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Your Asking Price Determines If and When You Sell...Period.

Not all sellers understand that their asking price is the ultimate determination of whether they will sell their property or not. Not only does the asking price affect if you'll sell, but when and for how much. The longer it takes you to get to the correct fair market value asking price, the greater your Days On Market are and the more of a negative stigma buyers will have of your property. This can translate into lower offers and ultimately, a lower selling price.

Sure, how well your agent markets the property matters. But even the best agent in the world can't fool today's buyer and a good buyer's agent. Today's buyer has access to way too much information and data to overpay for a property. And a good buyer's agent will provide comps and their personal expertise to even the most uniformed buyer so that they don't make a bad decision and overpay for a property.

If you're wondering how much of an effect getting the asking price right has on if and when your property sells, consider this...

I took a look at the last 30 properties (not including foreclosure/REO or short-sale properties) that have sold (gone under contract) in Loudoun County. Here's what I found:

These properties went under contract in an average of 25.4 days of their last price change/adjustment
Some of these properties had been on the market for months, but once they adjusted their price to or below the correct current market value, they sold in less than a month
Some of these properties went under contract in as little as 4 days and had multiple offers
Some of the properties that sold were at the $700K mark and a few were over $800K so even the properties in the upper price brackets are selling quickly when priced correctly

No matter how well known your agent is, how good your marketing plan is or how many open houses you hold, it comes down to price.

It takes a good and gutsy agent to be honest and share with you your property's real and accurate market value - no matter how much lower it is than you thought. It's then up to you to listen to them, review the comps and data (aka CMA) and be objective with yourself and the situation. Once you do that and then list your property at a price that reflects today's fair market value and market conditions, you will actually sell it.

Posted by Danilo Bogdanovic-Real Estate Consultant -Loudoun and Fairfax County on 08/21/2008 02:11 PM

Comments (96)

real estate market values, pricing your home to sell, how to price a home for sale, days on market, loudoun county real estate statistics, h

This post has been included in Virginia Information Loudoun County, VA Information

96 Comments on Your Asking Price Determines If and When You Sell...Period.

AUG

2008

Good post...now the challenge is trying to get our sellers to believe us!

It seems like one of the toughest parts of getting listings is convincing the seller that their beloved home is not worth as much as they might think. Of course, it saves everyone time in the long run to price it correctly from the get-go, but that's not always an option, unfortunately!

I just had this same coversation with a potential client. I did a CMA at a price and showed all the houses to them and how they compared. Then I showed where we should be at and brought up those houses to compare. I compared all of this to DOM and other factors. I think it made sense.

Wiggle room is a myth. Price it right the first time and you wont come down nearly as much as starting high.. you already know its high and you know you have to come down!

A property is only worth what someone is willing to pay a seller for it...end of story.

All the Best!

KatFish

In my opinion that is what makes a good agent a great agent! Being able to successfully convey to the seller the importance of pricing the house correctly when taking the listing.

If an agent brings up that if within a certain amount of time there has not been enough interest in the house, they will discuss with the seller a possible price reduction. All this shows to me is that the agent is taking that listing knowing full well that it is overpriced.

Why go through the effort of maketing a house at a certain price, knowing full well that it is not going to go anywhere? Isn't better to tell the seller " I understand the fact that I am the professional and you are the boss" yet since you felt that what was needed to sell your house is a "professional, who has knowledge and expertise, wants the best for you, wants you to net the best profit" then wouldn't it be in your best interest Mr. Seller to listen to MY advice?

Point out that if his house is priced correctly the first time, while everyone else is doing " Price Reductions" his house is being shown and more then likely find the perfect, qualified buyer who offers close to asking price in the least amount of time!

Hi Danilo, ...."

No matter how well known your agent is, how good your marketing plan is or how many open houses you hold, it comes down to price. " And the rest is just ear candy !

In my opinion that is what makes a good agent a great agent! Being able to successfully convey to the seller the importance of pricing the house correctly when taking the listing.

EXCELLENT POST

ONE WORD ..................FSBO

FORGET the twit, just price it right, spend a few hours online research and save THOUSANDS

FSBO

Good post. Even if you get a contract on an overpriced listing it still has to be appraised. I've been burned on that end too. That's the real wake-up call.

