It May be a Sellers’ Market, But You Still need to Price it Right!

By
Managing Real Estate Broker with eXp Realty RB-19250

Now that prices are beginning to climb in our area, some sellers think they can over price their property. 

This is a really bad mistake for many reasons.  See the full article on ProtheroGroup.com

Posted by

 

--------------------------------------------------------------------------------------------------------

Randy L. Prothero, REALTOR®

Broker-in-Charge, ABR, AHWD, CRB, CRS, e-PRO, GRI, MRP, SFR

eXp Realty

Team Leader - "The Prothero Group"

Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers.  His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.  His luxury home listings sell faster and for more money.

Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) Performs mediations and ombudsman services for the Board of Realtors.  To improve overall professionalism in his area Randy also offers classes for real estate agents. 

www.HawaiiRandy.comOahu (Honolulu County) Property Search  Hawaii Military Relocations

Comments (11)

Marnie Matarese
DWELL REAL ESTATE - Sarasota, FL
Showing you the best of Sarasota!

Great post and that was some very good advice.  Now, if the sellers would just listen!  LOL

Jan 02, 2013 08:26 AM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Very true...Although more like a sellers market, the prices will climb slower than the willingness of the buyers.

Jan 02, 2013 08:27 AM
Randy L. Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Marnie - Thank you.

William - Our market seems to be tight enough that the buyers are motivated.  The appraisals are the slower part in many cases.

Jan 02, 2013 06:32 PM
Jill Sackler
Charles Rutenberg Realty Inc. 516-575-7500 - Long Beach, NY
LI South Shore Real Estate - Broker Associate

This is an unbelievably great post. I think you covered just about every possible scenario. This is similar to #3 in the 2nd list. I heard of someone who prices homes really high so cooperating agents will laugh at it and not bring any buyers to the house. Then the lister is free to double end the transaction. By then, of course, she's convinced the owners that they're not getting any action because the price is too high and they should accept the lower offer that the prospective buyer has offered. I hear that it works for her.

Jan 03, 2013 01:26 AM
Bryan Robertson
Los Altos, CA

Our market is incredibly strong (almost everything sells in the first week) so when something doesn't sell, I automatically consider it overpriced.  If it sits long enough, then it's ripe for buyers to chase with less competition.  Of course, the seller has to be willing to sell at the market rate.

Jan 03, 2013 01:45 AM
Randy L. Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Jill - That practice is absolutely despicable.  Not the kind of practice any broker should encourage or tolerate.

Bryan - I am seeing the same thing in our market.  The only properties that are not moving fast are either overpriced or have some other status.  (Most expensive in the neighborhood, odd size, short sale, tenants that are not cooperative, etc.)

Jan 03, 2013 02:06 AM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Sometimes the fickle pricing strategy doesn't work that well.  Great points Randy about being realistic.  A very good overview of some of the nuances we do encounter!

Jan 03, 2013 05:01 AM
Steve Warrene
Your Town Realty - Lower Burrell, PA
Pittsburgh Real Estate Investment Specialists

Randy, we just got a nwe listing today and when we talked to the owners we had to show them basically everything you said.  It's very good advice and thank you for sharing.

Jan 03, 2013 06:24 AM
Kathy Stoltman
Balboa Real Estate - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

Great post Randy, I especially like the reasons you have listed under "What are some of the reasons sellers over price their home?"  

We just need to keep educating the public even though they think Zillow is the correct source for information! 

 

Jan 03, 2013 08:34 AM
Christine Blaski
Cornerstone Real Estate - Frisco, CO
Frisco, Summit County CO Realtor

Nice points here... Thanks for the well put summary.

Jan 03, 2013 01:30 PM
Randy L. Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Carla - You are right, fickle pricing rarely comes out well.

Steve - The good agents are the ones able to best explain pricing strategy with their sellers.

Kathy - Those automated estimates can be really off.  Our MLS also generates them also.  I do not use them.

Christine - Thank you.

Jan 03, 2013 06:32 PM

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?