I have been in the real estate sales business long enough to know when a property is overpriced (no one will buy), underpriced (everyone wants to buy) and value (many will want to buy). The key element for a seller when deciding on the category he/she would like to be in is......... motivation.
The overpriced seller is clearly not motivated (or just thinks their house is XXXX dollars better than the rest of the neighborhood. The underpriced seller tends to be desperate to sell (highly motivated). The value priced seller is in a range that is not too hot or not too cold (sounds like the 3 bears).
When it's all said and done, the overpriced seller really never wanted to sell (or really had dillusions of grandeur), the underpriced seller just needed out and the value priced seller was realistic, yet did not want to have a give it away mentality.
Clearly, the value priced home will/ should get some attention from buyers. Monitoring the frequency of showings, showing feedback and local competition is/ should be paramount to the sellers pricing strategy. Going with an agent that gives you a price recommendation that is too high, will end up costing you time and money. Going with an agent that recommends a price that is too low will cost you money.
The best situation for any seller is going with an agent that can provide a seller with enough information to make an informed decision. Oftentimes, the agent will give a high and low range. That's okay as long as the range can be tightened up (or justified) with information (i.e. days on market, absorption rates, list versus sales price, etc).
If you plan on selling in the near future, I would love to interview for the job.
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