Without a doubt. Sounds like you pulled this blog right out of my head. I read all of these agents about marketing. Price is the biggest determinate bear none.

Kathy is right. A house is worth however much someone wants to pay for it. I've walked in awesome homes listed in the $150'sK and thought "I would pay $170 for this". But the seller obviously wanted to sell and priced it right.

Good post; I'm happy to be able to re-blog that one. It's just as vaild in Knoxville, Tennessee as it is in Virginia.

And for Mr. FSBO above what happens when you price it right, spend a few hours doing online research, and no one shows up to help you save the commission??

Statistically only about 15% of FSBO's are successful; the rest either list with a Realtor or just don't sell.

Danilo,

This is a very good article. Keep up the blogging, well said!!!

Very well said.....you want to sell this home? Price it fair.

Thanks for the post

Good post. It is all about the price and what a buyer is willing to pay, that is if the appraisor agrees

Good points....but I feel sorry for the sellers who have mortgages on their homes for more than what the property will sell for. Guess what the outcome will be on those senerios.....

Amen! You are preaching to the chorus:)) This should be on every News Media's Editorial comment. warm regards, Endre

Just a simple question - Why do real estate agents stress the importance of pricing a property accurately, when most of you don't know how to accurately price a property? Can any real estate agent out there explain the correct approach to value residential real estate? Real estate agents have access to the same market data as appraisers.

Danilo- Great post!! I always remind my sellers that time in the days on market column is definitely not good! Buyers usually look at a house once. They don't always remember why they didn't like it, so if it is reduced, they may not even notice it the second time around, when it's finally priced right. Do it right the first time!

Very very true. Price is king. Only very rarely does some one over pay in this market.

Great article. I shared it with the other agents in my office. Just good, solid common sense!

Great Post. It used to be I did a CMA and the seller wanted to go higher----it would sell. Now I do a CMA and subtract from that! For Steve W. about pricing---I preview, preview, preview. I usually go in 10-15 homes/week whether I have a buyer or not. By previewing homes I know why a particular house sold for a certain dollar amount and I know why the house down the won't sell.

Excellent post. Every seller should be made to read it. I'm going to look at some of my area stats. Thanks.

PRICE, CONDITION plays a role in selling. If the house is in better condition than the competition then it sell faster.

Staging is the best way to make sure the house looks better.

Looks better and priced better is what does it.

Danilo,

So true for Las Vegas Real Estate.. Precisely why bank owned homes in Las Vegas dominate the total sales activity.

Great Post Danilo, selling a house is a team effort, good priced properties will always sell faster than those that are overpriced. We as agent are at fault when we take an overpriced listing and contribute to our problems selling it when we do that.

Antonio & Alexia Cardenas, "The Realtors In Motion" www.ListedByAntonio.com

Don't throw tomatoes at me but...

If Price is the ONLY thing, then what do they need us for?

I am told travel agents once thought the same and they made it right - right to where we buy direct now. I can't remember the last time I even thought of calling a travel agent.

Just playing a little devil's advocate here:)

Good advice in today's market

Hmm in regards to Steve W's comment above, I don't believe that is a good way to sell your product, by lumping real estate agents like that and then making those assumptions. Just a lesson to you, pricing a property to sell isn't the same as having an appraisal done. Common mistake number one most FSBO's make.

Good article, I always tell my clients, price, exposure and staging!

Sorry, forgot to log in before commenting above...

Good and concise.......right on the money! :-) congras on the newletter feature...........

Great post. Some seller are not realistic. Agents need to determine three things, what is the seller motivation to sell? Is seller willing to work with agent and price the home to sell. and is the listing saleable. If these three factors are not met walk away from the listing. Don't waste your time, and money marketing a home that is not going to sell.

Excellent post! I could not agree more and I try to convey this to my sellers daily. Lately, I have been very lucky that most of my sellers do look closely at the data provided within my CMA's and make the right choice about their price. Another thing that I wish sellers would reconsider is plumping up the list price for 'room to negotiate' - not a good tactic for today's market and only prolongs a sale.

