Serious Sellers Need to Look At Price

Jim, you forgot one......list it with an experienced agent and get out of the way. Oh and listen to him/her, theri advice. It is afterall what you are paying them for!!!

Good post,

Bo

Jim, I have a client who got 5 offers on his home and 1 cash offer 5K ABOVE the asking price -- this was all because, the home was properly "priced" for the market and would appraise!  Now, the client is thinking the home was priced too low -- I am sure it was not looking at very recent comps in the same neighborhood.  It is a challenging market to be sure.

Bo Hussung/ Title services in all 50 states (Cogent Closing Associates) Bo, the sad thing is that most sellers did not get that memo about "Experienced Agents".  That is why they are listed all over the place and not selling.

Joan Whitebook, ABR, e-Pro, CEBA (Buyer's Option Realty Services)  The key to selling is price aggressively and you will get more than one offer.

Where did I hear, "There's a buyer for every house listed for sale. . . . .  if the price is right". 

That really is the bottom line. 

Jim:

Price! Price! Price! is the whole market by us.

If you price it right it will sell quickly.

There are buyers in our market.

Richard

Lenn Harley, Homefinders.com, MD & VA Real Estate  What is sad is that a lot of agents do not understand this.

Richard Stabile Bergen County New Homes Builder Realtor (REMAX real estate associates)   You are right, there are buyers in the market and they are looking at price.

Wonderful!     You said it all!

What's funny is when I give feedback and tell the agent I think the house is over-priced, they freak out and start telling me how wonderful the house is!

Jim don't you realize my home is special.  It is worth way more than yours.

Li Read at RE/MAX  Thanks!  I appreciate that.

LaNita Cates (REMAX of Joliet)  That is because you told them the truth, and they are not clever enough to answer you like an adult.

John Walters (Specialized Real Estate)  LOL!  "Not my home!  I'm not going to give it away!"  LOL!

It is amazing how many times I have seen this come true. Price it right (in any market) and it sells.

Your friend in Charlottesville!

Or as I call it "sellers stuck in the year 2005" syndrome.

Jim you are so right.  I always try to tell my sellers going into it that once it is all said and done, it is going to boil down to the price.  I am finding in this market that I get more cooperation going in as the sellers second or third realtor.  By this time, they are ready to listen making my job much easier!!

Jim

I know we have all been trained with the mantra Location, Location, Location but the sellers new mantra should be Lower List Price , Lower List Price , Lower List Price.

It would be great to give them one of those tapes they could listen to at night while they slept !

Charles McDonald / Your Trusted Broker for Charlottesville Real Estate (RE/MAX Assured Properties) 

Charles the old saying real estate is that... "Price overcomes all objections!"

Denise Allen Realtor@ Chesapeake (GSH Real Estate)  LOL.  I like that!  Like the country song.."Caught in the past!"

Pat Haddad, ABR,CRS,e-PRO,GRI Indianapolis (The Haddad Team, Keller Williams )   You are so right.  In the early 90's I specialized in expired listings.  The best time to go in as the new agent was on the 3rd or 4th time.  Seller's were ready to listen then.

Laura Gray (RE/MAX Realty Group)  I agree. There are a lot of great homes in great locations, that show exceptionally and they are not selling.

Plain and simple. You hit the nail on the head.

You're right on target with this post, Jim.  Good information as alwasy.

Jim - very simply put and something that I'm going to add to my listing presentation ... awesome!

Jim, You are so right about the price. I wish more sellers would be realistic about where we are now. It's a different day for sure. 

AND, with gas shooting through the roof today, you can bet I'll be showing passing  the overpriced listings!  When will sellers figure out it takes ONE click of the mouse for a buyers agent to see it is overpriced?  *sigh*  Many of my buyers are as well educated on the market as I am and they will not even consider a slightly overpriced home right now.  There are too many choices right now.  As always, great job on your post.

Price is the single greatest factor in getting a home sold! 

Oh this brings up a memory that is not far enough in the past... I was appraising a house and could not justify the offer price (no cash back or concessions, even) ... It was the buyers agent that flipped out.  There were no other offers on the table, so I'm not sure why he wasn't happy about saving his clients some money.  Apparently he really needed that extra $350 in commission... Shocking.

Todd Jones (Coldwell Banker Town & Country)  Since I still actively sell real estate I have to tell it like it is!  It is frustrating listing them, and as a buyers agent.

Sheila Reeves (KELLER WILLIAMS REALTY)  Sheila, I am glad you enjoyed it.

Pippa MAC The Woodlands Real Estate & Relocation Realtor (Remax Realtor, The Woodlands and Spring)  Sellers need to know what is is really about.

Lizette Fitzpatrick, Lexington KY Real Estate (Central Kentucky - Prudential Don Foster - Richmond KY)  There was a time that it did not matter as much, but that is not what we are dealing with now.

Huntsville, Alabama Real Estate Agent Elizabeth Ramsey Cooper-Golden (Remax Huntsville/Madison)  I love that picture!  Too funny & true!

Rolanda Pullen (Coldwell Banker Pryor Realty, Inc.)  Rolanda you are so right.  Everything else can move a sale forward....if it is priced right.

Sara Goodwin - Portland, Oregon Appraiser (Ashcroft & Associates)  Isn't that sad?  The listing agent should be the ones sweating out their wasted marketing dollars.

Jim, such truer words were never spoken.  I might just add that location does have something to do with whether a home sells or not, but PRICE is #1.  With so many homes for buyers to choose from, a seller really needs their home to stand out, and one way to do it is price it correctly.  Supply and Demand rule the real estate market.

