Do you want to sell your house, or get a specific amount for it?

Do You Want To Sell Your House, or Get A Specific Amount For It?

As we've all heard the real estate market has "turned the corner". This is great news for everyone. In Rhode Island, most areas are in a balanced market. As Realtors we are seeing multiple offers more and more often on properties that are priced correctly for the market.

 As a real estate agent, I'm looking to educate sellers as to where the local market is if they don't know already. While at the listing presentation I always ask "Do you want to sell your house, or get a specific amount for it?" It's usually followed by either a confused look, or a comment similar to "we'd like both." So would I, but chances are that's not going to happen.

I explain to the sellers where the market, go over the comps, address any issues with the house that would be a negative or reduce the price, find out what they owe on their mortgage (if any) etc. Now we talk about the pricing.

When the seller tells me they want to get a specific amount from the sale of their home I tell them I can't promise that that will happen. I also say I won't take over-priced listings. You are hiring me to sell your home, not overprice it so that it will sit on the market for weeks, with no showing, and our frustration levels building. I will advise a seller that if they owe too much on their home, now may not be the time to sell.  I explain that the buyers determine the value of the market, and that even if a buyer accepts a overpriced home, the appraisal more than likely will not come in. I use the same comps that the appraiser will use.

Do you want to sell your house, or get a specific amount for it? Recently, I took a "slightly" overpriced listing. The sellers wanted the house listed at $330-340K. They had been on the market last year at $375 and dropped to $350K. They finally took it off last December. My comps came in around $315-320. We compromised at $329 listing price. We have had 1 showing in three weeks. Unfortunately, these sellers can't accept anything lower than $320. There will be no price change due to being so close in our pricing, per the seller. The house will eventually sell, but we will have to wait for the market to catch up to us.

We did get an offer last week on this property...$310K

No deal.

Sellers: Do you want to sell your house, or get a specific amount for it? Depending on your answer, you may have to wait.