7 Tips for Chehalis / Centralia Home Sellers:
Tip #3 Pricing Your Home
Welcome back to 10 Tips for Chehalis/Centralia Area Home Sellers! I’m Eren Millam Realtor, Extraordinary Service – Extraordinary Results. Last week we discussed the selling process once you have an offer. If you missed it, you can click here. Today we’re going to talk about the importance of pricing!
I’ve talked about the distrust of realtors before and I think that plays a large factor when discussing price with a seller. Most sellers want to start high, test the market, and come down in increments until they get a bite. They don’t trust when their agent tells them that’s not a good idea because they think their agent wants a quick sale and fast commission. Granted, that may be true for certain agents – but trust your gut. If something doesn’t feel right, ask your agent to back up their statements with market evidence. Another strategy I hear is to list high so seller can negotiate lower with buyer. Being a Certified Negotiation Expert, I can tell you both of those strategies lead to undesired results.
If you list too high above the market, you won’t get any interest from buyers. Buyers will compare your property to others and see they get similar amenities, updates, and upgrades for a lower price. Like it or not, a home that is priced high will become “stale” in the eyes of buyers and you usually end up selling for a lot lower than market value because you’ll only receive low-ball offers. I’ve worked with sellers who wouldn’t take multiple offers they deemed too low only to settle on a final offer that was 10% less than those original low offers.
Obviously every seller wants the highest amount in the fastest time for least amount of hassle. The way to do this is not to price high, but to price competitively! An Extraordinary agent will know what similar homes are selling for, what the competition looks like, and how to position your home so it presents a value to the buyer. This does not mean that buyers are getting a deal, but there’s nothing more enticing to buyer than a house that screams “get in here today or you’ll lose me forever”. That’s the way you get top dollar. Your house has to be seen to buyers as something they can’t live without. Buyers will pay more if they think they’re going to lose out on your home, and if you have multiple interested buyers, the price of your home will go up. Don’t believe me? I follow a proven system of pricing a home based on the market’s reaction to it. That’s why 30% of my listings last year went over asking in less than a few weeks, some within HOURS of being listed.
Which do you prefer, an agent who goes along with your strategy and hopes for a high offer, or an agent who knows with certainty how to get you the highest amount using proven systems based on a foundation of negotiation expertise?
So today we talked about the importance of correctly pricing your home to sell. Resist the urge to list high as it will lead to a lower sales price overall. The key thing to remember is that a willing and able buyer is who sets the price. It’s your agent’s duty to show them what the true value of your home is. There’s really 3 components to ensuring your home sells for top dollar, but we discussed pricing 1st because it’s the most important. But, even if you’re priced well, you still might not be able to find a buyer due to staging and marketing which we will discuss in the following weeks. Until next time, make it an Extraordinary day!
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