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Selling your Home THREE TIMES

By Geoff ONeill

Real Estate Agent with John L. Scott Medford

March 06, 2010 07:20 AM

Why we have to sell a home THREE Times

I was at a listing presentation the other day, when the subject of price came up as it usually does. After looking at the numbers, the sellers indicated that they thought the home was worth far more than the others on the street, and that we should go with a much higher price than the comparables indicated. At that point I had to explain that we need to sell the home Three Times. FIRST to the other agent(s). If we want to generate showings. If they think it's overpriced, we're not going to get any showings. SECOND, the buyer needs to think the property has worth, and they usually show what they're thinking by making an offer, or giving feedback. LASTLY, if they are going to get financing, we need to sell it to the appraiser. The appraiser will look at the comparables and come up with a price based on what he/she believes to be comparable homes. We don't get to choose the appraiser, and neither does the lender. Pricing is very important.

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Ron Trzcinski, 410-935-5844

410-935-5844 Office - Cockeysville, MD

Geoff,

Very good points. And, sometimes the bank's underwriter will overrule the appraiser. It is almost impossible to sell a house for more than it is worth.

Mar 06, 2010 07:24 AM

Mike Conner

City Realty, Inc. - Olympia, WA - Lacey, WA

Geoff, I like that wording that we have to sell the home 3 times. Might have to use that one next time someone is trying to stretch their value!

Mar 06, 2010 07:33 AM

Brandy Schuldt

Coastal Properties Group International - Palm Harbor, FL

Great Post, this is something our trainers over here at EXIT have taught us over and over. The right pricing is the 1st step!

Mar 06, 2010 07:40 AM

Dennis Coffey

RE/MAX Metro Realty - Matthews, NC

You could not be more correct. What is it that makes this concept so difficult to understand or believe? The part about the appraiser seems to be of little consequence to many sellers. It is often exhausting and futile, to explain to some sellers that the pendulum has swung too far the other way in the appraisal process. Appraisers don't want to lose their business from banks that want them to be far more conservative with their values. The good news is you can simply ask them to keep you in mind six months from now when they are ready to re-list at a realistic price.

Mar 06, 2010 07:54 AM

Dan Tabit

Keller Williams Bellevue - Sammamish, WA

Geoff, I like this so much, I believe I will use it in my presentations from now on. Very clear and easy to understand by everyone. Thanks!

Mar 06, 2010 09:51 AM

Amy McAllister

Amy McAllister Realty LLC - Hood River, OR

REALTOR Hood River, Oregon

Geoff, This is so true and especially in this market. Homes must be price realistically to be considered by buyers or even to get showings.

Mar 06, 2010 01:20 PM

Larry Brewer - Benchmark Realty llc

Benchmark Realty LLc - Nashville, TN

Geoff - good points, and it does take a lot of people to get a house sold. A good team makes it look easy.

Mar 07, 2010 02:50 AM

Kevin Franklin

Keller Williams of Central PA East - Lancaster, PA

Geoff , good teaching moment !!!!!!! Thanks for sharing this tip !!!!!!!!!!!!!!!!!!!

Mar 08, 2010 10:17 AM

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