These two examples show why pricing is so critical for today’s home sellers
Today we want to talk about what it might cost you if you choose the wrong agent to help you sell your home. Here are two examples that perfectly illustrate the point.
The first example was a property that was listed for $400,000. We looked at it and said there was no way it could be a $400,000 house; we thought it was worth a lot more. We looked into it, and we followed the sale until it closed at $515,000.
With all its upgrades, I think this home easily could have been listed and appraised for $545,000. The house was vacant and in really good condition. It was listed for tens of thousands less than it should have and sold for that much less.
Another example is from a seller who was on the other end of the spectrum when it comes to pricing. The agent they were working with initially gave them a price that was way higher than they should have listed at. They ended up having to drop the price three times, and at that point, people started to think there was something wrong with the house. When a home sits on the market, that’s what happens.
After 80 days, we got a call asking for our help. We got the home back on the market and every agent who showed the property gave the feedback of “there must be something wrong.” By the time this thing closed, the sellers had five extra months’ worth of payments to make on this home plus the mortgage payment on their new home. They ended up spending an extra $25,000 just because they priced their home in hopes the market would chase the property, not the other way around.
Pricing is essential in today’s market. It’s not a one-size-fits-all answer, and each property is different. If you have any questions about selling your home or anything else related to real estate, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.