Originally published in Diane Guercio’s blog.
I have read a couple of articles lately about overpriced listings. Why would an agent accept a listing on a home that had little chance of selling, particularly in a buyer’s market? Here are a few reasons for doing that – unfortunately none have to do with benefiting the seller. Other thoughts about this can be found on this thread on Zillow.
In our area, even tacking on $20,000 as negotiating room is a bad strategy. Look at the list-to-sales-price numbers in Worcester county (thank you, Trendgraphix):
The number has bounced around between 95-97% of sale price to current list price. In other words, buyers are pretty much waiting until a home is priced right, and not negotiating all that much. If you overprice your home by 10% in anticipation of negotiations, buyers will just wait until the lack of offers forces you to adjust your price.
In our area, regular buyers (not investors) expect a home that is move-in ready. They do not want a roofing allowance or flooring allowance – they want those issues to already have been addressed.
Or (from a hand-out that we give to sellers):
This publication was put together and tweaked by our broker Gerry Bourgeois. Great advice.
Thinking of selling? If you want to be a seller, and not just a person who is listing their house, you need to correctly price your home. Call our office for the latest information to help you price your home. Our agents will show you what is selling in the area and help you to come up with a realistic starting point.
We are moving to Gerry's blog at RealtyMan.com! Meet us over there for listings, local information and things to do in Massachusetts.
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