Selling Tips from Hall of Fame Ray “Buz” Wolfe, CRS
There is an old axiom in real estate that the three most important rules about real estate are “Location, Location, Location”. Well, I would suggest the three most important rules for selling real estate are “Price, Price, Price”.
Establishing a list price, which is relatively close to current fair market value, is essential in attracting Buyers in any type of market. Since most Buyers make offers, it certainly is acceptable to build a little “fat” into the price, but being too aggressive with the asking price will almost always backfire. Buyers either don’t look at the property because they perceive the price to be too high or they fail to make an offer because they sense that the parties are just too far apart. Likewise, word quickly travels through the ‘real estate grape vine’ regarding properties that are grossly overpriced. While it is always possible to reduce the price, homes that are overpriced and subsequently reduced several times often ultimately sell for less than they would have sold for had they been properly priced at the onset. As a general rule, the first 30-60 days of activity for a new listing is absolutely critical.
A seasoned real estate professional can assist you in establishing fair market value. Since few prospective home sellers are willing to bear the time and expense to obtain a formal independent appraisal, it is important that your agent or prospective agent be able to provide you with a market analysis which suggests a range of value based upon a review of comparable sales, competitive listings, and overall market conditions. Remember many real estate agents will gladly accept overpriced listings – creating certain disappointments.
Wolfe & Company Realtors prides itself on having sold approximately nine out of every ten residential properties listed with them since 1986. Contact us for a free, no obligation market analysis of your current home if you are thinking about selling.