Great post! I must agree with Heather in regard to the comment from Steve W - frankly in my world appraisals are done by Appraisers for the Lenders, and CMAs are done by Realtors for the Sellers. We only get paid when we price inventory to sell, not sit!

Danilo - I just wanted to say thank you for telling it like it is. I did reblog your post to my blog with an opening commentary. Thank you!

Great post, and very true!

I tell my sellers "It's always about the competition" meaning what other homes are selling for in the area. Sometimes we've even taken them inside the competition or on a virtual tour of it. But almost always they get it and price it strategically, IF they want to sell. If they don't it sits there while we bite our tongues from saying "I told you so" when they finally lower the price.

The problem is that most sellers can't believe that they will loose money on their investment! This is where the motivation factor comes in.

Linda

Very good article. I agree with you that price in the sense of perceived value is the most important thing that buyer's today care about. Our challenge is to accurately price properties to get the most $$$ for our sellers in a market that is moving. Those of us working in areas with very diverse housing stock are sometimes challenged when trying to find comps. It is not an exact science and knowledge and a feel for what most buyers want is critical in pricing a home to sell. In my experience, appraisers do not take this into account. In addition, it is extremely important to know what is currently on the market that will compete with your listing and make sure that it is priced lowest relative to the competition.

I agree with Linda, it's very important for a Seller to place themselves in the Buyer's shoes these days.

You are SO right! I have lost some business b/c I gave an honest, accurate CMA...but I figure it is not a great loss as I don't want my sign sitting in someone's yard for 280 days! It makes me look bad, and I'm not doing any favors to the seller either. :)

Hi Danilo,

Great post. It is sort of interesting that with the number of television shows on today that feature staging and then adjusting the price to be under the competition, more sellers don't get it.

I firmly believe that if sellers get opinions from several agents they will try the highest priced agent and then in their mind they have imagined selling the property and spending the money. This is a problem when agents "buy listings" by overpricing them.

One broker here in Great Falls, Montana told me that she didn't care what price they listed a property for, because in the end the seller would have to come down and they would get the listing side commission. I just thought that was such a dis-service to sellers who have no clue what is going on. This company has lots of listings too, they have been on the market for a long time and you always see "price reductions".

I personally won't list a property if it is not priced right. It is not worth my time and I am very upfront and frank about that in my presentation. Either the seller is interested in selling or they want to play games for a while until they get real. I always tell them I would like the listing and would be disappointed not to get it, but the bottom line is if they work with me our goal is to get it sold quickly so they can move on. They can either accept my terms or list with someone else. I generally get the listing, if I want it.

The last thing we want is to have sellers calling us everyday, second guessing us and getting angry because their home has not sold. Who needs the hassle and stress of angry clients?

Again, great post.

Thank you

Kelly Parks

Okay, let the truth be known... pricing is what makes the difference between having a sale or not...Who in there right mind wants to spend thousands of dollars on marketing, endless hours of open houses, constant meetings with the sellers of why there house has not been sold and then get minute price reductions that don't mean squat, then lose the listing to a good agent who prices the property to sell in a week. Price to sell, not to sit!

I've been honest with my prospective Sellers because I do not want career listings. If I don't get the listing at an agreed upon price, I always tell them I hope I'm their first choice for their second realtor (or sometimes third if they are way out of the ballpark)

PRICE, PRICE, PRICE. Just as in LOCATION, LOCATION, LOCATION determines many things with a house. How fast/slow it sells. And how much it sells for? Great post.

I absolutely agree. Price is King! It's unfortunate when another agent comes back with a higher price, guess what the seller want to hear.

Earlier this year, I lost a property to a competitor. It was priced at $10,000 more than what I thought they might get and I prepared them for slightly less. My competitor went back nearly 12 months for his comps. How absurd! How unfair to the seller,that was 5 months ago, and the property sits. It's had some price reductions but had it been priced right from the beginning, the seller would have realized a better price. Now the seller lost money.

Hope this hels sellers out there. You deserve to hear the truth.

You are absolutely right... but you aren't.

