My New Outside Blog

Sellers: A word about home pricing. I was surprised the other day when an experienced agent asked me what he should tell sellers when they want to list their property at an unrealistic price (too high). Here's what I told him I do. First, the CMAs I create that suggest a certain price range are supported by real data in the MLS. Numbers don't lie. Second, now more than ever, the house must appraise by the buyer's lender. Appraisers often use the same data from the MLS (I've been contacted many times by appraisers for MLS information!). Third, we want the property to sell either quickly, or within the "average" amount of time, which has gone from 90 days to 120 days in my area. Fourth, we want to try to avoid any price reductions if possible. Our hope is that we price the home competitively the first time. Fifth, and maybe most importantly, the seller is hiring me to give a professional opinion and to sell his/her property. If they don't follow my advice and I don't sell it, I'm simply not doing the job I was hired to do. To not do my job right makes me look incompetent. Why would I want any listings that make me look incompetent? Today's market is tougher than ever. Work with your seller to make their life and your job easier.