Sellers that choose to “chase the market” are likely to waste time and lose money.

 

Sellers all share the same notion as to the value of their house. When I ask what they would like net from the sale of their property, they always answer: “as much as I can get.”

And generally, they believe that the best way to achieve that goal is to start high to test the waters, and then consider price reductions as time goes on without receiving any offers.

However, in today’s market, there is a strong possibility that electing to use this strategy will ultimately lose money for the seller. It’s called “chasing the market,” and in a declining market it is more like a dog chasing its own tail.

As houses languish on the market, savvy buyers sense more and more desperation on behalf of the seller. There is nothing about these listings that would make a buyer want to offer anything near the list price.

My preference is to ask a seller what the “least” amount they can live with right from the get-go. If that amount is close to the true market value that I have researched, we are in business.

A properly price house immediately attracts serious buyers during the initial “new listing” phase. And if a house generates multiple offers within the first week or two, the seller is actually in a much stronger negotiating position.

And here’s the kicker: Pricing a house lower can actually net the seller more money in less time! Let’s all repeat that: Pricing a house lower can actually net the seller more money.

And a better bottom line is the net result of a successful sale!

 

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