Still Overpriced!

Reblogger
Real Estate Agent with Keller Williams Realty-California Coast Property Group

I've got to hand it to these agents for nailing this one and driving an excellent point home to the consumer.

Real Estate Reality Check 101:

When selling your property, as much as you have loved and cared for your home, pricing is key and that key won't turn until you've realized it's all about what the current market indicates it's worth. No more, no less.

Spring has sprung and if you're waiting to sell your home it's time to get off the beautiful picket fence you put in place and get your property listed...at market level.

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Are you still noticing that homes on the market are still being overpriced?  We know that many sellers feel that their home is worth more than their competition. Afterall, it's human nature, but unfortunately buyers don't want to pay more and they will know it is over-priced.

A seller may think...why not start with a higher price because a buyer can make a lower offer? This is wrong. They won't make the lower offer because they may not see the house if it's not in their price range. Competition is fierce and they will just move onto the next house down the road that is fairly priced.

An overpriced listing may not have an advantage for the Seller, the Buyer, or the Listing Agent.
  • The seller's house is going to be on the market longer.  
  • The buyer may be missing out on a truly nice house.
  • The listing agent may get a negative effect by the sign being out too long and it may show that they aren't able to sell the house!

It's true there are a fair share of agents who will take a listing at any price.

However, if you are serious about selling your house, price it right. If you are not serious about selling...then don’t bother putting your house on the market. It's just that easy!

Larry and Sheila are Realtors with Charles Rutenberg Realty and can help you choose a home on Long Island to buy or can help you sell your present residence. We can be reached at 631-805-4400.

 

If your home or condo is listed with another broker, this is not a solicitation of the property.
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Larry And Sheila Long Island Realtors 

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If you or anyone you know is considering to sell their existing home on The North Shore Of Long Island, or is purchasing their first home, dream home, step-up home, or retirement residence, we would appreciate the opportunity to serve them, and we can also recommend a relocation professional in the destination of choice outside our Long Island area! 

                    

 

  

Comments (4)

dave bothell
NATIONAL REALTY CENTERS - Westland, MI

Great Truth:) I love agents that tell me "List high List Long" very old school doesnt work anymore!

Apr 03, 2012 04:49 AM
Sheila Rasak
Keller Williams Realty-California Coast Property Group - Camarillo, CA

And when you think of it, Dave, who wants any sort of stream running through their home at a moment's notice IF you get any action on an overpriced listing for months on end? During that long long listing period you'll have most buyers ignoring you at the request of their selling agent and the only thing you'll accomplish is getting the other properties sold in your (property seller) neighborhood!

Apr 03, 2012 05:08 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Sheila, Thanks for stopping by and commenting and for the re-blog. Yes, overpricing only helps other homeowners sell theirs!

Apr 03, 2012 10:48 PM
Steven B. Harkness
American Capital Corp - Silverdale, WA
360-981-8615-concierge service VA-FHA-USDA

Dear Dave,

I have never heard that adage before in my...oh my gosh how long has it been Oct 1993 so how every many years is that in the business....LIST HIGH AND LIST LONG? Hilarious, especially in these times were we have HVCC. Appraisers are gun shy of even the appearance of bringing an appraisal in too high in case the mortgagee defaults on the mortgage. After all we have this new agency known as FHFA that's still trying to decide if they are going to be a regulatory agency, or an enforcement agency or a combination of both. The end result is the appraiser doesn't want to get drug into court being accused they inflated values and I am of the opinion this is why we are being low balled to death. Did I mention I am a mortgage lender? I should probably mention that shouldn't I. WA State Lic number 32294. Anyway, if the consumer wants his or her house to sell; I strongly suggest listing with an experienced local agent that knows your market area, and take their advice on where to price it. True professional realtor's will not take an overpriced listing because it just goes stale. It eats up their marketing budget. The Seller blames everything on them, until the listing agreement expires when they list with someone else at what the home should of been priced at in the first time. The problem is now it's a stale listing and they are going to have to do something extra to generate interest like maybe a further price drop. Why not just do it right the first place?

May 28, 2012 08:23 AM