 Troy Erickson (Terra Solis Realty, LLC)  Troy, you are so right!  "Supply and Demand rule the real estate market."

JIM - Quite simply, you have captured exactly what homeowners must take into account when selling their homes.  I've started doing a much more detailed CMA which shows market trends aside from just comps.  If a homeowner can see all of this data and still decide to overprice, then they will have to do it with someone else.

So has location location location now been usurped with price price price?

Adam Waldman - Long Island REALTOR® (RE/MAX Best)  That is very wise of you Adam.  Smart!

Robin Gulledge ABR,CRS,GRI Broker Associate (Remax Capital City) When homes with a great location are not selling.

Jim,

As always great post. I do beleived some Agents list home just to list without reagards to pricing. Pricing is everything in any business.

Great post.  Price is definitely an important factor.

there is a price for every objection. I don't know of too many homes that price won't change everything.

Just goes to prove that all the new trends,staging,pre-inspections,etc can not take the place of a good Agent that knows the market, with many Buyers maxing out on their mortgages their is no money left for reno's so price is the key.

Jay Badru (CRYE-LEIKE REALTORS) In this market price is everything.

DeAnna Troupe (DeAnna Troupe's Virtual Assistant Service)  It is the factor in this market. 

Overland Park Homes & Real Estate:: Michael Russell (Overland Park KS Realty Executives )  Price changes all the rules in this market.  Price creates possibilities.  Sellers need to know that they can sell at a slight loss, and buy a bargain.

Tibor I Olah (suttton group results realty inc.Brokerage)  Don't get me wrong, I love a good staged home, but if the home is gorssly over priced what is the point?  We move on.  A professional will not even waste thier time putting in a bid on a grossly overpriced home.

Simply and clearly stated and such accurate advice for those who will listen.

Jim - In our market where the inventory is finally starting to level off but properties on still staying on the market longer for a longer period of time.  I don't care whether you dress it up or dress it down, how many open houses you do or how much hard earned money you spend advertising, we're all spinning our wheels if the home is not priced correctly from the start.

Amen!  One thing though....I have seen listings that have presented the property is a terrible light and have been shocked at how much nicer the property is than the on line presentation.  So seller need a full time professional REALTOR!

Jim,

The fact that over 60% of our sales in Las Vegas right now are bank owned properties confirms that price is everything. I know REO agents that do little if anything when it comes to marketing and they are selling Las Vegas homes left and right -- all because of the price.

The top bloggers and top position holders for Las Vegas real estate are not doing near the business as some of these real estate agents. And it's all because of having the listings at the "right price".

Christine Donovan Costa Mesa Real Estate (Broker/Attorney) (Donovan Blatt Team - Donovan Group Realty)  Sellers need to know this isn't rocket science...just the laws of supply and demand.

Donna Bigda, Realtor®, ABR, SRES, e-PRO Branford Connecticut Real Estate (RE/MAX Alliance)  Thank you!  I will also edit this story to add open houses!  So true!

Jean Groesbeck-Windermere Anacortes - La Conner and Anacortes Homes For Sale (Windermere Real Estate/Anacortes Properties)  I can agree with that.  Instead of being listed, they need to be listed with someone that takes the job of selling their home very seriously.

Las Vegas Real Estate - Paul Francis, ABR,CRS (Coldwell Banker Premier)  Price is everything.

B-I-N-G-O was his name-o!!!

I had to teach another agent who has been in the business for several years the value of pricing correctly.  She said, "what if they don't want to put it in your range".  I said then I don't take the listing!

WHY WHY WHY list something that isn't going to sell?

We have started a while back to integrate automated reductions in price along the listing (45 ,120 days) that if the seller does not approve the agent has the right to cancel the listing. Its all about pricing and timing in this market

Great post, No traffic = no sale. Recently had a seller complain that the flyer was the reason for no offers!!!??? We dumped that listing...

Some markets, like the one I'm in, there is no apparent rhyme or reason to the prices being set for homes in our area.  They are all over the map.  Sometimes local offices just create a lot of confusion about where a price should be set so buyers keep wondering what they should buy and will someone dramatically lower a price again -- so buyers will sit on the fence. ~ Evelyn

Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)  Cute!  I think some agents think that getting the listing is a laudable event worthy of praise and admiration from their peers.  It isn't, and I am with you!

James Engel KW Beverly Hills (Keller Williams Realty Beverly Hills)  I agree that price is everything.  I try to get the right price the first time around.  The sellers will net more in the long run.

Get Us A Home Realty - Frank & Jodi Real Estate Brokers  The flyer?  LOL!  Maybe the right price of the home on the flyer is key!

Property Connections Realty Inc  In every market prices are all over the map.  We have had a rush into the business of a lot of new agents in the last few years.  Inexperience has infused a dysfunctional component into pricing a home.  It isn't making any sense.

It's difficult to get sellers to understand how quickly the market loses interest in their home.  As has already been stated: At the right price the house will sell.  After the 10th price reduction no one is paying attention anymore.

Terri Visser, CRS (Desert Sky Real Estate, LLC)  My price reductions and education of the seller are before I list.  I very seldom ask for a price reduction once the home is listed.  This year has been the exception to that rule.  If a home is priced right, no one should have to ask for many price reductions. 

I agree.  Homes priced correctly will move even in a slow market.  The indicators of an overpriced home are:  lack of agent interest, no showings (or very few); lack of consumer interest, limited open house activity, long periods of inactivity, etc.

Jon Wnoroski, Summit County Realtor (Geneva Chervenic Realty, Inc.)   You are so right.  Sellers need to stop blaming their agent when they are over priced.  It isn't the open houses, the ads, the brochures, the staging, the classifieds. 

It is the right price that matters!