Bob voge, Real Living Realty Services
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.)
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.
However, if your home was significantly overpriced to begin with, a deeper cut will be necessary.
Do you want to stay? Or do you want to go?
Have your agent do a market analysis to see what a fair price point would be.
Remember that buyers and sellers create pricing... we just report the statistics.
Priced at market value, you should have an offer in 60 days.
Best of luck, and I hope you get a workable offer soon!
Coldwell Banker Heritage Realtors
Well, ask your Real estate Agent to provide you with recent sales in your area. That will give an exact idea if your property is overprice or is in the right price to sell.
You have accurately described this issue. The solution, however, is not so apparent.
The right solution for you depends on the goal and timeline you are working with.
Your real estate professional will be able to discuss with you the 'value bracket" (not list price) that buyers are embracing regarding homes like yours. Exceed this bracket and silence will be your enduring travel companion.
After proper value analysis, choose the marketing strategy that will result in meeting your time parameters.
With the absence of any relevant market data, one can agree that blindly reducing the price will produce better results than doing nothing. This practice of accidental real estate (blindly reducing the price) is the easiest approach, but may not be the most beneficial for you.
Consult your real estate professional, then advise hubby, he's has played and hand and should remain silent and refrain from second guessing the professional you have hired.
Best of success in selling your Ohio home,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
The best way to ensure your property will sell is to make sure it is listed at current market value. Have your Realtor do a Comparative Market Analysis (CMA) using SOLD comps within a 1 mile radius of your property (the closer, the better) that have SOLD within the last 3 months. This will give you current market value.