Thank you for visiting the blog to have a look at my recent video on the importance of pricing homes correctly. You see, when it comes to finding the right price for your home, there’s a sweet spot. Too low and you’ll lose money, too high and you’ll get no offers. The key is to find a price that appeals to the buyer’s competitive spirit because that works to your advantage.
Let’s talk about the sensitivity of pricing in today’s market. How important is it for a seller to make sure that their home is priced correctly?
Sellers need to remember that it takes two to make a transaction. It’s not just sellers and what they want for their house, but it’s the buyers and what they will pay for the house. None of the buyers today are buying impetuously. Yes, it is a seller’s market. You have your real estate agent in because we can help you with pricing the house correctly.
Let me tell you a quick story.
I went in to give an opinion of value. And I often couple that with making suggestions to folks as to what they should do to the house to get it ready. And then what they can get if they do the work that I’ve suggested. Many people then want to do only some of the work but then want to price it at the higher price level. Work costs money, and they’re out on a limb here. They think we’re going to get money, and you’re asking us to spend money. It’s not unusual. In this particular case, they did some of the work, not all of the work and wanted to price it high. We did. I had 25-35 showings on the house. Everybody – the buyers – loved it, but it did not generate an offer. So, I asked the sellers quickly – after three weeks – to drop the price a hundred thousand dollars. They did. We now have an over asking offer accepted on the house.
It’s a perfect example of how important it is to come in at that right price. And lesson learned here is it’s important to really listen to your agent up front. If you’re going to agree to do the work, you have to complete all of it to get that price. Otherwise, you really need to lean on a professional to make sure that you have that right number.
Absolutely, and I can’t emphasize enough how important it is to do a lot of the work. The buyers today are coming in, and where I sell it often can take two incomes to buy that house. And because interest rates are still low, the buyers want to borrow as much as they possibly can. They come into a house. They don’t want to do any work. They’re going to buy the house on Friday, drop the kids at school, and go back to work on Monday. And they’ve spent all their cash on the down payment because they wanted to borrow as much as they could.
It makes sense to listen to your agent to get that right price. If it’s priced right, it’s gonna sell.
Please contact me today if you are looking for a real estate agent in Lincoln MA and surrounding towns. I gladly invite the opportunity to help you through the home selling process. In the meantime, please check out some of my advice on selling a home.