There are some DEADLY mistakes that can make pricing secondary... like listing a home as having zero bathrooms. Or putting it in the wrong place on the map. Or no pics.

But, price is one of the most important things we can do to make a property sell...

Danilo,

Great points! I just wish they would believe us when we say this. Some do, but it is hard to get them all to believe this. "Well so and so down the road is listed at this" yeah, but so and so has been on the market for 120 days!

Darn, why didn't I write that post?!! You had the guts to "ink" what I've been preaching on www.ThePinellasPeach.com. My hat's off to you.

P.S. I seriously love your hair!

"In my opinion that is what makes a good agent a great agent! Being able to successfully convey to the seller the importance of pricing the house correctly when taking the listing."

You are right and the force has failed me. I must train more.

The fact of the matter is what's obvious to us as professionals is seen as "trying to get a quick sale" by others. I dropped the issue with a client of mine after the conversation got pretty heated. I will not bring it up again to my client. Some folk just have to learn the hard way. The people that contact me about listing their house are advised to hold on to their property if they are not willing to price competitively. Short sales and foreclosures are bringing values way down when it comes to numbers. THAT IS THE SIMPLE TRUTH.

tafn

MORE POWER TO THE FSBOers,

What's the best way to get your profession respected? Have a nonprofessional try to do the job and fail.

As an investment property owner, I have found new respect for plumbers, carpenters, electricians, HVAC guys ( the list could go on and on).

tafn

A lot of good points in the article and comments section. A phrase I believe to be true is "80% of your marketing is price". The rest is staging and exposure.

Well said - price is key and those homes that are agressively priced will sell faster. However people like to bargain these days, so in some situations you have to leave room for some negotiation

Danilo,

Some sellers do have a hard time listening to agents about proper pricing when they list. Especially today when the market is soft it's imperative to get the price right. Yesterday's price was yesterday's price.

In today's market, you're point is dead-on! The potential buyer only has his best interest in mind, not how much the seller is conceding or not getting.

Great post, and one EVERY agent should take to heart.

"It takes a good and gutsy agent to be honest and share with you your property's real and accurate market value - no matter how much lower it is than you thought"

Isn't doing this OUR JOB?! If we're not being honest with out sellers, we're betraying their trust, PERIOD.

Danilo - well you have said it well, adn it bears repeating over and over. Some folks just don't get it no matter how many times you tell them or show them data - I often take sellers out to look at the competition so they can see for themselves (can't always see the propertie that have sold but seeing the current activity can be very enightening). And there are still agents who contribute to the over-pricing game over and over. Great feature.

Jeff

AUG

2008

This is so true. I had one seller say well I love this house so much they are going to have to pay me alot to get me out of here. WHHHHAAAATTT? Time to run away.

Price the property however correctly you want, if the agent is lazy and is not marketing the property correctly it will not sell for FMV. Nationwide, examples of properties marketed irresponsibly are rampant. Clutter, filth and unattractive shots are used to showcase listings on line. The web is where most home shoppers begin searches.

I recently did a consultation on a million dollar listing full of rooster statues and silk plants from the 80s. The photos on line were exclusively of the back yard (who sleeps and eats exclusively in the back yard?) and the rooster statues in the kitchen, no other interior shots. The particulars of the listing were incorrect, such as number of bathrooms. If an agent cannot get these small details correct, who cares what the home costs. No one will want to go look at it. The homeowner is frustrated paying the commission to an agent who will just keep lowering the price to get a sale. Sure anything will sell if you lower the price enough.

IN OUR MARKT HERE ON LONG ISLAND IT'S NOW MOSTLY PRICE, PRICE, PRICE! WE JUST GOT A LISTING BECAUSE THE SELLER SAID TO US HE "LIKED OUR HONESTY"!

To an extent, this is correct. Price is definately one of the biggest concerns of a home transaction. As time progresses, you will find this isn't necessarily THE most important factor. It's the only world most agents have known over the last 15 years.

What is becoming more important today, and will be moreso into the future even, is the terms of the transaction.

That is how agents have been taught to move properties...price...price...price. Start thinking terms...terms....terms and you'll see worlds open up that you NEVER knew existed.

