As a local listing and buyer's agent, I truly want to help my clients. One of the most difficult parts of listing a home is working with a seller to determine the current price for the home. Sellers always want to get the highest price possible, and they should.............however, we do have another issue to deal with! THE MARKET! Let me say that all markets are buyer's markets! What I mean by that is that unless a buyers is ok with the price, the home will not sell. Buyers ALWAYS look for the best of a given price range..................now with the market a little soft, they are even MORE critical! And, when the seller goes to buy..........he will be too.
Consider these points:
NO 2 homes are exactly alike - chances are we've seen most of the homes for sale in your area and have an idea of what the inside is like. But, things change...decor is different, you remember the "different strokes, for different folks idea. Even online photos won't give you a complete view of how these homes compare.
Remember- it's the Buyer that ultimately determines the value of your home. A house is worth what somebody will pay for it. It's important to try and anticipate what MOST buyers will pay for it. If the price is too high - you may just end remaining a Seller! If your home should be some chance sell for more then the estimated value, remember the home still needs to be Appraised for the Buyer's Loan, and if it's overpriced it just may not!
What about the situattion of "needing" a value?
BUT That's What INEEEEEEEED to Get for My Home!
There is the odd time that a home is unusual and there are not direct comparables, sometimes this requires a trial and error strategy where we have to gage potential buyer responses in order to fine tune the price.
If the feedback you get from "looker" is we don't like the floorplan, the yard is too small, or the home is overpriced..............the quicker the price is adjusted, the better.
What about a seller who believes:
Should you start higher - after all you can always come down???
Remember, if you price too high for your area, you are helping your competitors to sell THEIR home!
Remember the most critical time for selling your home is in the first 30-60 days. Longer then that you can bet your bottom dollar, (and unfortunately that's probably what it will end up being) that the Buyer will be paying attention to your 'days on market' when making both their buying decision and price point!
How do you know if your house is priced right? If you are not getting showings, you can know that of the homes that are available, your home is not making it on the "show" list when an agent pulls the similar homes.
Ask yourself, is it the exterior appearance? Is it the interior? The location. The price.....
If it is any of the above, the only thing that will help is to lower the price! It is impossible to market enough to overcome pricing too high, expecially in a market where there are 10+ home for every buyer. IN DFW we have an oversupply of about 18 months to absorb, if we did not get any other homes on the market.
Sometimes the most important factor is YOUR motivation