If You Want To Get It Sold - Drop the Price!

By
Real Estate Agent with Coldwell Banker, 170 N Main Street, New City NY 10956
https://activerain.com/droplet/fJH

If You Want To Get It Sold - Drop the Price!

Euros and HouseHas your home been languishing on the market, without any offers or even showings?  Well that's a clear indication that you just might be overpriced.  In this current market and economy price is still king and it's still the single most important determining factor in how quickly your home will sell.

How do you know if your home is overpriced?  Here are 10 sure indications.

  1. You priced your home based on other homes currently for sale, instead of homes that actually sold.
  2. Despite the fact that we're in a declining market and prices are going down, you believe your home is the exception to the rule and is worth more.
  3. You priced your home to include the value of how much you spent on improvements to it.
  4. You based the price of your home on an old appraisal - old being older than 3 months.
  5. You think your home is unique and priced it accordingly even though it the same size, age, condition and location as other comparables.
  6. You believe that your home needs a special buyer and that special buyer that just falls in love with your home will be willing to pay any price (no matter how ridiculously high) to get it.
  7. You've had many showings but no offers.
  8. Your home has been on the market now for over a year without selling.
  9. Your original realtor wouldn't list the house at your inflated price, so you listed with someone else who would.
  10. You are getting no showings.  OK, this should be #1.  No one perceives value in your home at this current price.

Time to get real.   The market has spoken.  The market has rejected your home at this price.  If  you want to get it sold,  DROP THE PRICE!

Flickr photo by Images_of_money

 

Posted by

Lora "Leah" Stern - Your Rockland County, NY REALTOR of Choice - (914) 772-4528

Your Rockland County, NY Real Estate SpecialistLeah Stern Signature Photo

Lora "Leah" Stern
Real Estate Salesperson
Coldwell Banker Residential Brokerage
(914) 772-4528 CELL
(845) 634-0400 OFFICE
(862) 345-2463 FAX

If I can assist you in any way with your real estate needs in Suffern, NY Rockland County or the surrounding areas, please feel free to contact me by phone at (914) 772-4528, email me at Leah.Stern@cbmoves.com or visit my website .

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Re-Blogged 17 times:

Re-Blogged By Re-Blogged At
  1. Shannon Jones 07/28/2011 01:59 PM
  2. Scotti Jowers 07/29/2011 03:38 AM
  3. Charita Cadenhead 07/29/2011 06:00 AM
  4. Teral McDowell 07/29/2011 06:09 AM
  5. Peggy Wester 07/29/2011 10:21 AM
  6. Debbie Walsh 07/29/2011 10:22 AM
  7. Victor Zuniga 07/29/2011 12:31 PM
  8. Melissa Brown 07/30/2011 07:23 AM
  9. Margaret Goss 07/30/2011 07:33 AM
  10. Cindy Jones 07/30/2011 11:21 AM
  11. Karen Bernetti 08/01/2011 01:22 AM
  12. Jeanean Gendron 08/01/2011 01:29 AM
  13. Daniel H. Fisher 08/01/2011 04:47 AM
  14. Ed Silva 08/04/2011 02:30 AM
  15. Gail Robinson 08/06/2011 05:10 PM
  16. Barbara Martino-Sliva, Top Producer 08/09/2011 11:56 AM
  17. Praful Thakkar 02/12/2016 07:35 AM
Topic:
Home Selling
Groups:
Realtors®
Almost Anything Goes
POSITIVE ATTITUDE for the Weary Soul
Advice for Sellers
Bananatude
Tags:
overpriced homes
suffern ny home prices

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Show All Comments
Rainmaker
504,201
Lora "Leah" Stern 914-772-4528
Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY
Real Estate Salesperson

Ellen - Thanks for stopping by and I'll keep that property in mind (its a great house!) and check to see if I have anyone interested in that area.

Arpad - Great idea and I've used that tactic before and gotten the homeowners to drop the price to a realistic number on the basis of the appraisal.

Lloyd - It would save alot of time and grief if they would just get realistic about price from the get go.

