Home Pricing Pitfalls

Real Estate

We’ve got this cousin, Vinny and let me tell you, he’s a character! If Joe Pesci comes to mind that would be a good mental picture for him, so hang on to that! He’s the kind that tries to negotiate EVERYTHING. Vinny’s the guy that when the grocery cashier says, “that’ll be $25.00” he says, “how ‘bout $23.50 cash?”. When it came time to sell his house, I knew we would be in for a treat! (Not really) Like many sellers, he had an inflated view of his home’s fair market value. We built a pretty good case for not over-pricing it and like all good negotiators, he saw value in that. We know there are some other Vinnies out there, so we thought we’d share our list-

Top Ten Problems If Your Home Is Overpriced

·        Not having many showings? Buyers may be saying it’s out of their price range, so why bother.

·        Has your home been on the market while homes in your neighborhood are selling faster than funnel cakes at the fair?

·        Has your home become “shopworn”? It’s been on the market so long, everybody’s already seen it.

·        Even it you eventually “improve” the price, it’s overpriced in buyers/agent’s minds.

·        You’ll make the competition look good!

·        Marketing dollars and efforts are wasted.

·        Causes you to miss out on getting your dream home or pursuing that opportunity.

·        The dreaded “appraisal” problem.

·        Effects your negotiating position (Vinny’s favorite).

·        Cause you to end up selling below market value in order to make up for all the above.