Real Estate News

Strategies for Selling in this Market – Part 2

Buyers are pretty savvy these days thanks to the internet and know value and examine comps.  It is in nobody’s best interest to over price a home in this market because in the end when the prospective buyer goes to obtain financing they may not be able to get a mortgage.  The home simply won’t appraise out by the bank appraiser and the deal may fall through, in addition more time has been wasted on the market making it subject to more price decreases.  There is a lot of competition in our local area of Stamford, Greenwich, Darien and Fairfield to name a few.  Prior to any buyer placing an offer, it is their Realtors responsibility to do their due diligence and advise them based on similar home sales where they should be thinking about submitting an offer.  In a nutshell, Realtors deal with home sales on a daily basis and should know their respective market like the back of their hand, this is what you are paying for when enlisting their services, it can only benefit the seller to take their advice to heart.  Consider this example, I call it my dollar bill theory:

 You are out shopping and two vendors are selling dollar bills.  One is selling them for $0.95 and the other is selling them for $1.05.

The question is, who do you feel the consumer will purchase the dollar bill from?  Someone who has it overpriced or someone who has it priced accordingly or slightly under value?

Given the current market conditions I strongly urge you to take this example into consideration.  Pricing your home realistically initially will achieve the maximum price in a reasonable time period.  In addition, a home that is priced right from the beginning achieves the highest proceeds.

More importantly, trust who you enlist to sell your home.