Many sellers I have worked with in the past think it's a really good idea to list their home for a lot more than it's worth so that they have a "cushion" in case a buyer wants to offer a lot less. I would not recommend this in this market for 2011 because what happens is just the opposite.
1. The first thing that will happen is you will be lucky to get showings as most buyers will look at the house down the street for LESS money. Wouldn't you? You need to think about selling your home from a buyer's view point. What sets your home apart from the house down the street? If you were the buyer would you buy your home over the house down the street that is priced less than yours?
2. You may also say that your house has a lot of "upgrades" that is great, but you have to remember that your "upgrades" may not be a buyer's upgrade...meaning, they may not have your taste and could care less that you put in a new pool for example. They may not want a pool. Everyone is different, everyone has different likes and dislikes. This is what makes the world go round. It is so much better than having everything "cookie cutter" because that would be boring.
3. You will certainly make buyers worry why your home has not gone pending with an offer the longer it sits. Typically, the longer a home sits, buyers think you eventually will come down quite a bit in your price, or they may think there is something wrong with your home and not want to make an offer on it either.
Sellers, you have to remember that if you really want to sell your home, make sure you work with a good agent that gives you comparable homes that have sold and also homes that are active. If you can, go check out the homes you are competing with in your area. Go inside, take notes as to the features each home has and then you will be able to have a better idea what your home should sell for. Make sure you do your homework as well as your agent. When I price a home, that is what I do, I go to all the active homes in the area and preview them. You want to know your competition-after all, your buyers will.
If I can help you sell your home, please give me a call. Buyers, if you need an agent to represent you, let me know. It would be my pleasure to help in this tough market.
Kind regards,
Joan Patterson, B.A., G.R.I., A.S.P., Realtor, License #1431647
Keller Williams Realty
www.calljoan4homes.com
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