Stale Potato Chips, Anyone?

By
Real Estate Broker/Owner with Pendergrass Real Estate

"Stale Potato Chips Anyone?"

When you decide to place you market on the market there is one crucial mistake many sellers make right off the bat. The mistake of choosing the highest price to list their home and different reasons come in to play for their reasoning. As the seller you have made your house into a home, attaching emotions from years of memories to a tangible asset. The key for all sellers, is just for one moment to place themselves in the buyers shoes.

Todays buyer is far more educated that buyers of days gone by... Buyers of today base their opinion on reasearch of the facts of current market conditions. The truth is and, it may sting a little, it doesn't really matter how much money you think your home is worth if buyers don't agree. Of course, there is always a buyer out there that wants a home for 50% below asking price and, those are not the one's we are concerned about. 

Pricing a home requires trememdous research of current market conditions and requires a highly skilled agent. Research of similar sold properties in the area, trends within the local market, and being knowledgeable of current inventory all play major roles in establishing the listing price. Price shouldn't be based on opinion but the facts. 

A home should be priced at a price the buyer is willing to pay and a seller is willing to accept, that "sweet spot" of compromise. Overpricing a home can cost sellers more just time and mortgage payments. A home that has been on the market for a long amount of time becomes stale and buyers tend to be wary of these properties. 

Picture two bags of "Lay's Potato Chips", each for the same asking price, quite similar in appearance, but one bag has been on the shelf for a 6 months, the other was just displayed. As a consumer, you would stop and wonder, "What is wrong with this product?" and most commonly you would purchase the newer product, avoiding a run-in with some stale chips.

Similarly to the chips, homes placed on the market for strategicly placed competive prices sell quickly and for top dollar. In todays market, days on the market could mean a loss of money, especially if you are in a declining market.

When you are pricing a home for sale, ask yourself one question, "Do I want TOP DOLLAR or stale chips?"



Aaron Pendergrass

Broker

Pendergrass Real Estate

256-601-2242

Reminding you: To Sell Fast With Pendergrass!

Servicing: Rainsville, Fort Payne, Scottsboro, Guntersville, Albertville, Boaz, and the Greater Northereast Alabama Area

Comments (3)

Mark Loewenberg
KW of the Palm Beaches - Palm Beach Gardens, FL
KW 561-214-0370

the key is educating them both "buyer is willing to pay and a seller is willing to accept"  folks are always trying to win over the other, but unless it is win win, rarely will it come to a successful conclusion

Jan 15, 2013 01:06 AM
Marilyn Wier
RE/MAX Space Center - League City, TX
Your League City & Surrounding Areas REALTOR!

Great read!It's all about the price. If it's priced aggressivly someone is out there to buy it. This thought pretty much goes with anything and best with houses.

Jan 15, 2013 01:42 AM
Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name You'll Ever Need in Real Estate

Good morning Aaron - interesting analogy. Give me the fresh chips any time :) Extending the analogy, if two bags have the same expiration date, I'm going to choose the one that looks cleaner and less crumpled - homeowners need to be sure their homes are in show ready condition :)

Jan 16, 2013 07:39 PM