Great post! Realtors know this but is is becoming increasingly difficult to pull good comps from the MLS for a CMA because of the extremely slow market conditions. Sellers need to realize that (most) property values just 3-4 years ago pretty much "spoiled" everyone. The market is NOT the same as then. It comes down to "urgency" and how quickly you want the house SOLD. I am fond of the addage: PRICE ATTRACTS...CONDITION SELLS...and I use it often.

Hi Danilo -

"Once you do that and then list your property at a price that reflects today's fair market value and market conditions, you will actually sell it."

This is not necessariy true. There are times when there are dislocations in the market and there are no buyers currently in the market for that type of property. This can affect high end properties, and non-residential such as land and commercial. These types of property, in my local market, take much longer to sell. Cutting the price below market will not necessarily produce a buyer. So timing of price reductions is very important i.e. below market price when buyers ARE in the market will produce a buyer.

I do agree that overpricing is the kiss of death. I am simply stating that underpricing will not always produce a buyer.

You are right. Price is absolutely everything and I have no problem giving listings back to sellers who refuse to reduce.

I am with Brandon Yeager and Kathy Hedrick and Susan (8/21/08 post). Price attracts, but conditions can make a big difference and also one must look closely at the active competition. That said, from a seller's perspective, it depends on their situation. I work mostly high-end properties and if the seller does not absolutely have to sell then dropping price to catch an overly swung market (toward the negative price end) pendulum is like throwing money down the toilet. Patience, when appropriate to the seller's condition and desires, needs also to come into play. On the buying end for wealthy buyers, they too realize the market pendulum has swung too far in overreaction to external events and that some correction will be coming soon AND if they like the property they will still buy. So blanket statements about price price price are not accurate, it depends on the local market, the seller's financial and personal motivations, degree of patience, competition and demand for their particular type of home. If the NEED or MOTIVATION is to get it done, then of course, price price price, be lower than the competition...but at some point the phrase "throwing it away" come into the picture. If the subsequent purchase does not happen immediately, the upswing of the pendulum to some sort of market equilibrium could easily rob the seller turned buyer on BOTH ends.

I can't agree more. But the challenge is conveying to the sellers that your knowledge and expertise and the Comps are really more accurate in determining the price than their knowledge of their home. They feel that their home is better than all the ones you are comparing it too and should sell for more. I tell them that buyers are ultimately the ones who determine what a house is worth by what they will pay for it in a given market. Then they say put it on for higher and see if the buyers will buy it for my price then. It's a tough market right now with so much inventory and so few buyers willing to purchase right now. And some sellers are still thinking we are a market that they have any control in. Once the seller has done everything he can to improve the condition of his home and it still isn't selling then there is only one reason why! Price is everything!

Danilo you are spot on with this. Price is everything. The greatest agent in the world will have a difficult time selling an over priced home.

Amen! Of course, there are still those who believe that we as Realtors are 'low balling' so that we can get the credit for selling it faster--that age old perception that we work in such a demanding industry because we will do anything for the cash.

With so many listings on the market (I am in the Northern Virginia market, too) you can't discount condition. If you take a home that is in very good condition and price it to sell, market it well and make it available to buyers (no 'By Appointment Only'), it will sell. If you neglect any of those areas--or wait to long to address them--you add to the length of time it takes to sell.

So True!! Thanks for the blog!

I cannot agree more! And that key information and confidence is what makes an agent "great". Thanks for sharing the post and reminding us of how to stay on top of things.

Price is a huge factor but Interpreted value is the determining factor. My suggestion as a consumer is to put some perfume on that pig and try selling it for the price of bacon and not a porterhouse. As how to get your customers to understand I battle that everyday of my life selling floors, I would suggest just being straight forward, that is what I respect.

Keep selling homes.

This is absolutely true! I've heard it put this way and couldn't agree more-

"Not pricing your property right in the beginning is like having a dinner party on a Saturday night with the caterer's scheduled to arrive on Monday"

Jon C. Mumford

Danilo:

Thanks for your article about "asking price is the ultimate determination of whether they will sell their property or not". We agree.

