Home Buying in 12065>Question Details

Chloe, Home Seller in 12065

If a home isn't selling because the kitchen needs updating, it is better to reduce the price or note "motivated sellers looking for

Asked by Chloe, 12065 Fri May 13, 2011


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Sally Grenier’s answer
I hear this argument all the time. Sellers say "just bring me an offer!" But if you're priced too high, you aren't going to get an offer! A house that's priced high (or have outdated fixtures) compared to the active & sold comps in the area sends a message to buyers (and their agents) that you are not motivated to sell and you're being unrealistic. Nobody wants to deal with an unrealistic seller. If you really are motivated, your price would be lower and you would have received an offer by now. Reduce the price, cut your losses and move on. Good luck!
Web Reference: http://www.sallygrenier.com
1 vote Thank Flag Link Fri May 13, 2011
The listing price is clearly the single item that can sell a home quickly, Not to say that you cant attract some attention through marketing as well....
If i can help in any way.... Here is my contact information
Dennis Evans
Coldwell Banker Prime Properties
0 votes Thank Flag Link Tue May 14, 2013
Price is usually the best way to go. Many of my buyers are afraid to put in a lowball offer even if the "sellers are motivated."
0 votes Thank Flag Link Thu May 9, 2013
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 “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”
Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” 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.)
Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.
Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
0 votes Thank Flag Link Fri Oct 26, 2012
In that price range, in the Clifton Park area, people are going to want to see bells & whistles. Updated kitchen and baths. I would say look at your competition, even do some walk throughs with your agent to see them. You will have a better feel for your home in comparison and with what you are up against and may be more able to better price your home.
0 votes Thank Flag Link Wed Aug 15, 2012
Thanks. We are in neighborhood of $350-600,000 homes. We do not have cash to replace dated countertops etc to help sell as a showing agent recommended. Today we reduced price by $10,000 to 464,900. Will this reduction help us instead?
0 votes Thank Flag Link Sat May 14, 2011
I have nothing to add to what Sally offered. Price it right.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Fri May 13, 2011
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