I give kudos to Gragg Miller, Broker of our local Bellingham Coldwell Banker, for his
recent article in the Bellingham Herald, the art of pricing a house in our ever changing market.When meeting with clients who are looking to sell their property, I have always taken comps, to help determine pricing; just like all the other agents. But I also break down the ratios of price to days on market. Price it right, and your days on market go waaayyy down. Period the end.
Price it too high, get a price reduction, get another price reduction...and you are just chasing the market; and losing the race. Buyers spend many hours on the Internet searching for homes; prior to working with an agent. They know if a home is priced to high. So sellers listen to your agent! (Make sure you have a good one!)
Now, the flip side to this is that some buyers think ALL property is priced to high. Agents are having to write low ball offers on several properties; once the buyer loses out a couple of times, they will get the fact that not all homes are priced poorly...listen to your REALTOR! (Make sure you have a good one!)
But the final word in all of this is "A property is only worth what someone is willing to pay for it." So if you have been sitting on the market for 100+ days...the price is not right. Sometimes that means you need to do a short-sale, or lease option, or rent it for a couple of years. There are options.
But sitting on the market with an overpriced piece of real estate is not an option. It is false hope that you are going to be able to move on to the next chapter of your life!
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