In one way or another it is always price. No matter how bad the location or condition of the home - at the right price the home will sell. May not be the price the sellers want but it will sell. Price can overcome a lot of negatives.

Well said Ken!

Hooray.  Right on, Ken.

Hi Rick, Stewart, and Unlimited.  Thanks for stopping by.

It is easier to say than do.

We can impact the market by pricing homes correctly and having them move.

Ken

Amen Ken...  I just talked to a prospective seller an hour ago, who won't be listing their home with me, because I won't list it a hundred thousand dollars over the REAL VALUE.

I just saved myself a thousand dollars!

I totally disagree with overpriced right away. What about the condition of the dwelling. Wall paper, nutural color, color. come on there are so many reasons and to point a finger always at overpriced I believe that is not fair. Most buyers these days what to cut the price over 6% and get closing cost and home warranty and the list goes on and on. Overpriced is not where the sellers are needing your help. You must go curb appeal to help them and then they will lower their price. Coming up overpriced is not what they want to hear first.

I totally disagree with overpriced right away. What about the condition of the dwelling. Wall paper, nutural color, color. come on there are so many reasons and to point a finger always at overpriced I believe that is not fair. Most buyers these days what to cut the price over 6% and get closing cost and home warranty and the list goes on and on. Overpriced is not where the sellers are needing your help. You must go curb appeal to help them and then they will lower their price. Coming up overpriced is not what they want to hear first. sorry I timed out on the first one. I wanted you to know whom wrote this blog.

Hi Ken- pricing is so difficult. We were on an agent caravan today and for the most part these were all homes that are priced great and yet they are getting no showings. I agree that sellers tend to overprice, often against our better judgement. In our area, it comes down to the lack of buyers- we have plenty of buyers searching on the internet, calling for info- but taking the next step to come out and make an offer or to even view a home is difficult.  It is really a difficult market!

Hello everyone.  I know the market is tough.  Homes aren't selling at yesterdays prices.  Things are tough.  I think we need to price accordingly.

Ken

Hi Debbie.  Congrats on the listing appointment anyway.  I haven't been on one in over a month.

Ken

Ken I think that a lot of realtors should work on other buyer objections other than price initially. The price is and will always be the most obvious problem and sometimes the most important buyer objection. I know sellers hate to hear "Reduce your price". So I take it in stride and dont push the subject too hard because I know and they know that they are overpriced and if a buyer wants to make an offer when that happens they will be prepared to accept a lower offer.

Cape Cod Realtor

Hi Stephen.  I understand not pushing.  I am just saying that MANY homes need to drop their prices to sell.
Ken

Ken, You are on the money with this one. It comes down to price. You can put in all the curb appeal and dress it up to get buyers to look at it but they aren't going to buy until the value is there. and that means the price has got to come down.

Price is usually the reason homes dont sell, some sellers are not realistic about what thier home is worth.

Hi JoEllen and Bart.  Thanks for stopping on by.  I appreciate the comments.

Ken

Thanks for a great post about pricing. It truly is key to selling a property. If it is overpriced, then the sellers may chase the market down . . .

In the midwest, people are not used to home values going down.  It has always been a stable market.  On the coasts, the swings are more accepted.

Yesterday I spent time with a bunch of developers that just don't get it.  If you want to sell something, you have to price it realistically.  We are not all guaranteed to make a profit.  These are pros and still can't understand when its time to cut bait.

Joe homebuyer has too much information and also won't accept the fact there is no formula that your house must go up 3% per year or 'my house is better than my neighbor's and last year he sold his for X, so I want X +Y'.

We live in an efficient market that accesses value very well.  If things are priced right, they will sell.

Ken It always comes down to the money.  If there is a problem... follow the money and that will bring you to the solution.

Ken, I think that you have some valid points about pricing and we need to know our market.  Thank you for the post and your thought provoking comments.

Don R.

Pricing is key but there are other factors involved. Location for one,condition of the property second and motivation of the seller. There are lots of sellers out there who are just not motivated to sell anymore and there are some who owe so much it's ridiculous.

I think most Realtors do tell the sellers that, but all seller want to TEST the market. Are you willing enough to walk out of the house and not take the listing?

Morning Ken,

It isn't that the Agent isn't telling the seller, it is the seller not listening for their own reasons. They don't have to sell! Don't you just love that one! The know they can get their price, "Yes! But when!

And on and on and on.

Thanks for posting!

Hi Hal, Mary, Robert, Don, Rich, Nanette, and Sharon.  Thanks all for stopping in.

Lots of comments on this one.

Thank you.

Ken

Some good points Ken. I agree we do owe it to our clients to show them what is happening in the current market and how that affects the sale of their home.

That being said there are alot of agents out there that will just list a home with whatever price tag a seller puts on it. it will never be possible to get these kind of agents to all change their ways. i just recently lost a listing to such an agent over 10k. Too many agents think they can take the listing now, validate the sellers price and then they want to beat up the seller on the price every week.

If you knew it was overpriced when you took the listing, why would you not say something then and there?