Don't Overprice a House in a Soft Market

By
Services for Real Estate Pros with R. Michael Brown LLC Digital Marketing & Public Relations

By Dawn Pfaff, Go Home TV Host & President of My State MLS

It's still a sellers market but it's starting to soften. Here are some tips on what to do to get the maximum price to sell a house.

It's a changing market. Things are happening here. And are you still pricing the houses at or above where you think because you think you're going to get into one of these bidding wars and it's going to get beat up and up and up. Well, let me tell you, a lot of people are pricing the houses wrong right now when we're in a market that softens.

And I'm not saying this market is popping. I'm not saying it's crashing. We don't know that yet. We do know it is going to be a little softer than before. So here's some advice on how to price a listing. And if you're thinking about selling your home, how you should price that home.

Look at what's sold recently because what's sold recently really went into contract about two or three months ago.

What you should do is price your home just a little bit under where things have sold in the past 1 to 3 months. The reason you want to do that is because you want to make a lot of people coming to look at the listing. You want to get action, you want bids, you want to get it bid up!

And the best way to do that is to price it lower and get a lot of interest in that listing. It's so much better than pricing it high and trying to negotiate down to a lowball price. Don't overprice yourself in this market to get a fast sale. You're going to want to price yourself a little bit under where you think you want to be so you get tons of interest.

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Comments (5)

Paddy Deighan MBA JD PhD
http://irstaxdebt.pro - Vail, CO
Paddy Deighan J.D. Ph.D

I talked to a client...who is selling a home... I casually inquired where he derived the price....."it's what I need"

Jun 24, 2022 07:23 PM
R. Michael Brown

Oh man. Tough answer. Wonder how they define “need” and “market.

Jun 25, 2022 12:40 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning,

Great post...pricing can't have anything to do with "it's what I need." That will surely be the house that is over priced and sells for far less.

Jun 25, 2022 06:15 AM
R. Michael Brown

Thanks Dorie!

Jun 26, 2022 12:52 PM
M.C. Dwyer
Melody Russell Team at eXp Realty of California, Inc. - Felton, CA
MC Dwyer-Santa Cruz Mountains Property Specialist

This is spot on!   Thanks for posting it - I'm now following you and reblogging with gratitude!

Jun 25, 2022 10:11 AM
R. Michael Brown

Thanks MC!

Jun 26, 2022 12:49 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hello Michael, this strategy is one I used even in a quickly appreciating market and it worked well...let the buyer set the price and if there are appraisal issues let the buyer eat the gap.

Jun 25, 2022 11:32 AM
R. Michael Brown

Thanks Nina!

Jun 26, 2022 12:54 PM
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

So many sellers do NOT understand this!  They think, bc their neighbors house sold for $30K over, their house will sell for that price if listed there!  So many factors go into pricing a house..it's not as easy as checking Zillow or the tax appraisal!

Jun 26, 2022 09:41 AM
R. Michael Brown

Thanks Mary

Jun 26, 2022 12:55 PM