| uestion, “If they think my home is overpriced, | | | | buyers came to see it, they did like it because it shows |
| why don’t they offer me something | | | | well, but it didn’t compare favorably with other |
| lower?” may be one of the most common | | | | homes they were looking at in their price range. It was |
| heard by real estate agents around the Sacramento | | | | like comparing and apple to an orange. The buyers |
| area. This seems like a logical seller response to | | | | were in the market for the best orange they could |
| learning that the potential buyer who looked at their | | | | afford and really didn’t want an apple even |
| home yesterday said, “We liked the house but | | | | though it was shinny. |
| it was overpriced.” | | | | To sell a home in this market, the price needs to be |
| The answer to the above question is slightly more | | | | set at a level where the house is one of the top two |
| complicated than, “You’re right, they | | | | or three best values for the price range. It has to |
| should have offered what they think the house is | | | | compare favorably to the ten to fifteen and often |
| worth.” Today, in the Sacramento real estate | | | | more homes viewed by potential buyers. The key |
| market we have a huge number of homes for buyers | | | | elements in this equation are location, size, features |
| to choose from and they have been peppered by a | | | | and upgrades. |
| flood of news stories making them feel like they are | | | | I like to take my listing clients out to look at the |
| not only in a buyer’s market but in complete | | | | competition, homes in the general area that have |
| control and all sellers should just be thankful they are | | | | comparable features and a few that have additional |
| even willing to look. When buyers have as many | | | | features. I tell them to think like a buyer and compare |
| choices as they have today, they want to find a house | | | | the homes to their own (this is often a difficult |
| they love and make an offer they consider to be a | | | | assignment). The key to the exercise it to get them to |
| “great value.” They want “more | | | | agree where their home fits into the price range in |
| for less” is blunt, but is generally the current | | | | regards to location, size and features. Once we have |
| buyer mentality. I don’t blame them; I would be | | | | done that then we can really begin to hone in on the |
| that way too if I was in the market for a house. When | | | | initial asking price which, in my opinion is the most |
| my friends and family come to see my new house for | | | | important elements in selling a home in a reasonable |
| the first time, I want them to be awed by it and then I | | | | period of time. It is the first ten days on the market |
| want to say, “Can you believe we only | | | | when a listing gets the most activity and we want to |
| paid….” | | | | attract those agents and buyers at that time. |
| I currently have a listing on a home I think is beautiful, it | | | | What is happening with my listing? We have the price |
| is located in a good area and is one of nicest homes in | | | | lowered to where it should have been three months |
| the neighborhood. Divorce is the reason it is on the | | | | ago and it now compares favorably with other listings |
| market and because of a number of factors it was, | | | | in the area, and the potential buyers who are visiting it |
| until recently, significantly overpriced. When potential | | | | are looking for a shinny apple! |