Tuesday, May 28, 2013
Price It Tight
Price is the absolute hardest part about putting your property on the market.
I previewed more than ten houses today - only two were priced close to what they'll probably sell for.
I spoke with a prospective client last night who was emphatic. "Don't tell me what other properties are selling for around here. I don't want to hear about comps. This place is one of a kind. If the right person comes along, it'll sell."
I've listed properties where the owners admitted they were pricing far higher than they'd probably get.
Hell, I've done it myself with my own home.
It's not greed - it's that conviction that all the love and money you've sunk into the place is worth something, and you should get some of it back.
What I learned in selling my own place is that the bottom line comes down to a simple question - how badly do you want or need to sell?
If, like my client with the one of a kind place, you don't care if you sell or not, then pricing realistically isn't important to you.
But if you're ready to move on, or if you HAVE to move on, then the day will come when you are ready to hear the truth. You'll ask for it.
"Okay. How much do you really think this place will sell for?"
Don't take the answer personally. It's not about you, or your great house, or all the great things you've done with it. It's what the market will bear. It's what someone will be willing to pay in this market, right now. And if that price is okay with you, if you'd rather move on than sit still waiting for that dream client who hasn't arrived yet, then put your price close to that and watch the swarms of buyers descend.