When most sellers interview real estate agents about selling their home, many get caught up in the process of choosing a sales price. The thought of receiving additional money for your home is a no brainer. Unfortunately many uniformed sellers often choose the listing agent who suggests the highest listing price. Realtors call this scenario ‘buying the listing’. These agents are hoping to sign the listing and then worry about getting the price reduced to the actual market value over the coming months when the seller doesn’t receive an offer.
Establishing The Right Value For Your Property
Truth is, the person whose opinion matters most is the buyer who makes an offer to purchase your property. Properties priced to high receive no offers. Properties priced a little to low generally receive multiple offers thereby driving the price up by receiving offers up to the real market value. There is little danger in pricing a home too low. The danger lies in over pricing and selecting your selling agent solely on their opinion of a higher value.
An agent’s job is to price the home competitively based on the most recent sales comps. Pricing a home is part science, part art and a whole lot of local market experience. It involves a combination of comparing similar properties, tracking the most recent market movement, evaluating current inventory and making adjustments for any differences between comparable properties.
Some Agents Specialize In Expired Listings
Hundreds of agents here in the Palm Springs area real estate market actually make their living by contacting the sellers of expired listings and then relisting these properties at market value. This process is called ‘re-packaging’ an overpriced property. Don’t let this happen to you. Don’t be the owner of an expired listing.