Harrison K. Long, Explore Properties Group, Irvine, CA

Well put, Jon C. Mumford!

I love this blog. It hits right at home with me. I try to explain this to sellers quite often and I sometimes lose listings for it. I don't mind, because we are in the business to get homes sold, and the way to do it these days, is drmatic pricing. Anything else is a waste of everyones time.

Boy are you correct! It is still so difficult to get folks to realize that the prices are not what they were 2 years ago!! Especially when they owe more than their property will bring now. I have a home I bought 11 years ago and appraised for $275,000, 4 years ago, and now I would be lucky to get $200,000. I decided just to keep it, rent it, let someone else make my payments and see what happens. I feel it is just a savings account that someone else is depositing into. If I keep it 14 more years, it will be paid for and the rent will be income for me. Maybe we need to tell folks this if selling is not a must right now.

You are so right! Pricing is really everything, marketing gets it to the buyers, but the price makes them look.

Great post! Price is king! Marketing is huge too. However, no amount of maketing is going to help if the price is not right!

I didn't mean to upset anyone with my comment. I was just trying to find out how Realtors determine to value of a home. From what I gathered, most real estate agents learned the sales comparison approach to valuing residential property, when studying to take their state exams for licensing. But I have found most Realtors do not use this method and I cannot understand why.

I searched Realtor.com to find out if the National Association of Realtors explains how Realtors price a home and I could not find a single example. There's information on the types of data you need to gather to price a property but no explanation of how to put that information together to determine a price.

If you were known as the area Realtor who was an expert at determining the value of a home, would this ability give you a competitive advantage over the competition?

Realtors for the most part have all the data used to appraise a house as good as an appraiser. You just need to put all that information in a sales comparison grid. This is a very quick and simple method and very accurate.

I'm planning to write a blog to teach/refresh Realtors on how to use the Market Data Approach to find the value of a home. Let me know if anyone would be interested.

Lately I have been so upfront with my sellers about price it blows them away. But I have seen a great change in not having to beat clients up to reduce.

You Got It Right

I am amazed that I've read so far down in the responses and did not see a single mention of an ABSORPTION ANALYSIS. This will show the Agents suggested price vs the Sellers suggested price relative to time on market.

The ABSORPTION ANALYSIS included in a CMA should convince the seller to price appropriately.

If you like - find me at CountyRealty.

-Steve

This is so accurate. I have an offer on the table and we're $5,000 apart. The selling agent is working for the seller and so am I. However, the seller is working for the seller and is being unrealistic given today's market. The buyers are strong with 20% downpayment and their closing costs. If this seller waits another year or two -- the value of the home will most definitely decline.

I've done my best, as stated they need to be objective and yes, a good agent is honest and has the chutzpah to tell the truth.........

Right on, I have seen many times on my own listings, no activity, price reduction, no activity, price reduction, then bam.. activity, showings, & offers.

Chad www.chadstewart.com

AUG

2008

Thanks everyone!

Margaret - Perhaps your market is different, but there is ALWAYS a buyer for any type/price property in Northern Virginia. In fact, in Northern VA, pricing your property below market price consistently produces multiple offers.

KJ - Knowing the local market well enough to price a home correctly is part of the Realtor value proposition in the first place.

Brandon - Terms are what is part of an offer and negotiated once you actually receive an offer. But without being priced correctly, you won't get an offer in the first place. Special terms or "spiffs" you put in the marketing material to attract buyers won't attract them unless it somehow translates to money earned/saved by the buyer (which includes time - time is money). No matter how you present it, it all comes down to price/money for buyers.

Kathy - I agree with you that condition helps sell properties. But price is more important than condition (at least in Northern VA). For example...REO properties in Loudoun County, VA comprise almost half of the total properties sold every month and most of them are in horrible condition and need between $25K and $100K+ worth of work. If the REO property is priced correctly (including reflecting the money needed to fist it up), it will sell - regardless of condition.

