Home > Blogs > Lori Lincoln And Associates > Taunton Area,Rehoboth , Southcoast Real Estate

Are You A Smart Seller? Price Your Home Correctly so you can move on with your life.

By Lori Lincoln And Associates

Real Estate Agent with Top Agent Serving Dighton Taunton, Rehoboth and more! 9525483

October 16, 2007 01:07 PM

Tough Talk on Pricing- My intentions in the following few paragraphs is not to offend but to inform.. it's just that important.

When you decide to hire a Realtor ( notice I said Realtor, there is a difference between an agent and a Realtor)... he or she will advise you on price by showing you comparable homes of sold listings, active listings, expired listings and absorption rates. This will help you to determine the right price of the home. Please be sure the sold comparables are not more than 3 months old. The selling price of homes has been declining in the New England Region.

1. You will be dissapointed if your list price is too high. Some would argue that a higher price would mean a better negotiation position. This is not the case. Buyers didn't go to negotiating school. They don't want the hassles and generally they don't want to test price your home. They just want to buy a great home at a fair price. Sure you could get some low offers, but most qualified buyers will come back to reality, especially if you have a Realtor that is a great negotiator.

2. If you price is too high, the home will start languishing with no showings, no offers and buyers wondering if something is wrong with the house. The attitude from buyers and the buyers agents is "Oh THAT House!". The buyers agents will inform the buyers that the home is overpriced, then proceed to show them 100 others are comparable, only much less expensive. 3. Lead the Market- Be in the Market, not just on the market. Compare it to being in a supermarket line, would you rather be the first person in line or number 50 in line?

4. All the marketing in the world will not cause an overpriced home to sell. I know this first hand. In the beginning of my career, I took some listings that were overpriced, spending almost my entire commission check on advertising. When the price was finally dropped, the properties sold.

5. Don't let your home hold you hostage to your next goal in life.. Move On and you will get a great deal on the house you buy.

Listen to the Market- We are no longer in a shifting market. We are in a buyer's market. Price your home to sell and it will sell quickly. Overprice it and it will languish for months or even a year, then be worth less than the right price is today. Be a smart seller and move on with your life. Don't worry about making a huge profit. You will make that on your next home.

Lori Lincoln is a Realtor for Keller Wiliams Realty. She cares about her clients and their goals and dreams.

If you are thinking of selling and not currently listed with another agent, please contact her at 508-878-0917 or email lorilincoln@kw.com

For more information and to preview MLS Listings in the Greater Taunton MA Area including Rehoboth, Dighton and Assonet please visit this site GreaterTauntonRealEstate.com

Comments(9)

Comment

Show All Comments

Sort:

Sue Nelson, Broker/Associate Las Vegas Real Estate ~Team Rhino~

ERA Sunbelt Realty - Las Vegas, NV

Well said Lori! I'm glad it wasn't "too similar" to what I wrote... It almost can't be said enough or in enough different ways can it?

Oct 16, 2007 01:19 PM

Bill Gassett

RE/MAX Executive Realty - Hopkinton, MA

Metrowest Massachusetts Real Estate

Lori - This is certainly good advice that sellers should listen too. I think many sellers have not come to grips with the market has dropped substantially since the peak in the Spring of 2005. Unfortunately I think we have a ways to go before it hits bottom.

Oct 16, 2007 01:21 PM

Gary Woltal

Keller Williams Realty - Flower Mound, TX

Assoc. Broker Realtor SFR Dallas Ft. Worth

The reality about price in most markets is if you price your home too high you are pricing it to sit and not pricing it to sell. The longer it sits past the 2 to 4 wk window of a new listing, the lower price it will eventually receive compared to if it was priced initially at market.

Oct 16, 2007 01:41 PM

Deborah Burns ~ Seattle Real Estate Agent

Realty Executives -BRIO - Seattle, WA

Very good points, I like how you illustrated your points!

Oct 16, 2007 01:43 PM

Jon Zolsky, Daytona Beach, FL

Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL

Buy Daytona condos for heavenly good prices

It is very unfortunate that you chose to mention in your blog, which is a letter to a Seller, that there is a difference between a Realtor and an agent, but did not explain that the difference is the membership in the association. This is very unfair, as it implies that we, Realtors, are somehow better than just Real Estate Agents. This is not true. We are Real Estate Agents, this is our occupation, and whether we are members of NAR or not is secondary to being a real estate licensee.

Presenting it in any other way is not justified.

I am sure this was not the intention, we are used to be a "proud Realtor" and other NAR rhetoric, which with time became a cliche, which we do not even notice, but the truth of the matter is that there are a lot of our peers who chose not to join the association, which did not make them less professional, or less qualified, or less ethical. I think we should not unfairly monopolize the "goodness" of the profession

It is a very good post, believe me. Just this thing bothered me.

Oct 16, 2007 01:44 PM

Lori Lincoln And Associates

Top Agent Serving Dighton Taunton, Rehoboth and more! - Taunton, MA

Top Agent Taunton,Dighton Rehoboth &more

Thank you for your comments Sue, Bill, Gary, Deb and Jon.

Jon- I stand corrected, and thank you for making your point. Yes there are ethical hardworking agents out there. Realtors are held to a higher standard due to membership and an oath to code of ethics, just as you stated, but it goes beyond just this. That could be another blog, maybe.

Oct 16, 2007 01:53 PM

Leslie Bloss, Bellevue Real Estate Professional

Bellevue, WA

Hi Lori--Good Job! How much push-back do you get from the sellers when you are telling them this information? Sometimes, you will still hear "I would like to try it for a while and see what happens." We all know how successful that is.

Oct 16, 2007 02:45 PM

Leslie,

It is all how you present the information. There is much resistance when I use the verbage indicated. I truly care about all of my sellers. I tell them "point blank". I really really try not to offend in any way. I tell them that I would rather tell them the truth. I also tell them, this is difficult for them to hear, but it also difficult for me to tell. I cannot be like some agents that will just take the listing, let it expire and have the sellers mad for not knowing them the facts.

Oct 16, 2007 02:52 PM

Linda Schulte

Keller Williams - Alpharetta, GA

Lori, Thanks for that great advice. We are really showing our sellers that we care about them when we are very honest about what their price has to be. Yes, it might feel better at the time to let them list at a higher price, but we know that the home is going to sit there, especially in this market. Then, we risk putting them in an even more precarious situation, if, as someone mentioned, we haven't reached the bottom yet! I know that I am going to practice some "tough love" on my sellers today!

Linda Schulte, Atlanta

Oct 17, 2007 02:33 AM

Are You A Smart Seller? Price Your Home Correctly so you can move on with your life.

Comments(9)

Lori Lincoln And Associates

Service Areas

Real Estate Resources

Recent Posts

Additional Information