CRISIS: OVER-PRICED HOME=HIGHER INVENTORY+LESS SALES+DESPERATE HOMEOWERS=CONTINUED HOUSING CRISIS.
We MUST do in-depth research before we price properties!!! If we don't, we will see the inventory levels climb like never before!
In my last blog post, I mention the above formula to the umpteenth agent who said he would take an over-priced listing but would schedule a reduction in the agreement in 30 days or 60 days. There are still huge numbers of people who do not understand the importance of correct pricing---and we direct the whole real estate market; or at least we are supposed to!
I my last blog post "How do you handle a seller who wants you to over price..." I was amazed at how may agents feel it is ok to over-price a listing "for a short time like 30 days" ...let me remind you all that the best time to sell a listing is in the first 2-3 weeks on the market! Over-price it and you miss the best selling time!!!
Even a small amount over the correct price of a home will keep it on the market for too long! We can not afford this in this housing climate; people are desperate now--and more will get there.
As a community of professionals who are looked to by most homeowners for our guidance and expertise, we MUST not over price homes. We need to take a stand NOW before we slip again into the abyss.
This may seem evangelistic to a lot of you but it is the basic truth: If we all take one listing with even a small of amount of over-market pricing, look at the impact! Guess who is in charge here?...We are and we MUST do what we can do to bring the housing market back to some normalcy.
PLEASE TRY TO UNDERSTAND THE URGENCY AND IMPORTANCE OF THIS! DO NOT OVERPRICE HOMES IN THIS MARKET OR WE WILL NEVER GET OUT OF THE CRISIS!!!
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