We Do Not Want to List Your Over Priced Home

Posted on February 28, 2012 by Terry & Bonnie

Some sellers don’t understand the current real estate market.

They have fuzzy visions of listing their home: flocks of eager buyers will

ascend to their level of home ownership and buy an overpriced house.

They believe in the words of comic Judy Tenuta, “ It can happen! “

I hate to have to break the news to many optimistic sellers BUT

– it ain’t gonna happen! Buyers with adequate funds have researched

their area market. They are probably working with a seasoned agent

who has helped to educate them about the local market. If you are

overpriced by any amount, buyers just don’t look at your home seriously.

We recently made a listing presentation to a seller that had his home

for sale for over a year by another agent. An overpriced year, overpriced

by about 1/3 of current value, so not even close. Results: the seller had

1 showing in a year.

We had a heart-to-financial-heart talk and we gave him the facts.

Even if he found someone dumb enough to pay what he was asking, it

would not close because the home would not appraise for even close to

his price. He argued that someone with cash could buy it. In our experience,

people with that kind of cash are not careless with their money.

We encouraged this seller to get an appraisal so he could make a

decision about selling for market price. This information came as a shock.

Sadly, the reality of a home’s worth today is a shock in many cases.

The seller wanted to know why his former agent hadn’t explained this to him.

Yes, we were curious, too.

We do not want to list your over priced house. We read industry experts

and they predict further price erosions later this year. Whether this

happens or not, sellers should get an independent appraisal if there is any

question about their home’s value.

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The authors of the this blog write about Grand Rapids Real Estate,

the Greater Grand Rapids MI area, and what it is like to live in

West Michigan. We believe: Grand Rapids is a Great Place to Live!

Westbrook Realty Grand Rapids MI Real Estate

Contact Terry 616-292-7263

OUR FLICKR PHOTOSTREAM

Pricing Your Home is Crucial to the Sale

Posted on October 10, 2008 by Terry & Bonnie

Pricing Your Home is Crucial to the Sale

When we sit down with potential clients to list their home, there are so many

issues and hot buttons to discuss. Inevitably we come to the one where we

really have to agree to get the home sold quickly and for the most money-

PRICE

Most homeowners want to start high and then come down – if they have

to – to sell. Of course, they are hoping their home is an exception, it will

sell for more than the market value of all the other homes in the area.

We see this over and over again.

If you don’t price your home within the price bracket it will eventually

sell for, you are hurting your chances of selling it for top dollar. If you

price your home correctly – You are not giving away money!!

Money, Money, Money

I repeat,

YOU ARE NOT GIVING AWAY MONEY.

This phantom money that you think you might get if the one person

comes along who will do anything, pay anything to own your “special”

home does not exist.

Let me repeat that –

The uneducated buyer with money falling out of their pockets,

sprinkled in fairy dust, so you can make the money you would like to out

of your home sale —– DOES NOT EXIST!!!

You are not letting go of money, you are letting go of the dream

scenario where you get the price that is 25-30% over market value.

It isn’t going to happen.

What will happen, is your home will be posted on the MLS, online,

many places where buyers can look at it. Buyers then compare your

price to others, and say, why would I buy this house?? There are

10-15 others I can look at that are competitively priced and look great.

Then…. they are gone.

They don’t come back and revisit your home as an option.

Other homes are new on the market to consider. Yours has been rejected as:

too expensive
too much work
not what they are looking for

The first month your home is listed is usually the only month that gets

high traffic. Some of our sellers will listen, most don’t.

Sadly, two, six, eight months later, we are still trying to get them to

agree to the price they should be listed at, if they want their home to sell.

Chasing this downward price spiral is not the best way to get top dollar

from your home. When it first hits the market it has the most exposure

and best chance of getting the best price!

Photos from Flickr Creative Commons photostream

http://www.flickr.com/photos/quinnanya/2904370326

_____________________________________________________________________________

The authors of the this blog write about Grand Rapids Real Estate,

the Greater Grand Rapids MI area, and what it is like to live in West

Michigan. We believe: Grand Rapids is a Great Place to Live!

Westbrook Realty Grand Rapids MI Real Estate

Contact Terry 616-292-7263

OUR FLICKR PHOTOSTREAM

Yes, Mr 2008 Seller, I would like your house SOLD!

Posted on August 6, 2008 by Terry & Bonnie

Mr/Ms 2008 Seller, I would like to have a

heart-to-heart talk about selling your home.

I know you think real estate sales people are just out for a quick buck.

We want to put a bargain price on your home so it sells quickly which means

we get our commission check. Cha-ching!

This might be the scenario in some cases. Heck, there are bad apples in any

profession. I have been selling and listing homes for over 35 years and I have

seen a lot of sold homes and a lot of real estate professionals working in this

field. Most of them are nice people who make their living by listing homes

and trying to find homes for people to buy. We offer a service. It might not be

for everyone – not much is. We have a unique perspective. We work with lots

of people to sell their home and buyers buying homes.

We know your home is special to you – you live there!

Home Sweet Home

We are here to give you the market conditions for TODAY, whether either

of us likes it or not. We don’t decide the market conditions – wish we could.

We would be happy to have houses selling for close to what they are worth

and in 30-60 days. We would take that market any day.

BUT THAT ISN’T THE CASE TODAY!!

Seriously, I WOULD LIKE YOUR HOUSE TO SELL BUT I NEED YOUR HELP!

You need to listen to what I am telling you about the market in your area

and what homes are selling for. The home buyers today are able to get

more information than ever before. They know what the house down the

block sold for, they know that a foreclosure home sold in your area for

much less than the true value, and if you are desperate to sell, they can

take advantage of you. The average buyer would like nothing better than

for you to be in a desperate financial situation so they can get your home

at a bargain price.

The bottom line is: If you price your home correctly

AND have it in very good condition, it will sell.

Photo of Victorian Home Front Door Entrance by Bonnie Westbrook

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Tag Archives: pricing your home to sell

We Do Not Want to List Your Over Priced Home

Pricing Your Home is Crucial to the Sale

Pricing Your Home is Crucial to the Sale

PRICE

I repeat,

YOU ARE NOT GIVING AWAY MONEY.

Then…. they are gone.

Yes, Mr 2008 Seller, I would like your house SOLD!

Mr/Ms 2008 Seller, I would like to have a

heart-to-heart talk about selling your home.

BUT THAT ISN’T THE CASE TODAY!!

The bottom line is: If you price your home correctly

AND have it in very good condition, it will sell.