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The Right Price

Price Blog Fisherman pic

When a buyer is searching for a property, no matter what type it is (Condo, Home, Lot, etc.) he/she does research to see what they can buy with their finances, they end up engaging a realtor and viewing properties in the area they like and within their budget.

On the other side, that of the seller, finding the right price to list their property is essential. They also contact a realtor, usually various realtors, to hear what they think the property should list for. Hopefully, the realtor does his/her own research looking for comparables, etc., views the property and gives a realistic #. But many times the seller comes back saying “OH, but I think my property is worth much more”, and they end up listing the property with the realtor that isn’t truly honest with them and tells them “I think you’re right” just to obtain the listing. This results in that the property stays on the market for an extended time with few showings and the seller is forced to lower the price down to what it should have been listed for in the first place. Wasted time.

This is one of the worst mistakes a seller can do. First, that realtor probably isn’t in tune with the realities of the local market and second, the seller is losing out on actual opportunities, missing real buyers that didn’t even try to see the property because it was out of their budget.

Nowadays, buyers are usually well informed and have done their research. If they don’t see the property because it’s overpriced, they will buy something else. Opportunity lost for that seller.

By no means am I suggesting not to try to get as much as possible for your property, but be sure to listen to advice and make an intellectual decision on which price to list your property at.

A realistically priced property will get more showings, attract qualified buyers and will result in a more prompt sale, saving time for everyone involved.

Credits to: Mark Venegas

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