Sellers, don't wait too long to lower the price on your home.

Reblogger Jill Sackler
Real Estate Agent with Charles Rutenberg Realty Inc. 516-575-7500 NRDS ID#641625055

Homeowners - the name of the game is to get in and get out of the real estate market quickly. That's why agents push for accurate pricing. You want buyers to chase you and not the other way around.

Original content by Mike Cooper, GRI 0225086119

Sellers, don't wait too long to lower the price on your home. If you wait until your property is stigmatized to lower the price, it still might not sell at the new price. The best thing a seller can do is list the property at a good price, make it easy to show, always have it ready to show and don't put roadblocks in the path of buyers.

I turned down a listing a couple months ago because the seller wanted to list at an unreasonable price. Of course, he found an agent who was willing to list at his price. Today, two months later, he lowered the price to my suggested list price.

Does that mean it will finally sell? Not at all. The problem with listing too high and then keeping it too high is that time clouds people's vision. A property that sits on the market endlessly becomes stigmatized. Does that mean there is something inherently wrong with it? Not necessarily, but time on the market is the death knell for a good price at contract.

Ironically, if an overpriced house gets an offer it's typically the best offer and it comes early. I've seen many clients blow the first offer off because it came in so early only to settle for an offer four to five digits lower later on. The price of a property is what attracts buyers. 

I showed one today that is a minimum of $100K overpriced. My clients are qualified for the purchase, and they wanted to see the property in person to see if the extreme price was backed up by something other than a seller's prerogative. It wasn't. Sadly, it will sit, and if it sits long enough, it will become stigmatized. 

Sellers, list at the right price. Make it easy to show. Take care of deferred maintenance before you list. Make sure it's always ready to show, and then get out of the way and let the buyers line up. 

 

 

 

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Give me a call, or email me for all your real estate needs, and let's make something am
azing happen. 

mikecooperva@gmail.com, 888-722-6029

Cell: 540-336-5522

 

Real Estate Sales and Property Management         

 

 

(Disclaimer:  All grammatical mistakes, punctuation breakdowns and misspellings are purely for your amusement and entertainment.   Feel free to cackle.)                                                                                                

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Re-Blogged By Re-Blogged At
Topic:
Home Selling
Location:
New York Nassau County Merrick
Groups:
Dedicated Bloggers
Local Expert
Long Islander Agents
Diary of a Realtor
Hyper-Local
Tags:
days on market
cma
appraisal
price reduction
market analysis
overpriced properties
real estate comps

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Rainmaker
796,957
Liz Wallace
Century 21 Sherlock Homes - Rockville Centre, NY
Broker C21 Sherlock Homes, Rockville Centre, LI, N

I think that sellers who insist they know better than their Agent probably diagnose their illness when they visit their doctor. 

May 22, 2014 11:34 PM #1
Rainmaker
3,773,033
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Jill. Mike writes eloquently and accurately about the process. Good re-blog.

May 23, 2014 01:13 AM #2
Rainmaker
883,732
Elyse Berman, PA
Best Connections Realty, Inc. - Boca Raton, FL
Boca Raton FL (561) 716-7824 CRS, ABR, GRI,ePR

Hi Jill,  So true!  I have seen several overpriced homes in the past week that I would guess will still be here months from now.  My clients made an offer on one.  Seller did not even counter and this offer was higher than the comp.  We all know the story.

May 26, 2014 10:47 AM #3
Rainmaker
575,343
Maria Gilda Racelis
Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington - Manchester, CT
Home Ownership is w/in Reach. We Make it Happen!

Hi Jill: I have a seller who is stuck in a limbo and warned her she is losing a huge opportunity by not lowering the price. But she is not listening. She will realize it when the listing expires. And I am not relisting it.

Jun 04, 2014 10:42 PM #4
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Rainmaker
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Jill Sackler

LI South Shore Real Estate - Broker Associate
Long Island Living - Where Memories Are Made
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