Sellers who overprice their home are usually making one of the biggest mistakes that many sellers make when listing their home. Here are some of the dangers of overpricing:
1. You don’t get a second chance to make a good impression – After many months on the market, and several price reductions your property starts to get market worn in the eyes of both buyers and agents. When looking at a property or deciding on an offer, the buyer will often ask their agent how long has this property been on the market? If its been for an extend period of time, then buyers will start to question what’s wrong with the property. Additionally; many agents will not even show homes that have been on the market for a long time. They will assume that there are condition, location or pricing issues involved, and it will be a waste of their time and their buyer’s time to even show the property.
2. You are setting yourself up for failure – You will most often get your best offers within the first thirty days of being on the market, so don’t waste this opportunity. Time and time again, many sellers find this out the hard way and end up regretting their prior decisions.
3. You will often help sell someone else’s property – Most buyers will look at several homes before making a decision to buy, so they get a pretty good idea of what you get for the dollar. If your home is priced above the other comparable homes, then the buyer is almost always going to choose the one that’s a better value.
Selling a home For Sale By Owner (FSBO) is not an easy task, that’s why most FSBO’s end up hiring a REALTOR®. Nationally the success rate of FSBO’s is very low. Over 80% of all FSBO’s end up hiring a REALTOR® to get their home sold in the end.
Why is it so hard to sell without a REALTOR®?
1. Determining the right listing price – Pricing a property correctly is probably the most important step when placing your home up for sale. If your home is not priced right, then you stand a slim chance of selling in a competitive market. A REALTOR® will have access to the sales data, plus their experience to best advise you on a proper listing price.
2. Buyer’s want your commissionsavings – One of the things most sellers don’t understand when deciding to go the FSBO route, is that many buyers know you are marketing you own home in order to save the commission, and they want a part of that savings. Many of the buyers will take 5% right off the top regardless of whether the home is priced well or not.
3. Availability for showings – It’s hard for many homeowners to be available to show their home at the time buyers want to look. Buyers can come at all hours of the day and night. Most serious buyers are looking at a number of homes within a given time period and are not willing to rearrange their schedule to accommodate an unworkable seller. One advantage of having a REALTOR® is they can take care of all showings, thus freeing you up to keep your life as normal as possible during the selling process.
4. Showing to unqualified buyers – It’s a waste of your time and the buyers if they are unable to obtain the financing needed to complete the purchase. If a REALTOR® is involved, in most cases only pre-qualified buyers will be looking at your home.
5. Negotiations & inspections – This is an area where an inexperienced seller can put their self at great risk. When your dealing directly with the buyer you can be put of the spot with answering questions and making decisions without thinking them over carefully. You might unknowingly commit to something without understanding all of the cost and time considerations. Negotiating buyer inspections on your home can be tricky as well. These are areas were a REALTOR® will look out for your best interest.
While it’s not impossible to sell your home on your own, you can see there are many pitfalls along the way if your not experienced. By hiring a REALTOR® studies have shown that you will usually sell your home for a higher price, and you will have someone on your side to make the process much easier.
Leading Real Estate Companies of the World® is a network of over 500 of the very best real estate firms that are located in over 40 countries. These firms have 4,000 offices with 120,000 sales associates. In 2012 these firms had sales of $272 billion dollars representing over one million transactions, which placed LeadingReal Estate Companies of the World® #1 in sales volume in the United States.
Firms affiliated with Leading Real Estate Companies of the World® can offer sellers global exposure of their home in addition to strong marketing expertise at the local level. Leading Real Estate Companies of the World® has the resources to market your property to the highest possible number of potential buyers. With 120,000 talented associates around the world, they expose your property to buyers on six continents ensuring more eyes are on your property. In addition they receive inbound clients from other affiliates around the globe who are interested in purchasing a home.
If you are looking for the best real estate firm to sell your home, then you need to consider a firm that’s affiliated with Leading Real Estate Companies of the World®.
Ferguson Realtors is a proud member of Leading Real Estate Companies of the World®. Go to www.KnoxSold.com to find out more about us.
Don’t miss out on this beauty. Master on the main, gourmet kitchen with custom made cabinets, walk-out basement, surround sound throughout. Enjoy the outdoors from the screened porch that overlooks wooded common space. The subdivision offers both a pool and tennis courts for added enjoyment. For additional information or to schedule your private showing, contact Lori Douthat at (800) 747-0713.
Check-out the recent updates on this home; new roof and gutters, new carpet and crown molding throughout, newly tiled bathrooms and new outbuilding for extra storage. Also includes appliances and flat screen TV’s as an added bonus. For additional information or to schedule your showing, contact Pam Violette at (800) 747-0713.
I have worked for Ferguson Realtors for 16 years and they have promoted, supported and help grow my professional career in real estate. Ferguson Realtors is always on the cutting edge of technology with high quality video, photos, websites and creative ideas in advertising to get homes Sold! Their ethics and integrity, that is the Ferguson name, is also unparalleled in the business. Ferguson Realtors has a personable and friendly atmosphere to work in, while being one of the leading Realtors in the industry. Ferguson Realtors is a company that I am proud to say that I hold my license with and plan to continue my career with for years to come.
Are you considering a career in real estate or a firm change, then check us out at www.TopofKnox.com.
More people are securing careers in real estate as the housing market shows signs of improving. Many REALTOR® Associations are reporting an increase in membership applications. The picture of just how many people are making the move into real estate is still unclear at this point.
The real estate industry lost a number of real estate professionals over the last four to five years, because there were not enough sales to support them. Many have remained in the business, but on a part time basis. They’ve been forced to take another job, just to make ends meet. As the market continues to improve, many of these folks will return to the business full time.
If you are considering a career in real estate or returning to the business, then check us out at www.TopofKnox.com.
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