Julie - Appreciate the hair comment ;)

Excuse me, but as a real estate investor, I am tired of hiring agents whose main marketing strategy is to drop the price of the listing until it sells. In the past 6 years of buying and flipping properties, we have always been able to get top dollar for our houses in any market, despite what agents have advised. This has led to our starting a home staging business, to help other sellers protect their real estate investments and truly maximize their returns. Staging is not a trick or a con, it simply helps buyers connect with a great property and see its true potential. Also, staging makes a house stand out from the other thousands of listings to get noticed in the first place.

My main problem is to communicate the power and potential of staging to many real estate agents, because for them the path of least resistence is to keep dropping the price to move the listing! Most of my clients are investors, simply because they understand the concept of ROI and can see the big picture.

While I saw some cursory support for staging in the blogs on this topic, it still appears that many agents out there are not really on board yet. I know that here in Edmonton, getting some realtors on side is still an uphill battle. I guess we all get frustrated when we meet with unreasonable resistence, whether it be buyers who overestimate the value of their homes or real estate agents, who dismiss proven marketing approaches that will truly benefit their clients, whose interests they claim to represent.

Thank you Laura... I feel your frustration with agents who will beat up a seller constantly to lower there price. they should be bringing in stagers as consultants to make the property look better to sell faster.

This will net both the seller and the agent more money.

Why won't they bring us in? are they afraid that they will appear to NOT KNOW IT ALL TO THEIR CLIENTS. Bringing in a stager would make them look better.

If the plumbing is leaking do they hesitate to bring in a plumber?

AUG

2008

Laura and Virginia - Perhaps I didn't communicate my point clearly...if you do everything possible (including staging) and you're property is still overpriced, it won't sell.

No matter how well you stage it, staging won't add $100K in value to a $600K property as some sellers in my area seem to think. These are the same sellers that watch their property sit on the market for 6, 9, 12 months while they're neighbors have already sold theirs.

And smart buyers know when a home is staged and visualize it without the "staging effect" (phrase was actually coined by an investor client of mine). They're not dumb enough to pay $50K or $100K more just because it's staged well.

Sorry...forgot to add one thing. It's probably these same stubborn sellers who say their agents are "just trying to drop the price" in order to sell the property when it's overpriced by $100K in the first place. And then they think their agent is are lying when they tell them their property is worth 40% less than it was at the peak of the market (which is the average drop in value here in Loudoun County, VA since the peak in August 2005).

If the house is $100K over priced then don't list it unless you think that you will be picking up good buyers thru sign calls. Your wasting your time and money.

When a house is priced to sell AND IT"S STAGED you will most likely sell faster and for more money.

I've never heard of anyone visusalizing without the "staging effect" because staging brings out the best in the house.

Maybe the houses are Decorated by an interior designer and that completely different from a Stager

Virginia - I don't take listings like that. But they're all over the market place by those agents who do take them.

Then you haven't worked with really smart investors who have been doing it for years or buyers that have bought multiple properties in their life time and know all the tricks in the book.

I'm not disagreeing with you about staging doing a house good. But it seems you're making it out to be more than it really is and blaming agents for not using a stager and just relying on price - noither of which are true.

Let's just agree that price and condition are what sells a house. One without the other won't work

Realtors should be able to price a home to the market, as well as know how to "stage". It is having the guts to ask the seller to remove the clutter, depersonalize the house, and move the furniture around so it makes more sense. And add fresh paint!

AUG

2008

OMG, Darla

Do you really think that realtors should stage a house?

With the sellers doing everything that I ask of them, it still takes hours and hours of my time. You think that a realtors time is best moving furniture and staging a home? Shouldn't he be out working with buyers and sellers? Should he give the services away?

How's this. Agent gets a call from a very serious buyer on one of his listings. Sorry, he can't do it becasue he's staging a home for another seller.

Maybe the agents should be inspectors too. (not) All he has to do is take a flash light and crawl into attics and flush toilets.

The realtors job is to list the house at the right price. Let the other professionals do theirs

I get a lot of my listings because of my services, which does include staging! I have also sold 98% of my listings over the last four years. I just got back from staging a new listing. It works for me ... and I love it!

Darla,

Great, I'm glad that it works for you. I would say in most areas the agent can't take the time to do it themselves.

It also depends on what kind of properties that you are listing.

I'll check out your website.

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