Home Sale Pricing Question

April 20, 2017, 06:11 PM

Rely on what YOU think, not what your realtor thinks.

My son put his house up for sale. When he told me how much, I told him it was too low, but he said no, his realtor told him that was all they could get. I told him to call the realtor immediately and up the price.

The very first couple who looked at it, said they would take it before they left. The second couple who came thru said the same, but said they would pay more than the first couple.

It was sold to the first couple on the first day of showing. I told him he should have asked about 20k more. The realtor wanted a quickie sale.

April 20, 2017, 06:16 PM

Rey HRH

quote:
Originally posted by smschulz:
quote:
It's more important for us to get as much as we can, not sell as quick as we can

...which is the opposite direction of your realtor.
Need I say more?

That's about right. On the other hand, the realtor wants to price it as high as can and still sell it fast. The price difference could still allow him to price at lower than $133 a sq ft and still sell quickly.

Another thing is the realtor may have done everything already at the previous price and people are loathe to go back and redo their work if there wasn't really anything wrong with it. I would rather just go and have less work.

"It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946.

April 20, 2017, 06:21 PM

JALLEN

quote:
Originally posted by Aquabird:
Rely on what YOU think, not what your realtor thinks.

My son put his house up for sale. When he told me how much, I told him it was too low, but he said no, his realtor told him that was all they could get. I told him to call the realtor immediately and up the price.

The very first couple who looked at it, said they would take it before they left. The second couple who came thru said the same, but said they would pay more than the first couple.

It was sold to the first couple on the first day of showing. I told him he should have asked about 20k more. The realtor wanted a quickie sale.

That's how you know there was a mistake.

Until you have a buyer ready, willing and able to buy, you are left with only opinions. To complicate matters, the market is constantly moving.

I had a fellow with his house on the market for $290,000 for months and months. He listed it eventually for $310,000 and sold it almost immediately.

The state of the economy, interest rates changes, local employment dynamics, time of year, all exert pressures.

When you are active in a market, you can sometimes sense the vigor of the marketplace, the ups and downs, activity. The trouble is you can rarely act quickly in real estate to get deals closed, and until they are closed, you might not have a deal.

Luckily, I have enough willpower to control the driving ambition that rages within me.

When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson

"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown

April 20, 2017, 06:26 PM

FishOn

I'd also say to be aware, if you are in an up-trending or down-trending market. We bought our current home in 2010, and the seller had it listed for almost 2 years, and reduced the price multiple times. He could have sold it for much more than we paid, if he understood the market trend. You need to sharpen your pencil if the market is trending down. Comps don't mean much if the market is already 5% lower than 3 months ago.

April 20, 2017, 06:33 PM

sig229-SAS

Pricing the home lower than market makes it sell quicker and a lot less work for the agent. It's your home and your deal, let him work a little harder. You can always come down or accept a lower offer.

All that said, the appraiser is the 500# gorilla in the room, the value has to meet the banks guide lines for the home's value.

April 20, 2017, 06:37 PM

Graniteguy

To be honest - if you work close by your home and can show it on short notice (or have someone who can) - you are far better off selling it yourself.

I have sold 2 homes on my own - one for $300 on Isoldmyshouse.com and one for 5K in buyers agent fees only.

Most realtors will underprice your home for a quick turn if they can.