One of the most important decisions we’ll make together as we bring your house to market is the listing price. While there’s much we can do to prepare and position your home to achieve the highest possible closing price, there are also risks to pricing it too high.
Sellers often believe they can price a home high and lower it later if they need to. While this sounds like it makes perfect sense, it actually has a detrimental effect on how quickly your home will sell and the final price. In fact, right-priced homes end up selling for more than homes which were priced high and lowered later. What’s more, they don’t languish on the market. I typically feel if we have had no showings with an offer after one month we are priced too high. At that point the market has spoken, and the home is listed too high.
There are real hazards to letting a house sit on the market overpriced. Consider:
1. Buyers begin to believe something is wrong with the home. People ask, “Why won’t it sell?” and begin to pitch low-ball offers, believing you may be desperate to sell.
2. You can’t move on with your life. I understand selling a home and preparing for a move is stressful and unsettling. The longer a home sits, the longer you remain paralyzed.
3. You can begin to feel a little desperate. When a home doesn’t sell, I’ve had sellers feel stressed out and embarrassed. This has lead some sellers to consider those low-ball offers seriously. This is often what leads to accepting even less than you would have had the home been priced right for the market.
I completely understand that an owner may have financial obligations or plans which feel like they have to get a certain price. But the best we can do is assess and respond to real market conditions. I am happy to show you all the data driving my listing price recommendation so we can have an open, collaborative discussion.