In the Orange County real estate market, and probably every other market in the world, it's common for sellers to think 2 very specific things when considering listing their home for sale:
1. Their home is better or different than every other home; and
2. Their home is worth more than every other home.
As real estate professionals we deal with this on a daily basis. Almost always, a seller's strategy is to price it high and see what happens. The rationale is the price can always be lowered if no offers are presented.
Unfortunately, there are many real estate agents who are too scared to lose the listing and will not tell sellers the truth. Inevitably, the sellers will end up reducing the price 30, 60, or 90 days later, many times when it is too late.
The truth is an experienced real estate professional will know how to get top dollar for their clients and be able to provide an optimal list price. Under pricing a home should not be as much of a concern as overpricing.
For example, if a property is given the proper exposure via the internet and other avenues of advertising, potential buyers will see a good deal and jump in to bid on the property if it is low. However, in the reverse scenario nobody is interested or makes an offer because the price is too high. This can create stale listings and homes that would have otherwise sold at full market value, to sell below market.
3 Simple Tips to Selling at Top Dollar:
1. Hire a reputable real estate professional. These are full-time professionals who understand the market conditions and know how to get you top dollar.
2. Do not use a non-strategy, like pricing it high and hoping that someone comes out of the wood-works to buy an overpriced home. This can actually backfire and cause the property to sell less than market value, even in a "hot-market".
3. Be realistic about your property, the market conditions, and your motivation to sell. Listing a property to sell with unrealistic expectations can be very frustrating and an emotional roller coaster.
Although information is available on the internet, there is NO SUBSTITUTE for the services of a top real estate professional. We will NEVER be replaced by Zillow, Trulia, or any other automated system. So sellers should engage the services of these people as early as possible in the process.