Dear Houston Seller,
Last week, I wrote an introductory letter to you letting you know that we would be discussing what happened with your home and why it didn't sell. I thought you might be wondering if you should relist with the same agent or should you go FSBO? Should you try a different real estate agent? Or, will you just take you home off the market completely? These are all important questions, but before you answer let's look at something else.
Was your home priced right for the market? Overpricing is usually the top reason a property lingers on the market. When determining the listing price of your home you SHOULD NOT base it on:
- What you paid for it
- How much it would cost to rebuild today
- The cost of improvements
- Sentimental value
What Happens When You Overprice?
When you take the risk of overpricing your home when you put it on the market you miss the opportunity to gain momentum in the initial listing stage. Buyers seeking properties in your area will more likely be attracted to competing properties that are priced "right" for your particular market. The longer your property is overpriced the greater the risk of missing potential buyers. Additionally, if you should receive an offer there's a chance that you may run into issues with the appraisal if it comes in below the listing/offer price.
Pricing it Right
So, if you want to increase the chances of your home selling faster it is important to make sure it is priced correctly for the market. Realistic pricing will attract more buyers helping to achieve the maximum price in the shortest time. Remember, it's not what you need that determines the price. It's what the market, or reasonable buyer, is willing to pay for your property or a similar property.
Our Pricing Strategy
A Comparative Market Analysis, or CMA, is a great starting point. In preparing a CMA we will analyze the current market activity for your area by reviewing sales of comparable properties and checking out competing properties, as well as those that were rejected by the market. In addition, we may consult third party sources including a Certified Appraiser as a basis for determining an accurate listing price for your property.
So, do you think your home was priced right? If you would like to discuss the pricing of your home or if you want to ask me directly "Can You Sell My House?", I have a special hotline just for you. Call me at 832-626-2970 and let's find out together.
Sincerely,
Toni Hogan
REALTOR®
P.S. I just reveiwed a list of 28 properties that have been on the market 180 days or longer. All but three of those properties had at least one price reduction during the listing term. The original list was 300 homes. I am sure that if I had reviewed the entire list the statistics would be the same. Price it right from the start!
Comments(9)