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A Tale of 4 Houses: Part 2

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Real Estate Agent with HomeSmart Stars TX #0552717

A Tale of 4 Houses: Part 2.

Last year, I had some clients with a home to sell, much like the client in Part 1.  These clients were very good about getting their home prepared to May 2011 Calendarsell by replacing the old worn out carpet, painting the walls, getting the yard under control. When I met with them to discuss pricing the home, I showed them a market analysis of activity in their subdivision. Rather than giving them my opinion of one specific price, I provided them a range ($215,000 - $230,000), with the lower end of the range representing a quicker sale. {I no longer provide a range for suggested listing price.}

The home was vacant, the clients had already moved. Although they wanted a quick sale, they chose a price at the upper end of the range I had provided and resisted my suggestion for staging the home.  Over the course of 6 months, the market continued to deteriorate and several foreclosed properties were put up for sale nearby. Showings were scarce. Despite my recommendation to reduce the price to the low end of the range, the sellers held firm for a while and eventually allowed just a small price reduction. Towards the end of the listing agreement, I told the sellers that to sell the house, they then needed to have it priced $10,000 below the initial low end of the range, but they wouldn't budge.

Another agent eventually took the listing after the first 6 months. This time, the sellers did price it at $215,000 but not at the $205,000 where, in my opinion, it should have been at that point in time. The house did eventually sell, after 8 months on the market, for $195,000.

As a professional real estate agent, part of my responsibility is to track the selling prices of homes. I'm particularly interested in homes in the neighborhoods where I have first-hand knowledge. Had these sellers initially listed the home closer to $215,000, would it have sold sooner? Probably. But we'll never know.

This blog post is part of the 31 Days in May Challenge.

 

Posted by

Lorrie Semler, REALTOR
HomeSmart Stars

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