PRICING YOUR LISTINGS TO SELL

By
Real Estate Agent with Windermere Real Estate

In the Walla Walla, Washington Real Estate Market, the inventory of homes on the market has increased. In past years, if you listed a home, it sold quickly. Multiple offers were common and the selection for Buyers was limited. There were very few new homes on the market. If a Seller listed their home a bit high, it would still sell.This year we have a larger inventory of new construction. Great for Buyers, but it does make it a bit tougher on the Sellers. Buyers are taking into consideration the cost of replacing older furnaces, roofs, and windows along with basic remodeling costs when purchasing a previously owned home on the market.

With this large inventory, Buyer's are scrutinizing about what they purchase. Pricing your listings to sell in this market is very important. Find out what your homes are competing with and view them through a Buyers eye. Is the home priced so you are getting showings? Are you getting a lot of showings but no offers? Find out what the Buyers are saying about the property. Is it the price or is it the condition? We can't sell homes like we did in the past. We need to sell them in the market conditions we have now. Sending out monthly statistics and sharing what has sold in their price range will help the Seller see what they are up against. As Real Estate Professionals, we need to know what is selling in our market, and how long it is taking to sell a home. We need to know the inventory. What may have seemed like a fair selling price at the time you took the listing may not be competitive in today's market. List your homes at a price that will sell. It will save both you and the Seller time and money in the end.

 Scott & Brenda Williams agent photo

Scott & Brenda Williams

Windermere Real Estate/ Walla Walla

www.williamsteamhomes.com

Comments (1)

Jerry Santerelli
Charles Rutenberg Realty - Plainfield, IL

This is dead on. Sometimes I think we as Realtors are partly to blame for the increase in inventory.  I live in a townhome subdivision. We just had a home on my Ct list for $210,000.  That is $20,000 more than the most expensive home that has sold in the last 6 months and it has 1 less bedroom!!!  I call this a trophy listing.  The "look at all the listings I have" agents.  It doesn't matter how many listings you have if 75% of them are expiring and relisting with agents who actually want to sell them. 

Put the numbers in front of the sellers at your presentation. If they don't like what they see, or if they still think they can get a ridiculous price for their home, let them become somebody elses problem.  Don't waste your time with them and DO NOT take the listing just to attract buyer calls. 

Mar 17, 2008 05:26 AM