Pricing high....Why is that a seller phenomenon?
I mean, the sky’s the limit, right? For the “right buyer” they’ll pay more, right? I mean, my house is so much better than others out there (and maybe it is) or there are no other houses out there, so certainly a buyer will pay more?
All of these things I’ve heard over and over....yet, it is rare indeed, when a seller prices high, any of the above things happen.
Because buyers are pretty smart. Information is at everyone’s fingertips. And even if the home is the only one on the market, and it has everything the buyer wants, if it’s overpriced—buyers would rather wait for another option. Because here’s the thing...eventually, there usually will be another option.
Fortunately for me, most of my sellers do listen to my pricing advice. And though I’m not perfect, analyzing the market data, buyer activity, and trends, it’s often clear to me where the numbers should fall. And when presented with the facts, most sellers make an informed decision.
But there are some that let their emotions stand in their way of selling. I’ve personally sold twice, and I know this feeling. This desire to make more money. To feel that my home is more valuable. But how the sellers or I feel about what the home should be worth is not a pricing strategy. Knowing the market data is.
With all that said, an agent and a seller are a team, with the same goal to sell for the highest price in the shortest amount of time. So to do that, price it right!