I want to list my house for 350 thousand, my Realtor is telling me that the price should be 325 or lower because my Kitchen and baths are 40 years old

Asked by sal, Camp Verde, AZ Thu Jun 27, 2013

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Annette Law…, Agent, Palm Harbor, FL
Thu Jun 27, 2013
Sal,
Here's the rub.
IN two months it is highly likely you will be on Trulia stating, "My home has been on the market and I've received no offers and just a few showings. I don't think my agent is doing their job!"
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This is EXACTLY what happens if the list price of your home is 15% away from the value expectation of the buyer. Read carefully, VALUE IS EXACTLY WHAT THE BUYER SAYS IT IS!
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You are paying your agent for their professional experience, resources and guidance. What agents can not do is save you from yourself.
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So, what will you do?
2 votes
Darrell Hess, Agent, Asheville, NC
Thu Jun 27, 2013
If you don't like what the Realtor you hired tells you than go at it alone. Your agent is trying to get you showings. Without showings there are no offers and without offers there is no contracts and no contract means no closing or selling your home. I'm sure there were comps used to get the value your house should sell for. If you have not seen them ask for them. Good luck.
0 votes
Alan May, Agent, Evanston, IL
Thu Jun 27, 2013
It has less to do with "your kitchen and baths being 40 years old" than it has to do with "how does your home compare to other properties that are currently on the market, and those that have recently sold.

Your Realtor is trying to tell you that based on the comparables (for sale, and sold) your house, in it's current condition (dated kitchen and baths) should be listed for $325,000 in order to attract viewers. Now that doesn't necessarily mean it will sell for $325,000... but at least it will be in consideration by viewers.

He's probably also trying to tell you that at $350,000 you'll be pricing yourself above the market, and that viewers, if you should have any, will be disappointed based on the competition that's out there.

Ask your Realtor to show you (if they haven't already) the listings and sales they're using to compare to your house, and try to be objective when viewing them.
0 votes
Fred Herman, Agent, Staten Island, NY
Thu Jun 27, 2013
The knowledge and experience of your Realtor is valuable asset, so make use of it.
0 votes
Ron Thomas, Agent, Fresno, CA
Thu Jun 27, 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
Gail Gladsto…, Agent, 11743, NY
Thu Jun 27, 2013
Sal,

Bravo to your Realtor for telling you like it is. Over pricing will cost you plenty of time and even more money...you will be chasing the market.

I am sure you Realtor is showing you comparative sales to justify her opinion...follow it!
0 votes
Maria Cipoll…, Agent, Coral Springs, FL
Thu Jun 27, 2013
Did your real estate agent provide you with a list of homes sold in your area? If you have it, please review it with your agent again. It is wise to get a second and third opinion.
Ask your agent to do a broker open house and get feedback from different agents.

Best of Luck,

Maria Cipollone

http://www.Flahomespecialist.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Jun 27, 2013
Have you reviewed comps, recently sold similar properties in the immediate area, if so what did the data suggest....
0 votes
Thomas Brady, Agent, Plainview, NY
Thu Jun 27, 2013
Tricky question, when you say "my realtor" do you mean you have signed a contract with them? If so then confer with them and go over the CMA they likely provided you with to come up with the suggested listing price. If you aren't under contract invite a few other agents over and have them prepare CMA's for you also. Go over each CMA and have the agent justify their price recommendation with sold comparables.
Tom Brady SFR, e-PRO, SRES, GREEN, BPOR
Lic. R. E. Salesperson
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com http://www.SuffolkFreeCMA.com http://www.NassauFreeCMA.com
http://www.QueensFreeCMA.com
#1 Listing & Selling Office on Long Island
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes
Scott Godzyk, Agent, Manchester, NH
Thu Jun 27, 2013
You need to ask them for a copy of the comps they used to come up with that value, see what is the age and condition of the comps and a just accordingly, listing your home too high leads to no showings. If you are right, the comps will show you and list at your price.
0 votes
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