Thursday, March 4, 2010
Pricing your home to sell
I try to keep up with the status of homes which my buyers lost bids on and on homes which I didn't list. Why? For buyers,I want to know what homes sell at, so when other similar home comes on the market,we can refer to the home that they previously bid on and factor that into the price they offer.
From the listing side, I want to see what the homes sold at and compare that to the price range I suggested. Sellers choose their realtors based on several factors,including but not limited to a relationship they may have with a realtor,the marketing plan which impresses the sellers the most and the price which the listing agents suggest. I lost a listing agreement last spring less than 5 minutes in when the seller wanted to just know the price range I suggested. My range was over $30k less than what she had in mind.
For a home listed for less than $200k,that is quite a difference of opinion. She told me the conversation was over and was going to ask a neighborhood expert to list her home. I was fairly confident in the price I suggested,but maybe there was something about the neighborhood I didn't know. I felt badly that I lost the listing.
I noticed that the listing recently expired,over $30k above the price range I suggested. As much as I don't like losing listings,in this case I won because of the effort, money and time I would have invested if she chose me to list at "her price". From what I see,the market in that neighborhood hasn't improved since then,so hopefully she can list again at market price or rent her place out in order to move into the home of her dreams.
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