylon, NY
"Moving at The Speed of YOU!"

Hi Sue! Thank you and you are so right. I think most sellers are getting the point. Even the sellers that can't sell apreciate the honesty. :)

Dec 29, 2009 10:55 PM
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