You stated 'agents' not 'my agent.' Why would 'agents' not involved in the sale of your home 'low ball"?
You do not mention that you actuallly receive a purchase offer. Ablsolute silence (no offers) is the environment in which an overpriced home exists. The absense of pruchase offers CONFIRMS the assessement of those agents.
Invaribly, when I sit with a home owner and show them the REAL stats....show them that homeowners invaribly overpice their home by 30% at the start, then, after a season of absolute silence, realize AGENTS do not create the real estate market, but we do interpret the data and report the results...but the OWNER is the one who makes the decisons. Your decision must be such that it intercepts and attracts the buyer that fits best in your house.
Your respone is not atypical either. Most buyers and sellers who make a bad decision seek others to blame. "Are they trying to lowball me?" If they are not presenting you a purchase offer, a lowball DOES NOT EXIST.
Instead of soliciting opinions from strangers on the internet, you should direct your question to your real estate professional. You did hire one....RIGHT?
I agree that normally agents tell you your house is worth more to get the listing then sit down a few months later and have the price reduction talk. Never have I lowballed the value of a house so I am assuming the Realtors are pretty accurate.
There are a few things that you need to ask yourself when pricing your home for sale. What are other homes selling for in my immediate neighborhood? Are they similar in size? (+/- 5% is a good rule of thumb.) How fast do I need to move? Can I afford to have my home sit on the market? Are my updates and amenities similar to the comp homes that have sold?
But if you feel the need to be the most accurate, you can always order an appraisal for yourself. A bank may not be able to use your appraisal for financing your buyer, but it will be the most thorough opinion of value.
An agent's commission is usually tied to a percentage of what a house sells for. It would be good for them if a house sells for more. So why would they try to low ball it?
There are a lot of factors that go into reading comparable sales. Location, size, condition, premiums, nuisances, just to name a few. Odds are, they just don't think it's going to sell for that much, and want to save you the trouble of putting your home on the market and having it sit there.
Still, another set of eyes can't hurt anything. I'd be happy to take a look for you and give you my opinion.
Feel free to let me know if you have any questions.
It is great that you have the data but you need to be able to analyze it properly.
This is one of life's largest financial decisions, get all the facts and then check again.
I am sure the Realtors have done their due diligence and given you their best opinion. It is their fiduciary duty to do that. It is also their fiduciary duty to list your house at a price acceptable to you.
If you need my opinion on what would be the best listing price contact me, I'll be happy to look at it.
Anyway, if you are absolutely sure they are wrong, have it appraised. No, you canâ€™t use that appraisal once you find a buyer, only to document your value and maybe as a sales tool.
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Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.