We all say or think it, “if the price is right, then I would buy it.” That thinking aptly applies to Real Estate. If the property is priced correctly, then it sells. Today, I want to share a little story about the Right Price with you.
I recently approached someone who had listed their home with another agent, not once but twice, and it didn’t sell. The apprehensive Seller hadn’t changed anything about the house and the market remained hot for homes in that price range. I did a new market analysis laying out all of the statistics for the Seller plus gave a professional presentation outlining my aggressive marketing plan. The market analysis showed that while the market remains a Sellers market and homes tend to fly off the shelf so to speak, the previous agent listed the home for way too much money. It wasn’t priced right so it didn’t sell.
An overpriced home tends to sit on the market for a long time. It becomes both stagnant and stigmatized. Buyers may like the home but won’t touch the price. Eventually, the Seller needs to take a price reduction which doesn’t look good. It makes Buyers wonder what is wrong with the home. Then, if they do make an offer, it is usually for even less than the price reduction. An overpriced home usually sells for less money than a properly priced home while taking longer to sell. Not only do Sellers end up losing money with an overpriced listing, they may also lose the next home they were hoping to buy, or be separated from family members longer than necessary due to a relocation.
In conclusion, the Right Price brought Buyers and the house went under contract after only 5 days on the market. I also want to stress, that I refuse to buy a listing. I offer an aggressive marketing strategy, Staging, and the right price to sell a home. If the Seller wants to list for way more than I recommend, then I am not the correct real estate agent for them. An overpriced home hurts their bottom line and my reputation. If the Seller wants to list higher but not outrageously out of the range, then I will agree only if we can revisit the price within 2 – 3 weeks.
Are you thinking about selling your home or know someone who is, then contact me to discuss the Right Price.