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if it's your realtor, and he thinks the house is worth more than you do... why don't you just "overrule" him.. it's your house, and it should be priced at your price.
Don't allow your realtor to run roughshod over you, and potentially cost you weeks, and dollars. Tell them that you want the house priced lower (to the amount you suggest) and you want it fixed by close of business today!
Of course, I agree with Elvis (although he really needs to lay off the snacks).
I notice your in WA. It doesn't appear your market has been hit so bad. Make the realtor show you viable comps to support the price he suggested. If they seem accurate and you still want to go lower, it's your call. You can try the suggested price for a month if the comps support it, and then cut before that gigantic spring rush to buy comes.
I'm beginning to think that in this market, the psychology of it being a 'good deal' is seeing some price reductions in the process. Maybe that's his strategy....price it, then go down to where it will really sell. Just a thought coming from a buyer's perspective.
I think "price it then go down"... is a terrible idea, you need to get to the "go down" stage as quickly as possible. By the way, I also think that applies to selling homes ;-)
the rest of the market is "going down in flames", you need to be ahead of the fire. With the foreclosure levels i am seeing, buying, and inventory, this is no time to be cute or hopefull. Price agressively immediately.
LOL Elvis, I keep telling myself that too.
I agree with Price then go down is not such a great idea in this market-
I was just wondering what the Realtors may be thinking to justify this- I have looked at the comps and the price they think is appropriate is on the high end of average- although my house is nice, I am not so sure buyers are willing to pay more then the average even for an exceptional home- that whole "market" price idea- lots of homes on the market, new and resale, and some anxious sellers and buyers, I think a lower price when possible is probably the best way to hit the market running-
I am also dealing with a husband with stars in his eyes- UGH... I need to beat some sense into all of them...
I am going to hit some open houses and get a better feel-
thanks
Remember your price has to be below average/appropriate to catch buyers on this downward curve. My last agent recommended a high listing price, but we went $80k lower instead, based on what a different agent presented.
I too am dealing with the husband with stars in his eyes. Try telling him how much property values have declined in the past month or 6 mos. Also explain that with the downward value trend, if you are too high, you miss the buyers entirely. This is not just a theory - trust me, after 18 mos on the market, I know. No matter how nice your house is or how you can substantiate your price, it has to be rock bottom LOW in order to sell.
18 months- ugh. I am dreading keeping the house show perfect for even 3-4!!! My family totally does not get the basic rules of showing- therefore I am stuck up at 4am every morning and running like mad till bed time every night- no fun at all..
I sure wish we did not have to move- this is just not the time.... hopefully we have done enough improvements(75 k market value improvements- do to talented family we did them for materials only) that we end up at least breaking even on this house-
Has anyone else noticed how little corporations are willing to help in moving now? Guess I can't blame them... figure I will leave behind all the furniture I can- cheaper to replace then pay the huge price on moving the stuff cross country...
I think I need a big glass of wine tonight :-)
dinydeek1
If you read ELV!S or Marci's posts at no time did they post that you should go in lower. They were only of the mind that your realtor should respect your wishes. Rob, on the other hand, was adamant about going low immediately. His stance on home prices is well documented, and right on in the vast majority of markets. If the market there is as you describe it, I still find it hard to believe it's like Rob's, FL, or CA, but in any case being on the high end is not good. A lot depends on how far apart you are from the agent's suggested price. If it is a lot, why not split the difference initially, so if you have to go down to your price it would still be a significant drop. You could know in as little as two weeks what to do by the interest shown. However, in no way do want to send any signal that you might be doing regular small decreases, so that drop does have to be significant.
He is leaning toward 525 I am leaning toward 514- He explains that when the realtors pull homes to show it would be pulled for the same buyers since the pricing is so similar- we are agreeing to wait till the end of Feb with more research on both our parts to decide the listing price... I have been watching traffic on homes local, and it seems the interest is best that first month- I would very much like to land a sale when folks are most interested... Comps say 503,000 is the average listing price(20 different comps) however our market value (hardwoods throughout, granite, white millwork, custom body jet plumbing in shower, 18 tiles, etc is really over the top. for our range- so I would like to still stay as close to average as possible- that way potential buyers realize that it is a good deal- a little security on their potential resell...
Did that make any sense? Already tapped into the wine!
I am a glass half full and feel very lucky to be in the Seattle market- the market is bouncing upward crazy right now- everyone is pleased. Plus Bothell area has been steady on appreciation,... only concern is tons and tons of new construction-
It is complicated- I plan on letting my Realtor worry about whatever I can push his way- tell me what to clean, stage or paint and take care of the rest :-)
dinydeek1
Not anywhere close to being far apart enough for my suggestion. Stick to your guns.
Darnit! Now I wamt a Shiner Bock. Definitely disregard any further postings by me tonight.
He is leaning toward 525 I am leaning toward 514- He explains that when the realtors pull homes to show it would be pulled for the same buyers since the pricing is so similar-
It may pull up in that range. Or the cut off could be 520. But still if the buyer is looking a homes between 500 - 525, and all things being equal, it's more likely for the buyers to make an offer on the one that's priced lower.
That aside, agree with Marci and Elv!s. Agents should provide you with comps, advise you (with facts to support their position) but ultimately you are the client and your wish should be their command (as long as your wish is legal and ethical).
DinyD,
All has been explained well. While I have no idea what your market is like I know that things can change before you even realize. Maybe revisit this in a week or two and tell your agent where it’s at
Since October 2009
Ask your realtor to take you on a tour of your competition. Be objective and honestly ask yourself how your house compares to those homes. Sold comps are great but those homes are no longer for sale. If your house is not in the top 3 at your price range consider making the adjustment sooner not later. The longer you keep your home overpriced the larger your price deduction will need to be
You do need to me sensitive to the market when pricing a home. It is the market itself that determines what a home is wort. Yes, you are correct that an overpriced home will sit on the market for weeks and weeks, when one that is priced right will sell.
I have a home listed that has been on the MLS for two weeks and we already have 2 interested parties. It will likely be sold this week.
The home is listed below market.
LOL, Elv!s. I gotta say, though, it's hard to tell whether your avatar is coming or going there....
ROFL. So is your butt.
Yeah, well, now you can always turn the other cheek...
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we picked a Realtor but...
dinydeek1
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We love the realtor we picked, but I think the price he thinks our house is worth is too much-
I am hoping this will sink in with the Realtor over the next month....The last thing I want is to sit on the market- after interviewing other realtors, they all seem to think it should be listed higher as well- not that I am against making some extra money, but I have seen what happens to those who do not capture the interest right away-
Any suggestions?
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