Maria Didia, Real Estate Pro in 10314

YOU PRICED IT TOO LOW

Asked by Maria Didia, 10314 Sun Jul 15, 2012

This question was asked from http://www.trulia.com/homes/New_York/Staten_Island/sold/1315…

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Answers

7
If you are referring to Trulia's estimate, it may be incorrect. But again, it is just an estimate. You can report this to Trulia by clicking the "Too high? Too low?" button next to the estimate.

Amy Liu
East Coast Realtors, Inc
0 votes Thank Flag Link Sun Jul 22, 2012
LISTING 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 “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 Sun Jul 15, 2012
No I didn't. Neither did Trulia. Only the homeowner prices a home, hopefully with input from his/her Realtor. And that's a matter between the seller and his/her agent. If you're referring to Trulia's estimate, it could understate the true value. But we won't know unless it's put on the market and we see what it sells for.
0 votes Thank Flag Link Sun Jul 15, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Everyone has their own opinion. You most likly have a home close by.
0 votes Thank Flag Link Sun Jul 15, 2012
The trulia estimate is just that, i often find them incorrect. You need to click on the link on the listing page to report it, they probabily wont see your comment here in the QA section.
0 votes Thank Flag Link Sun Jul 15, 2012
Hello Maria, yes the Trulia estimate does appear to be priced too low. You can communicate this by clicking on the too low words to the right of the estimate.
0 votes Thank Flag Link Sun Jul 15, 2012
I pulled up the listig but don't understand what it is you're asking.
0 votes Thank Flag Link Sun Jul 15, 2012
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