Christine - Be my guest.  It should be required reading for all sellers.

Melissa - Thanks for the reblog.

Prayful - You said it!

Erica - So true- both are equally as bad and great indicators of its time to drop the price.

Joye - Cooperative sellers certainly help to get it priced right and sold in a timely manner.

Kevin - Getting them thru the door is the first step. Though showings don't always result in buyers, you can't get it sold without showings.  Like your brokers strategy.

 

Jul 30, 2011 04:06 PM #75
Rainer
355,890
Nina Rogoff
RE/MAX Executive Realty - Medfield, MA
Sells Real Estate!

I saw Charita's re-blog of this post. Congratulations on a well-deserved feature, Leah! Great post!

Jul 30, 2011 04:08 PM #76
Rainmaker
504,201
Lora "Leah" Stern 914-772-4528
Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY
Real Estate Salesperson

Todd - Sad but true.

Silvia - Sometimes getting an appraisal up front will help the seller to see reality.  I've convinced a seller to drop his price by doing this.  Afterall, any buyer depending on a mortgage to purchase the home will be required to have an appraisal done and if the house doesn't appraised, the seller is back at square one.

Pamela - "It's a beauty contest and price war out there! ".  Love it!

Kelley - So right you are!

Richard - Agreed!

Phil - Seems to be the story all over.  Thanks for stopping by.

Kathleen - You'd think the sellers would have gotten the message someplace along the way over the year.

Bob - That does make a difference in some markets.  Thanks for the insight.

Cameron - I fully agree.  Price can overcome any objection.

Eric- waiting to hear about your ears of corn.

 

 

Jul 30, 2011 04:19 PM #77
Rainmaker
504,201
Lora "Leah" Stern 914-772-4528
Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY
Real Estate Salesperson

Nina - Thanks and thanks for stopping by.

Jul 30, 2011 04:20 PM #78
Rainmaker
958,454
Ann Hayden 636-399-7544
Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri - Chesterfield, MO
SelectAnn.com

Leah,

And even though you spent all that money on what you wanted does not mean the next buyer will want it....

Ann Hayden in Wildwood, MO

Jul 31, 2011 04:36 PM #80
Rainmaker
3,995,214
Dorie Dillard CRS GRI ABR
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Leah,

Excellent post! Some sellers just feel it is principal and will wait it out to get their price. In today's market most sellers are serious and need to sell to move and relocate or have lost their job or whatever. They do not have the time or luxury to wait and the aggravation just adds stress that leads to anxiety and health issues..the all mighty dollar is never worth punishing out mental and physical health.

Aug 01, 2011 02:14 AM #81
Rainer
246,637
Daniel H. Fisher
www.FisherHermanRealty.com (704) 617-3544 - Charlotte, NC
MCRP - Charlotte Real Estate, NC or SC

In a declining market, a home that was priced well at the beginning of the listing period, can easily become overpriced in 30 to 60 days, so it is important to revisit pricing regularly.  When selling a home in Charlotte, if we do not have 3 or 5 showings in the first week and about 3 a week after that, we are very likely overpriced.

Aug 01, 2011 02:34 AM #82
Rainmaker
580,027
Chris Smith
Re/Max Chay Realty Inc., Brokerage - New Tecumseth, ON
South Simcoe, Caledon, King, Orangeville Real Esta

It is very hard for a seller to appreciate the wisdom in your words, Leah, but that doesn't make them untruths...

Aug 01, 2011 03:16 AM #83
Rainer
162,589
Louise Thaxton NMLS 69996
Fairway Independent Mortgage Corp Louisiana NMLS#2289 Equal Housing Lender - Leesville, LA
Military Mtg Specialist - 866-960-9115 VA FHA USDA

Leah - great blog!  And one that sellers should read and take to heart!

Aug 01, 2011 04:48 AM #84
Rainer
423,083
Peggy Chirico
Prudential CT Realty - Manchester, CT
REALTOR® 860-748-8900, Hartford & Tolland County Real Estate

Hi Leah - I missed this but found it on a reblog.  I have heard every one of these excuses and you are absolutely right--just drop the price!

