I recently wrote a blog about the importance of pricing well, Price Well and Sell. This is somewhat a continuation of that blog.
I have recently been on several listing presentations where I had done my due diligence, prepared a comparative market analysis and given my professional opinion on where to set the asking price. As I have stated in several of my blogs, accurately pricing is essential in getting a property sold!
However, recently I have heard the objection from many sellers that the asking price I have suggested is lower than what they purchased their property for. I understand that this is an emotional hurdle that is difficult for many sellers to surpass but an important one to address prior to taking the listing. Otherwise, we know we will be having an uncomfortable conversation about reducing the price every 30 days. Sellers should realize that what they want or need to sell their property for has nothing to do with its actual value. As Realtors we embrace that concept and preach it over and over although I understand it is difficult for many sellers to swallow. Sellers that are moving to a larger more expensive property should also understand that they should make up for any loss and then some on the property they are purchasing.
We hear seller objections to why their property should be priced higher all the time. The objections are packaged differently and sometimes work on our emotional soft spots but the results are the same. It is our responsibility to let them know the current market value of their property and the ramifications of over pricing. Everyone is happy when their expectations are reasonable and the property sells allowing the seller to move on to the next phase of their life.