Oops, Didn't I Tell You How it Works?

Got a call the other day from my sister who lives in Oregon. She and her husband want to sell their home and move back to California. They have had it for sale for a while without any activity. Out of frustration, she called me and asked for help. In case you haven't noticed yet, I live in Hawaii.

You may wonder why she didn't call before. Sibling rivalry, you choose your friends not your family, etc. I don't know. I think I'm a pretty easy person to talk to without being judgmental - - oh yeah, she's my baby sister. Maybe a little judgmental : )

During the conversation, I found out that she has had it on the market for a year without any showings. After going through the positives and negatives of the property and because I don't know the Oregon market, I asked if she believed it was priced correctly. She said she did. We went on to discuss other things about the property and then I asked the question a different way, "did your agent show you some market comparables." She said that he had not but quickly added that she needed to get "X" amount of dollars when it sells. Okay!! Bingo!!! Here is the problem. Lil Sis just priced her property way above market value, roughly a $100K above market value on a property worth less than a half a million dollars.

I explained to her that thinking that way she may not be able to leave Oregon for another 20 years if she is lucky. We went over why pricing is important if you want to sell and about why its important if buyers need to get a loan, etc.

I referred her to an agent in her area to go over market comparables and to discuss what her property is worth to a buyer. I called Lil Sis after she met with the agent. The meeting went well but Sis still had a problem with pricing. What the agent said to her as she left was perfect!!! She told my sister to look through the multiple listings as if she was a "buyer" and see what she could purchase for $450,000 and then compare those properties with hers. It was a real eye opening experience for her. I am so going to use that line!!! Thank you Emma!!

Lots of Aloha,

Karla Casey
Principal Broker
Casey & Associates