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With working with Sellers to set the initial asking price for the sale of the home oftentimes they want to overprice their home based on what they "think" the neighbors sold theirs for, to recoup added amenities or latest home improvements, or they need that figure. But for the agent,
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18 Comments on Don't Be Surprised With Those First Few Buyers' Offers
Hi Gary. Right Pricing does generate more leads, and will get more buyers to take a look at your listing. The sharp listing agents will always prepare their sellers for any first offers.
Gary - I often work with Realtor and have heard this over and over. Most people always think their home is worth more than it usually is. They get a number in their head and can't let it go. Those same people (unless they listen to their agent) will have a home that sits on the market and becomes stale. Nobody's paying more than what a home is worth........and I mean nobody!
Gary, some great advice. Pricing is relevant and being able to communicate market value is too.
Hi Gary, 90% of the best marketing plan on the planet is getting the price right. If it is not going to be right, I always ask the Sellers if they would committ to hiring me second.
Good evening Gary,
Fantastic advice! Market value is what a seller needs to keep thinking not "what he needs"! Buyers don't care what the buy needs..they don't want to over pay!
Where do you get those GREAT pictures...made me laugh out loud! I just wrote an offer on a house today and had asked for the improvements...number 1 on the list...New PVC sewer line from the house...improvement...NOT...maintenance...YES...overpriced as a result...YES
Gary - It has been said before, that overpricing a listing - especially in this market is suicide. This blog reminds me of an old cartoon that has floated around over the years.
The surprises still catch me Gary. The tour of the competition always works well to soften the blow though. I'll have to work on wording my request like Bill offered here, it's well received.
So true Gary, price it right and the best offers will come. And listing SOLD
Gary, I see many offers that are low even on homes priced right. Hopefully a decent offer will follow.
Gary....
How right you are!! it is so important to price the home correctly from the beginning instead of trying to chase the market.
Gary, Well said and good advice. Over pricing is not an effective or wise strategy.
Good offers come in rigth away when priced right. Its luck if you pirce high and get an offer even if its lower early on that is why pricing right is so important.
This approach has been proven so consistently that it truly is a "principle" to adhere to in the practice of real estate.
It could also be as a result of an uneducated buyer. I can take a $300,000 home that needs a bit of work, say, maybe $50,000 worth of work, and slash the price to $200,000 -- which should be the deal of the century -- and some buyer will bumble along and offer $150,000 "because of the work." Buyers have little idea how much a home is worth. All the see is what's on the market. They don't even know what a comparable sale is.
And I also tell my buyers to go ahead and throw out those offers, true value offers I call them.
Gary,
No doubt you are the Dallas Fort Worth expert when it comes to pricing homes. Gosh I hope one day to come to a Rain Camp that is nearby and we can meet... :) I wish you could of come to the Seattle one...but I know it is pretty far.
I like Myrl's picture. I still don't understand why people would overprice in THIS market. Just does not make any sense. The price is what it is. Price it right and get it off of the market.