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If you're selling your home and you've priced it too high, what's the best course of action?

Asked by Trulia San Francisco, San Francisco, CA Tue Jan 29, 2013

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Steve West’s answer
A good start would be to lower the price to current market value. Another step is to communicate the new lower price to anyone who has shown an interest thus far. This message could invite them to take a 2nd look. It might also announce 7-10 day offering period with a deadline. This will likely get you several offers.

If you need any open house, marketing or staging information, please let us know!

TheGoWestGroup.com
0 votes Thank Flag Link Tue Jan 29, 2013
BEST ANSWER
Is this a trick question? ;-)

Seriously, if the market is like it is today, then the last thing you should have done is over price it. Agents need to be firm in their advice, and Sellers need to listen to the agent they hire... after all, why hire someone whose advice you don't want or trust? And sellers need to be cautious of the agent who quotes a potential sales price far in excess of everyone else they interview. Over pricing can cost you time and/or money. In today's hot market under pricing often gets you that "priced too high" price. Of course every market, and every property is different, so be sure to get a thorough value report and opinion from each agent you interview.

Rob Regan
Pacific Union
SFisHOME
0 votes Thank Flag Link Wed Jan 30, 2013
First of all, have a meeting with your listing agent and talk about potential buyers reactions and level of interest. Obviously, if you already arrived to the conclusion that the house is priced too high, that means it is and the only thing you can expect from now on is a low ball offer or avoidance. However, you need to send a strong signal to the buyers that you do intend to sell your home and you are willing to negotiate.

1. Officially lower the price, announcing it in MLS and all the marketing outlets.
2. Have your agent contact the potential buyers and their agents and allow him/her to confidentially communicate that you will accept a lower than listing price.
3. After testing the market with the newly lowered price, you will have an idea if a set offer date is appropriate and may be in the position to set a deadline.
4. Be realistic!

Alina

Alina Aeby-Broker Associate
Pacific Union International
http://www.bestsfhomes.com
415.744.4844
1 vote Thank Flag Link Tue Jan 29, 2013
If you know you have priced your home too high, REDUCE THE PRICE ASAP!!!

By having your home priced too high, not only is it not going to sale, but you are actually helping other RIGHT priced homes sale.

Buyers may view your home, then view one nearby which is priced right, and jump on the right priced home.

You are doing yourself and your poor agent a disservice by pricing your home too high!!!!

Kawain Payne, Realtor
0 votes Thank Flag Link Wed Feb 20, 2013
You best bet is to lower the price! In today's real estate market, you can never price your property too low. A plethora of overs will come and the selling price will be raised.

Good luck!
0 votes Thank Flag Link Wed Feb 20, 2013
After 2 weeks I would talk to my client and reduce the listing price. Show them the neighborhood comps so they understand the market value in their subdivision.
0 votes Thank Flag Link Tue Feb 19, 2013
If it is already listed and is on the market priced too high, you should first ask your agent why this was suggested in the first place. I would recommend reducing the price to be competitive and restart an agressive marketing campaign or relist with me and I will have it marketed and sold in no time.
0 votes Thank Flag Link Wed Jan 30, 2013
Many times a seller will not listen to the Lister and insist it is worth what they think. That is why the Lister (if they decide to even take the listing at the above market value) must get back seller and tell them that price is too high and it must be adjusted to be able to compete with the other listings. The question did not say that an agent listed it too high only that seller was asking too much. Perhaps there is no agent even involved and in that case the seller is flying by the seat of their pants and has no idea of market value.
Flag Thu Feb 21, 2013
Don't over price it from the beginning, otherwise drop the price and also review the marketing plan...they go hand in hand.

Chris
0 votes Thank Flag Link Wed Jan 30, 2013
With proper pricing your home is SOLD in 2 weeks with my program. Overpricing can be corrected but must be done after the srcond week on the market.
0 votes Thank Flag Link Tue Jan 29, 2013
It seems Alina and I have some time to spare today. I'm quite enjoying it. Of course she, in her civility answered your question correctly and most diplomatically. Was the writer thinking of perhaps, increasing the price? How about doing nothing and waiting for that proverbial sucker to make an offer? The next course of action for you is to enroll at USF and take Common Sense 101.
0 votes Thank Flag Link Tue Jan 29, 2013
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