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The other day I heard something that has stuck with me ever since. An agent offered an explanation of a significant price increase on a listing to another. The home owner was an elderly gentleman who instructed the agent to raise the asking price because the Wall Street Journal had said the economy is improving. 
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31 Comments on New Milford CT real estate, selling your home in a fragile market
Great blog post, well written and useful in markets beyond your own, thanks.
Over priced homes or any other type of real estate just clogged the MLS, waste time, money and in the long run help sell other properties that are fairly priced. You can quote me on that one.
Andrea.. I've never heard of such a stragedy that WORKS. Not in this market/economy anyway.
You can Stage a house to the nines, but if it's not priced sharp, it won't sell.
Andrea, at least in our area, what's occurred is that higher price points (over lower) began to move a bit, so it LOOKED as though overall pricing had improved. The reality is that the higher price points (priced right) skewed the #'s. Media should be very careful in deciphering trends or real estate #'s, because home sellers will find themselves frustrated.
Rachel, thank you! I suppose we are all suffering from the same thing in varying degrees.
Andy, I will! Thank you!
Valerie, the gentleman in question is very close to 90 years old, so I know the agent has his hands full. But there are others who seem to be following the same strategy. It does work for the guy down the street though!
Julia, you got that right!
Laurie, the higher price points do skew the market, when they move here that same thing happens. However some just think that we can still price it according to what they read for today in the paper, or what they want to believe. Not a good idea at all!
Andrea, I have had this happen to me! Another agent's excellent priced home has made my listings look bad, I have gone to my seller's and told them...we need to make a change. Good advice packed in this article.
Navonna, it does happen, and those that don't understand are left out in the cold! Hope you got the necessary price reduction after that! Thank you.
Andrea, your point about how a home will sell, but it will be the home down the street if you price your home too high is excellent. It is a perfect point and complements Tammy's comment.
Sharon
I think we are so lucky to have our close AR family. I am sure tha the kids will find each other.
Many sellers don't want to take into consideration what other homes are selling for in the area. Gone are the days of pricing a property that was purchased a couple of years ago for a profit. Sellers need the guidance of a good agent to help them through this process. New Milford CT is lucky to have an agent such as you to help them through this process.
Great post Andrea! Listening with respect and answering with informed experience are the hallmarks of all good agents.
What a unique idea. PRICE IT TO SELL.
Very true - price appropriate to location and condition is key. Of course, accessibility is as well!
Every area of the country is different. You have to price according to your market and many homeowners don't want to hear that. That is why taking a listing in the first place has to involve a long discussion on marketing and pricing. If you can't agree on this, DON'T TAKE THE LISTING! It will only sit there!!!
Sharon, the home down the street that is priced right has reason to celebrate when an overpriced listing comes on the market!
Tammie, if you don't look at what is on the market AND what has sold, you are going no where fast!
Christian, very good points, thank you!
Lenn, isn't it different? I like to think I am a unique type of person....
Gary, when I can't get in a listing I am sure it is not really for sale.
Barbara-Jo, it is disappointing when you see a house come on the market with another agent, overpriced, and you know it in your heart. But if they won't listen, best to move on.
Andrea-I think this is a sentiment shared by many realtors. Congrats on the feature. Hope you are doing well my friend.
Andrea - These are great suggestions for getting a home sold. I can't see using the Wall Street Journal as a decision maker for real estate. Real estate is too local.
Hi Andrea!
All the agents in the area who use the over-priced home to sell their listings should really leave "Thank You" notes stapled to their business cards!
"Thank You for never really having been "On The Market" at all!"
Love it!
Great bottom line point; "Raising the asking price on your home or over-pricing your home will ensure a sale, however it will be a sale on another home that is well priced considering location."
I will definitely be using this bit of advice in the future. Thanks for the post!
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