Posted by
Houston Real Estate "Keep You In The Loop" on Sunday, March 16, 2008 2:51:12 PM
The number one mistake home owners make when choosing a Realtor to sell their home is...
Most home owners will pick a Realtor based on the price a Realtor suggest they sale their home for. What this will usually do is make Realtors compete to see who can over price your home by the most. It is very important to remember that NO REALTOR is able to set the price. The market dictates what the current value of your home is. If you have a Realtor that tells you that you can try a price that is higher than what the true market value is RUN! It is a fact that you will get the most traffic to view your home in the first two to three weeks of it being listed. Let's say your home's market value is $250K but you list the house for $325K. If the home is over priced you will not get your homes TRUE BUYERS. You will get buyers who are looking for a home in the $325K and up area. They will view your home and will not make offers because their agent is showing them all the other homes in the area has sold for around $250K. Your home's TRUE BUYERS... People who are looking to spend around $250K will not even look at your home... because when an agent does a search your home home will not show up because it is in a totally different price point. Now, what you end up doing is blowing the most active time for selling your home. You will eventually drop the price once showings either slow to a crawl or stop all together. More times than not you end up having to sell your home for less than market value because it ends up on the market for a much longer period of time. Think about it... what is the first question you ask your agent when viewing homes? (how many days has it been on the market) The more days on the market the more buyers think either something is wrong with the house or the more buyers think the owners will discount. If you price your home right at the start you have your best chance to get it SOLD FAST!