If you are trying to decide what to sell for, or what you should offer, you should find a realtor who can give you the comparables that they would use. More important than how far away in certain areas, is how recently they were sold,... more
Again, I thank you professionals for taking the time and interest in answering our questions/concerns. I contacted our former out of state realtor for her advise as well. As you all have said or confirmed...it is indeed time to hire a new real estate agent.
In other words, we as the clients, have the right to request stats! That is actually part of a realtor's job, right? As Ms. Debbie Livingston and our Chicagoland realtor Jan McNulty both confirmed...Realtors need to provide feedback in various forms to their clients.
Look out Western Kentucky realtors...It's time you actually begin "playing the game" the right way for your 6%!... more
There is a heck of a lot of difference between SELLING and MARKETING:
I would characterize SELIING as TALKING
and MARKETING as LISTENING
Without offending you or your Agent; if your house hasn't sold, and its been a while; then it is PRICE.
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.
Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called â€œchasing the curveâ€) and Buyers will be asking the question; â€œWhatâ€™s wrong with that house?â€ and â€œWhy has it been on the Market so long?â€
Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; â€œArenâ€™t you obligated to sell at this price if someone offers it?â€ The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)
We have found that extremely often, the LISTING PRICE that is set on SHORTSALES and REOâ€™s are not determined, nor even discussed with the Bank: The banks play their cards very close to the vest, they will not tell the Listing Agents any more than they have to; they will not give us their lower limits. So usually, the LISTING PRICE on a distressed property is a number taken out of the air.
Have your Realtor do a new CMA, (Comparative Market Analysis) to help you determine your Offering Price. If you look at enough CMAâ€™s, you will see the trends.