Las Vegas Sellers: Pricing is Essential in this Market!

Renee you make some very valid points here, I always tell my sellers how important it is to make sure that we are NOT "chasing the Market" as I like to call it.  For example, a home priced at $300,000 to start with and they have had several price reductions and are now at $250,000 still active, still not sold... with each price reduction, they are 'chasing the market' vs just listing it for $250,000 initially, and it would already be SOLD!

The good homes, priced perfectly, are still selling FAST!

Renee... great job here.  We need to educate both the seller and buyer on reality and not perception.

Pricing is not important it is the only thing that will get buyers interested in the property. With the media harping on the issue it is a bit easier to get sellers to adjust their thinking but it is difficult to reduce you price to level some have to to sell. Thanks for the post.

By reading this post and the others posted, it is pretty clear that you are a learner and a teacher and we need more agents in the business across the country that strive to improve like you do in those efforts.

The PSS is what most agents are afraid to say and practice.

Great posts.....but could you remove the pool scene from your profile? Every time I see it, I wish I was retired, had lots of money and was sitting in that picture. Do you know any sweet older ladies (since I'm not young like you) that would like to have me as a guest? Probably not. Oh, well.

Renee,  It is amazing to me that with all of the publicity about the market being tight there are still honeowners who do not realize the market is adjusting downard,  Karen  www.e-virginiarealestate.com

Pricing is key right now but after the boom some sellers can not come to that reality.

I believe we need a Truth.com commercial for homeowners to realize what the market is doing! Like in Las Vegas, it's the same here in Michigan.  Homeowners must realize that Buyers are looking for value and what's the value of having a home overpriced by 20%. 

Price is everything in this market as well as condition!  I agree with you 110% percent.  I like reading your post

I believe sellers will adjust their expectations in 2008.  It takes time to accept loss of equity--also, only the serious sellers will keep their property on the market.  Without all the overpriced listings the market statistics will balance out a bit and bring the buyers back.

Renee, I'm glad to see that you refuse over-priced listings. If everybody followed that rule there would be a lot less inventory.

Bill Roberts

Renee, I would say this post is pretty straight forward. Folks can certainly still sell if they take your advice. But one things is for certain......they won't get lucky.

Renee, good honest straight to the point post.

New home builders have, indeed, led the market to sensible pricing. 

However, what buyers are out there are trying to bead the builders down to a point whereby it doesn't even pay to build a house.

I've got one of them now. 

I really like the p.s.s.   That is really awesome.

J.

EXACTLY!!!!!!

The PS-PSSS is priceless.  The first one is annoying, the 2nd more aggravating.

The 3rd one however gives a seller a sense of insecurity... they automatically think they sold for too little. 

Renee, PSSSS  Tell them what you expect right from the start and there will be less agravation!  Good Post!

Renee~ I love your "let's pretend" scenario, if a seller reads this they would fully understand the pitfalls of overpricing.  Grreat job!

Katrina:  BINGO was his name-o!

Jeff:  No doubt!  Thanks for including this in your new post!

Terry:  YESSSSSSS!

Don:  That's a huge community where that waterpark is situated so there are plenty of nice old ladies living there.  Work it and make it here!

Karen:  I think that may be the fault of sellers in denial or agents not giving the proper advice.

Jabin:  Another YESSSSSSSS!

Jimmy:  Don't know that condition is a motivator but price is!  I have my macro report coming out on Wednesday and the REO market (puke) is the best submarket in the resale market.

Norma:  It is becoming clearer and clearer what is going to sell and what is not.  Agents should just withdraw those listings.  I have when our market took a turn for the worse and the sellers would not listen.  I can do all the spiffy marketing in the world and not sell an overpriced listing.  I am a Realtor (R), not a miracle worker :)

Bill:  Thank you.  If you lived here I would send you the short sales because I don't do those either!

Bryant:  Even living in Vegas won't make you that lucky :)

Craig:  Thanks for the compliment and stopping by!

Lenn:  You and me both :)

Jeff:  LOL and true!

Daniel:  If you work with an agent who knows how to market to multiple offers then they don't have to worry about it.  "allow up to 7 days for offer response".  You have to already wait 7 for the banks for REOs and 30-60 on a short sale!

Rey:  :grin:

Lisa:  Thanks so much! 

I couldn't agree more with the pss comment. It's just not worth it. It only causes frustration between you and the seller, and in todays housing market, even the very best marketing plan isn't going to get the home sold if it's not priced right. Great post Renee.

Renee, that is right on the mark! 

Good job, Renee!  Thank you!

Vinnie:  I am nodding my head in agreement!  Thank you for the backup!

David:  Too bad someone we know doesn't use the same philosophy :wink:

Mirela:  You are welcome and thanks for stopping by and commenting!