“I don’t want to give it away!” So I’ll put my house on the market at a high price. If it doesn’t sell I’ll reduce the price. This is a premise that will get them in trouble every time! When you want to sell your home you first need to fully understand what motivates buyers. This approach ensures sellers will get less than market value for their home. Sellers want to get above market value for their home causes them to overprice it and end up drawing the wrong potential buyers. Buyers are smart. They will compare this overpriced home to other similarly priced homes. When the overpriced home is not as nice as other similarly priced homes (95% of buyers view homes online before they go see them) they will stay away.
Which home would YOU want to buy for $400,000?
“I want a deal! I’m offering way less than list price (even if the home is well priced!). These buyers lose one negotiation after another and end up paying more in the end than they needed to. These buyers lose out to saavy buyers who hire a professional real estate agent who will educate and guide them through market research and help them to get the best home at the best price possible in the least amount of time!
As time goes by and the home does not sell, the seller’s greed is replaced by fear that it will not sell. This is a set up for having an offer come in that is far lower than the home is worth. When sellers insist on keeping their home on the market at a high price they eventually end up selling below market or having their home on the market for many months, or even years, with no offers! Saavy sellers understand that they need to attract ready buyers for their homes. They will do exactly that when they price their home competitively and get the most money possible in the least amount of time. When a typical home is priced correctly it should sell in 4-14 days.
Education is critical. Time spent with your professional real estate agent before you go house hunting will save you time, money and disappointment. After wasting time making low offers on homes, fear will eventually cause this buyer to pay more so they will finally get a home. A professional real esate agent could have saved this buyer a lot of grief. Realtors will provide you with accurate and precise information about the homes and neighborhoods you want, make detailed comparisons on properties that are for sale, have recently sold or are getting ready to come on the market so you will get the best home for the best possible price. This advice will assure that you do not fall into the buyer myth trap!
Hire a real professional – Gene Mock, Associate Broker, Premier Team, KW Realty
Voted “Realtor of the Year” 2014 by Dulles Area Association of Realtors
...someone nice will always answer!™