I don't want to give my house away in Richmond, Va.!

By
Industry Observer

This is what is now becoming a common statement during a listing presentation. It can also be followed by:

  • I paid this amount for this home and I won't accept less!!
  • My friend, who watches houses all the time, looked up my home on Zillow* and they said it was worth much more than that!

*You can change that from Zillow to Trulia, or facebook, or any other social media sites out there

  • I don't care what the market says, I won't sell for less than I think it is worth !!!
  • I am waiting for the value of my house to go back to where it was before I sell.

Before you get angry with your Realtor, remember the price at which your house will sell  is driven by what a buyer will pay. So here are some thoughts to consider :

  1. Why are you selling in the first place? Do you have to move to a new location for a job, downsize so you have more time to pursue other interests, do you need more room? Ask yourself the following: Is selling  at market value better for you, your family,  your life?
  2. Look at your monthly expenses. How much does it cost you to maintain your house? Figure out your monthly expense for your mortgage, insurance, real estate taxes, utilities, Homeowners association fees, lawn care, etc. The higher your house is priced over market value the longer it will be on the market. Can you afford to wait and continue to pay these expenses or is it better to sell by bringing the price in line with the market?

What can you do to get the most money possible for your home?

  1. The appearance of your home makes a huge difference in whether a buyer wants to see the inside of your home. The exterior "curb appeal" is the first impression a buyer has of your home. Are you willing to put the time, energy, and expense that may be necessary to get your house sold for the best price possible?
  2. Listen to what your Realtor tells you about the market. If your neighborhood has a lot of houses on the market that are similar to yours, you have to price it to be the best house at the best price.
  3. Make sure you and your Realtor understand what type of buyer will be purchasing your home and target the marketing to future buyers. With over 90% of all buyers researching homes online your Realtor needs to have a major web presence with a dedicated page to showcase your home above and beyond the MLS listing.

Realtors do not control market values. We can only report what is currently happening in the market. The price of your home is determined by what other homes in your neighborhood  have sold for, how many houses are on the market that are like yours, and how prepared is your home for the market.  With that knowledge you have to decide if now is the right time to sell for you and your family.

Go to my website for information on how I help my clients sell their houses! 

Comments (10)

Michele Miller ~ REALTORĀ®, LMC, HSE, CHS, SRES, CMRS
ERA Key Realty~Worcester County Realty Group - Worcester, MA
'Helping You Make the Best Move"

Betty,

I've been hearing it alot too! We should say " Don't shoot the messenger! "

Sep 23, 2010 01:43 AM
Bob Haywood
McGraw Realtors - Owasso, OK
BobHaywood.com

When someone makes those kinds of statements, it is time to move on to the next person.

Sep 23, 2010 01:43 AM
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

I can't even count the number of times that I have heard that comment - JUST YESTERDAY with a listing that I let go even!  "I don't want to give my house away".... makes the hairs on my neck stand up!

wake forest nc house chick

Sep 23, 2010 01:44 AM
Julissa Jumper
Select Properties of Fayetteville, LLC - Fayetteville, NC
Fayetteville, NC Real Estate

Hi Betty: Great post. Gold star from me!

Just curious, why did you make this "Members Only." Lot of good thoughts here the public could benefit from.

BTW, the truth cuts both ways--I just had a buyer who was willing to pay 10% MORE than appraised value because she wanted THAT home. Value is always determined by what a buyer is willing to pay...

Thanks for a good read.

Sep 23, 2010 01:46 AM
Betty Smith
Richmond, VA

Thanks everyone! I have changed it to public at your request. Appreciate your comments and please feel free to reblog!

Sep 23, 2010 01:50 AM
Todd Anderson
You In Park City group - KW Park City Keller Williams Real Estate - Park City, UT
Park City | Deer Valley Real Estate

Betty

Great info here. I'm not sure why you went with a members only post on this. One idea i usually throw out to sllers is the idea that "sure, your home will be worth 'X', maybe just not right now. how long are you willing to wait for the value to get to that price?" Then as you have suggested, weigh the cost associated with waiting to get to that price.

Sep 23, 2010 01:51 AM
Gloria Valvasori, Accredited Senior Agent
BETTER HOMES AND GARDENS REAL ESTATE SIGNATURE SERVICE - Mississauga, ON
REAL Experience | REAL Commitment | REAL Results!

Heard that comment before too, many times..  or another one is:  "I have to get at least $XXX in my pocket or I won't sell."  Sellers have to be educated that it is not we realtors who set the price, but as you so aplty said, it is the market, and your home is only worth what someone else will pay for it.

Great post!

Sep 23, 2010 02:16 AM
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Betty - Excellent Post!  Not only is it what a buyer is willing to pay, but now it also comes down to what the lender is willing to lend.  I've had several homes not appraise over the past two years.

Sep 23, 2010 02:37 AM
Bill Travis
Captain Bill Realty, LLC - Gilbert, AZ
Broker/Owner

Hey, I'm with the seller. My home is worth $1mil. The neighbors house is a short sale for $500k, but my house has an extra bath room, and comes with a General Warranty. :-)

Sep 23, 2010 03:23 AM
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORSĀ® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Good post, Betty. I think it just takes time for logic or reasonableness to over take emotion. Sometimes it never does. I've been trying to develop a good explanation that can expose emotion to the bright light of reason. I do not have it down yet, but I'm working on it.

Sep 24, 2010 06:26 AM