I Knew I Could Get Asking Price

By
Real Estate Agent with Keller Williams Realty

I Knew I Could Get Asking Price But at What Real Cost

On a recent listing appointment, I knew going in that the comps that I had prepared for the seller were not going to be viewed favorably.  I won't go into great detail, but without question, this was going to be a listing that was going to primarily attract investors and the highest sold comp for the area was for $64,500 and the remaining 15- 20 sold properties sold for significantly less than that.

That One Listing Did Get Asking Price

Although the house that reaped the list price sold, it took all of 366 days to do so.  When I pulled the comps, the first thought that came to my mind was the seller saying to themselves or their agent "I knew it could sell for asking price."

And while that's true, I can also imagine the agony and frustration of a home being on the market that long.  I also imagined:

  • The number of perceived "low-ball" offers.  
  • That the listing agent went in with the reality of the market that didn't match the seller's preferred list price.
  • That all of the seller's future plans were on hold as they patiently or impatiently waited for that needle in the haystack buyer to appear.  
  • The cost and inconvenience of maintaining a property (including taxes, insurance, etc) of a house in a community that by all appearance was dying.

Of course, the first thing that came to mind was that no house that was appropriately priced would stay on the market for that long.

Pricing Considerations

I urge sellers to look at the data presented to them with regard to recent sales in the area when considering putting your home on the market.  If the price you want is contrary to the data provided, be prepared for a longer than usual listing period.  If time is not a factor for you, then that works out fine, but if you're on a significantly shorter timeline, you may want to give more credence to the facts presented to you at the time of the listing appointment.

I think I can speak for all listing agents when I say we really want to help you sell your home.  However one of our greatest assets is our power to negotiate based on the facts we have before us.  Overpricing a home gives us little to nothing to work with and it's an uphill battle and we know it, once we take the listing (if we decide to take it).

In the end, it's your home and you have the final say as to your asking price and how long you'll  hold out for it.  Just keep that other homes around you may be moving off of the market at sold prices that reflect realistic market values, it's a good indication that their asking price is in line with true market value of the house and the community.

 photo credit: AK Rockefeller Reverent via photopin (license)

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Rainmaker
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Dorie Dillard
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Charita Cadenhead ,

Excellent advice on pricing. Houses that are priced and staged right move off the market. I'm taking 2 listings over that were over priced and didn't sell. They could have sold but not at their list price.

Jan 10, 2017 04:56 AM #1
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Harry F. D'Elia
Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

Representing the seller to maximize profit is always great for him/her

Jan 10, 2017 05:00 AM #2
Rainmaker
4,268,169
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Good morning, Charita Cadenhead homeowners who are thinking of listing should take the advice of their future listing agent.... price it to sell and get the list price.... those in your area would be wise to contact you for guidance...

Jan 10, 2017 05:10 AM #3
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Charita Cadenhead
Keller Williams Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

Thanks Dorrie.  I am sure that you will do your new client and listing justice by pricing it right and moving it off the market.  Best wishes.

That's the ticket right there Harry

Barbara I could not agree with you more.  It just really makes sense to do that.

Jan 10, 2017 05:20 AM #4
Rainmaker
3,007,003
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Charita. This is excellent. That said while sellers are ultimately the ones that decide, I can also decide I don't need this grief for a year.

Jan 10, 2017 06:49 AM #5
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Charita Cadenhead
Keller Williams Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

It will certainly test your patience Sheila.

Jan 10, 2017 06:57 AM #6
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Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Charita - We have all run into sellers that want prices the market just won't support, and sometomes the gap is very wide. We give the best advice we can, and when it isn;t taken, it then becomes our choice - and we'll usually pass.

Jan 10, 2017 02:51 PM #7
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Charita Cadenhead
Keller Williams Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

I'm currently faced with a decision to make Dick.  I'm on the fence for a number of reasons, but we'll see.

Jan 11, 2017 06:37 AM #8
Rainer
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Noel Mayer
FAIRMOUNT REALTORS - Montclair, NJ
YOU'RE RIGHT AT HOME WITH NOEL

Charita ,

Thank  you, for the great information a lessons learned.

Jan 15, 2017 03:52 PM #9
Rainmaker
985,771
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

In Birmingham, AL 205-527-1112 to contact Charita CadenheadReal Estate Agent with Keller Williams Realty.

Jan 18, 2017 12:30 PM #10
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Charita Cadenhead

Serving Jefferson and Shelby Counties (Alabama)
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