Pricing Tip #3

By
Real Estate Broker/Owner with Olsen Ziegler Realty

While there have been volumes written about pricing a seller's home and while none of the pricing tips presented in these blog posts are new or earth shattering, it is important to restate the obvious.  Although real estate agents know this information intuitively, sellers don't often realize the facts and need to be informed so they don't make false assumptions and do make an informed and factual decisions.

Tip #3:  You may choose to obtain several pricing recommendations from several real estate agents--if you ask three agents, you will receive three different pricing recommendations.

Real estate agents are notorious for not doing a lot of homework to help a seller properly price or "position" their home, as they know the market will ultimately decide the final sales price anyway. 

Therefore, you should NEVER put blind faith in these pricing recommendations, nor should you list your home with the agent who states the highest price recommendation.  If you list with this agent for the sole reason that he/she stated the highest price, remember the listing agent doesn't determine the price your home will ultimately fetch on the open market--a buyer does. 

Some unscrupulous agents, if they know they are competing for your business, will inflate their price recommendation to position themselves in a better light to win your business, knowing if the market doesn't respond to the price, they can recommend you lower it one or more times until it ultimately sells.  Usually when this downward pricing strategy occurs, your net sales price will be less than had you competitively priced your home from day 1.  Your home will usually take longer to sell as well, thereby increasing your carrying costs.

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Chris Olsen

Broker Owner Cleveland Ohio Real Estate
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