This blog is for my sellers in this crazy market. I want you to think of yourself as a homebuyer for a second… Would you pay more for a house if all the comparable homes in the area that have sold and others that are on the market are cheaper? What would make you choose the overpriced house?
Honest question because there are some people who willingly pay more for a home due to time constraints or a love for some specific feature in the home that they can’t live without.
If there’s anything almost guaranteed to make your home sale experience a good or bad one, it will be price!
Price it correctly from the start and you’ll get offers in no time!
However, go with the “let’s see if there are buyers willing to pay that price” and as a home seller, you’ll undoubtedly draw the short straw!
How does a home seller know his home is overpriced?
The home is priced well-above neighboring properties for sale
“Of course, my home should be selling for more than some of my neighbors’ houses!”
As long as the market hasn’t spoken (i.e. no able & willing buyer and home seller have agreed on a mutually acceptable price), prices of properties in your neighborhood are just ASKING prices, but not given yet! As agents we base value on SOLD homes with a few adjustments to account for present market. If homes are listed and sitting in a hot market… that means they are overpriced.
The home isn’t seeing a steady stream of buyer showings
You agree on a list price, put your home on the market and nothing! No calls, no showing requests, nothing!! Other homes are on the market and accepting offers…what’s wrong? Well.. if you re the highest priced home in your neighborhood but clearly not new construction or newly remodeled… I think you know why.
The home hasn’t seen a single offer, despite months of marketing
If a home is priced right, there should be a lot of buyers knocking at your door (well, contacting your agent) and several showings. It should not take long for you to receive offers (within 30 days). If this is not your story… you should consider having a serious discussion with your agent and consider re-interviewing agents to sell your property.
The home has only seen ‘low-ball’ offers
The longer your home sits on the market, the greater the chance of low ball offers. All agents review days on market with their clients before submitting offers. If you have been on the market for over 30-40 days, expect less than asking, beyond that timeframe… even lower.
The real estate agent’s contract expired and the home is still on the market
When you agree to work with an agent, there is usually a start date and an end date to the contract. If you have not received offers by the conclusion of your contract… DO NOT RENEW with that agent. They did not fulfill their duties. You also did not do your homework to understand the market and lower the price to what the market will bear.
Here at The Mandrell Company, we are honest and upfront. We provide honest numbers for home values. Some sellers choose other companies because our value was lower but we see that same home on the market months later and sometimes it sells for the price we told the seller but 5 months later. Had they listened, they would have had a sale months sooner.
For a complimentary value analysis and the opportunity to assist you in the sale of your home, please contact us to schedule your consultation. CONTACT@MANDRELLCO.COM or 617-297-8641.