Special offer

SOLD QUICKLY AT FULL PRICE...DARN IT!!!!

By
Real Estate Agent with Dunnigan, Realtors, Sacramento (916) 425-9715 CalBRE # 01188158

When setting a listing price for a home, accurate information and evaluation of that information is critical.  The nuances of the neighborhood, knowledge of the comparable properties, current issues facing homeowners and buyers all come into play when setting a market value of a property.  Realtorscarry on a thorough discussion with their sellers, explaining all of the factors that affect their home's value.  The discussion can take the tact of why the property is worth more than the sellers thought, but more often than not, the Realtor is explaining why it isn't valued at the same amount that the sellers thought.  Of course, there is an emotional tie for the sellers...fond memories and endearing features of the property that add value for the present homeowners, but are simply a perk for a buyer.  So, after long deliberation, the Realtor and property owners come to agreement on an acceptable listing price.

However, does the Realtor have the same discussion on the seller's expectations after the property goes on the market?  For the Realtor, an ideal situation would be the property selling in a reasonable amount of time at very close to asking price.  From a seller's perspective, receiving an offer too quickly and at asking price translates into not asking enough for the property.  When the property is listed, it is critical to include this conversation.  If we do our evaluation correctly, and market the home properly, the property should sell quickly and close to, if not at, asking price.  The sellers should not be surprised by an early offer - rather they should congratulate themselves for hiring a Realtor that was professional, knowledgeable and thorough enough to do exactly what the sellers required of them. 

Comments (10)

Susan Emo
Sotheby's International Realty Canada - Brokerage - Kingston, ON
Kingston and the 1000 Islands Area

AMEN!    Congratulations to you on doing your job so well

Nov 07, 2009 05:30 AM
Paula Swayne
Dunnigan, Realtors, Sacramento (916) 425-9715 - Sacramento, CA
Realtor-Land Park, East Sac & Curtis Park -Dunniga

Hi Susan!
Thanks...I learn more from mistakes than successes...but I do learn!

Nov 07, 2009 05:39 AM
Sara Woolford & Steve Golson, ALHS
iTexas Realty Co. - San Antonio, TX

Go Paula-  Just goes to show that homes are selling.  Congratulations on a quick contract for your Sellers!  --Sara

Nov 07, 2009 06:12 AM
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Paula, that what if? scenario if it gets sold quickly, you are right, the homeowner needs to know what they will do. Sometimes it does surprise EVERYONE but in particular the homeseller.

Nov 07, 2009 08:04 AM
Sally Dunbar
Lyon Real Estate, Fair Oaks CA (Sacramento Area) - Fair Oaks, CA
Fair Oaks Realtor - Fair Oaks Homes for Sale

Yes, and a great follow up question is "woulld you have felt better if it had taken 8 months, and four price reductions?"  They need to have confidence in their initial decision, whatever the outcome.  The initial decision was based on the best available info at the time.  You pray it sells to the first person, at full price.  That's the goal.

 

See ya bright and early for Raincamp....

Nov 07, 2009 12:58 PM
Nevin Williams
Fairway Independent Mortgage Corporation - Cary, NC
Senior Mortgage Advisor

Carla - great job!  If all else fails you can use the appraised value as backup which is usually right at the purchase price.  Sellers can't ablk at that because it is what it is.  Maybe the seller doesn't know it but you did your job well and got it sold quickly.

Nov 07, 2009 02:13 PM
Russell Lewis
Realty Austin, Austin Texas Real Estate - Austin, TX
Broker,CLHMS,GRI

Hi Paula, many eras ago, I sold a house the first day on market at full price and my seller's response was "WE priced it too cheap!". Since then I have always made a point in my listing presentation to tell the sellers, if we sell it the first day or week, that is proof we priced it R I G H T!"

Are you attending Rain Camp? I wold love to hear the details. I attended the ReBar blogging camp in Houston and not only learned a great deal but met a lots of wonderful people!

Nov 07, 2009 11:50 PM
Paula Swayne
Dunnigan, Realtors, Sacramento (916) 425-9715 - Sacramento, CA
Realtor-Land Park, East Sac & Curtis Park -Dunniga

HI Sara!
Our market is definitely showing recovery signs...a real relief that we have made it!  I don't expect a whopping turn around, but just a reasonable market would be nice!

Hi Gary!
You are right...if we prepare them for a quick sale, even if we don't think it will happen, it is better than explaining the strategy again after the offer is received!

Hi Sally!
You always have such a great way to put reason to an issue! I loved your alternative! I am looking forward to Rain Camp with you and DeeDee!

Hi Nevin!
I am not sure I want to use any appraisal price these days...and as a listing agent, I rarely know what it appraised for unless it is low.

Hi Russell!
That is exactly the fear I have heard more than once...that is why I now am going to have that followup conversation on what the possibilities are after it goes ont the market.  I am attending Rain Camp with Sally Dunbar and a coworker of hers. I will be sure to do a blog or two after the experience! I am really looking forward to it!

Nov 08, 2009 07:33 AM
Brian Lee Burke
Kenna Real Estate - Lone Tree, CO
Broker & Advising Expert-Kenna Luxury Real Estate

Paula - we too hear it - "oh, we priced it too cheap". Of course this happens on the flip side too when buyers offer gets accepted without a counter they say "oh, we should have offered less!" :) ~Rita

Nov 09, 2009 01:55 PM
Paula Swayne
Dunnigan, Realtors, Sacramento (916) 425-9715 - Sacramento, CA
Realtor-Land Park, East Sac & Curtis Park -Dunniga

Hi Rita!
Oh, yea...I forgot about that one!  I just think it is funny that if it took a little longer, they would feel so much more comfortable about it.

Nov 10, 2009 08:42 AM