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Why Can't I Choose the List Price of My House ?

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

 question mark Despite all the media buzz....people pick and choose what to believe and what does or does not apply to their situation....after all we tell them, "Real Estate is Local."  And so it is...Wisconsin is not California ....New Jersey is not Iowa, Florida is not Texas....and it goes narrower and deeper...to the county, the city, the neighborhood or sub-division....choices, demands, prices, inventory, vacancies, foreclosures, short sales, vacant land, new construction, "old world charming"...all vary by area....the question that if you have been on any listing appointments at all...that may not always be verbalized...but you can hear it all the same peering into the minds of the sellers... is...

         "Why Can't I Choose

              the list Price for my House ?"

  There are agents who will let you....add your mortgage, your taxes, the cost of your improvements, sprinkle in the sweat equity from the DIY projects....mix in what your neighbor got a few years ago...and let you decide the price...and that will also let your home stay on the market for ever and ever and ever....
   It is "The Market" that decides the price of your house..."The Market".....a shroud of mystery surrounds that term...

 
    It doesn't matter what number the neighbor down the street sold for....or said they sold for....years ago....Or what you spent....or ...o...
the market is reflected in the RECENT SOLD prices of comparable homes.
   
        Sellers and Potential Sellers....If you are going to list your house...or have not seen a buyer for your home and have it listed.....ask your realtor....or the realtors you interview for comparable RECENT COMPARABLE SOLD homes.  You may not like the number....let the Realtor tell you what can be illustrated with sold prices.
 
      If you want a realtor in southeastern Wisconsin who will tell you the truth...what you have to hear...not always what you want to hear...call the Hansons...prompt, professional service and proven results.

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good advice for sellers. It is the buyers who will decide what they will offer for the house and they are going to base it on the comps..

Jan 30, 2011 12:00 AM
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

You just can't pull the list price out of a hat..............the comparables are a vital statistic in that determination..............leave it to the pros!

Jan 30, 2011 12:01 AM
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS

I have gone through this so many times. I try to get them to understand the real estate market is like the stock market.  Regardless of what price I want for my shares of Ford, the price I will get is what the market will pay.

Jan 30, 2011 12:02 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

 The concept of "the market" is a tough one for folks to swallow...especially when they see the price as bitter.

Jan 30, 2011 12:14 AM
Pocono Luxury Homes The Jeff Rickert Team
RE/MAX Property Specialists - Pocono Lake, PA
Poconos Luxury Homes

As much as is may hurt to walk away.

If they are that difficult in the beginning they will be that way thru the process.

Jan 30, 2011 12:16 AM
Loreena and Michael Yeo
3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co. - Prosper, TX
Real Estate Agents

Sally & David - Part of knowing how much is the List Price is my strategy in ensuring a quick sale. I also never discuss that in my listing appointment until we have the listing agreement sign. Now, list price is not FMV. I share FMV at my appointment because it's only fair to the seller to make a decision on whether or not to sell.

By the time they see the FMV, they will be very engross with it. They forget about the next step to successful home selling.

Jan 30, 2011 12:27 AM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning Sally.....pricing and convincing the seller that this is the right price is the challenge of listing property.....if they all did what you asked, what fun would it be!!!!!!!!!!!!!!

Jan 30, 2011 12:31 AM
TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

Too many folks want the buyer to pay off the kids college tuition in the price of the property. Not in a buyer's market...

Jan 30, 2011 12:35 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Hi all.....good point...we always do walk if the seller has a price that is never going to happen...and Lorena..they ARE buying you.....and the advice you so sagely give them...u bet Barb....that would take all the  fun out of it ...hmmmm ...Good Sunday everyone !

Jan 30, 2011 12:37 AM
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

   It is "The Market" that decides the price of your house..."

Oh yea, they do and if they reject the listing price you will not get any showing. So siimple, isn't it?

Jan 30, 2011 01:28 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

You would think...but but but....when it isn't what you want to hear....

Jan 30, 2011 01:41 AM
Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

This is spot on guys!  Only recent solds, last 3 months or so, will dictate a realistic list price....don't really even look at actives any more for pricing at all!

Jan 30, 2011 02:35 AM
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Sally

Funny, how that has been , and will always be, a daunting question in this Industry.

Jan 30, 2011 08:32 AM
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Sally

Funny, how that has been , and will always be, a daunting question in this Industry.

Jan 30, 2011 08:32 AM
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

Are you sure it wouldn't be best if I chose the price for your house?

Jan 30, 2011 10:49 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

You may choose any 7 figures you wish.....let me know how it goes !

Jan 30, 2011 10:57 AM
Laura Giannotta
Keller Williams Realty - Atlantic Shore - Little Egg Harbor, NJ
Your Realtor Down the Shore!

You can't set the price the home will sell at, nor can I.  The ready, willing and able buyer determine its value.  We can tell you the price to get those ready, willing and able buyers through the door though.

Jan 30, 2011 11:11 PM
Rick Kellow
Cherry Creek Mortgage - West Bend, WI
FHA & Reverse Mortgage Expert

Some customers seem to know everything about the value of their home... When we have worked with your your numbers have been spot on... keep up the great work

Jan 31, 2011 06:22 AM