Aug 01, 2011 05:54 AM #85
Rainer
324,541
Don MacLean
New England Real Estate Center Inc. - Easton, MA
Realtor-Homes for Sale- Easton Mass

Glad I found the re-blog

My favorite is when you do get multiple offers and all are much lower..........don't be insulted

Drop the price.

Enjoy the day

Aug 04, 2011 05:31 AM #86
Rainmaker
504,201
Lora "Leah" Stern 914-772-4528
Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY
Real Estate Salesperson

Valerie - Without chasing the market the house would have gotten sold faster and probably for a higher price.

Ann - SO true!  Different strokes for different folks.

Dorie - That's just another argument for dropping the price.

Daniel - With the market declining we all need to regularly reposition our price at regular intervals.

Chris - If we could only get them to listen and see the light....

Louise - Required reading for every seller?  Now that's an idea.

Peggy - Price is the great equalizer.

Don - Low offers or no offers are a dead giveaway.  But, some sellers still don't get it.

 

Aug 04, 2011 10:10 AM #87
Rainmaker
611,252
Judith Parker
ProStead Realty - Charlotte, NC
CRS, GRI, CMRS, Charlotte, NC

Hi Leah, great list and all sellers need to read before listing.  Nothing is worse then to continue to chase the market.  Congratulations on a great featured post.  Very deserving!

Aug 04, 2011 03:12 PM #88
Rainer
87,108
Amy Bly
Great Impressions Home Staging/Interiors - Montville, NJ
Styling Homes for Selling and Staying

I'm sighing in complete agreement, Leah! I know of SO many houses I've consulted on or staged that seem overpriced -- the agents tell me they are, and I can pretty much figure it out because I spend so much time surfing the net to look at houses anyway (I'm a real estate addict :>)  Yet many agents I know tell me they can't convince sellers to lower the price -- UNTIL the seller goes through a trial by fire of waiting months for non-existent offers! GREAT post. 

Aug 04, 2011 04:06 PM #89
Rainmaker
504,201
Lora "Leah" Stern 914-772-4528
Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY
Real Estate Salesperson

Judith, now wouldn't it be wonderful if they did!

Amy - You'd think that the sellers would recognize the signs.  No showings would be a dead giveaway.  Too many of them are in denial.

Aug 04, 2011 04:58 PM #90
Rainmaker
1,352,543
Nick T Pappas
Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Hun... - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Hello Lora, I'm here via Ed's re-blog of your post.  Some sellers just don't want to hear it...especially that their home isn't quite as unique as they think.

Aug 05, 2011 01:01 PM #91
Rainmaker
504,201
Lora "Leah" Stern 914-772-4528
Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY
Real Estate Salesperson

Nick - Yup!  Too many sellers are in a dream world of their own.  Their home is their palace and they just can't seem to understand why not everyone else sees it that way.

Aug 06, 2011 03:23 PM #92
Rainmaker
896,096
Gail Robinson
William Raveis Real Estate - Southport, CT
CRS, GRI, e-PRO Fairfield County, CT

Hi Leah - I'm here via Ed's reblog of your post as well.  I'm going to reblog it, too.  The wish for that special buyer is an amazingly strong reason, especially if they overpaid for the house to begin with.  I sometimes ask them if they are looking for a buyer just like themselves and how many of those buyers do they think are out there? 

Aug 06, 2011 05:06 PM #93
Ambassador
1,471,625
Toni Weidman
Sailwinds Realty - Trinity, FL
20+ Years Selling Homes in New Port Richey, FL

Cool blog post, Leah. I think I'll send it to one of my sellers.

Jan 03, 2013 10:13 PM #94
Rainmaker
504,201
Lora "Leah" Stern 914-772-4528
Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY
Real Estate Salesperson

Thanks Toni.  Glad you enjoyed this one.  Now if only all sellers would read and take head.

Jan 05, 2013 02:23 PM #95
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