The Real Estate Agent’s ‘Dirty Little Secret’
…THAT CAN COST YOU 10’s OF 1,000’s OF DOLLARS…OR MORE!
Did you know…most real estate agents list homes at a price where the property will NOT SELL?!
In fact, nationwide, over 81.1% of homes listed today in the MLS Exchanges are listed overpriced, meaning that they require one or more price reductions before they sell. Real Estate in the Capital Region is no different. For some reason, most real estate agents don’t want to admit this little-known secret…that listing agents typically price homes where they will not sell! You may be saying, “OK…so they priced it too high initially…no big deal…we can always come down.” But here is the problem…
Overpriced listings end up selling for less because they sit on the market too long and become stagnant. After weeks and weeks on the market the “WWWTH Syndrome” kicks in….“What’s Wrong With That House?” Did you know that the 1st question a buyer asks their Real Estate Agent when they enter your home is “how long has it been on the market?” They want to know if they smell blood aka your equity.
Here are some actual statistics! Of these overpriced listings that actually end up selling (not including the ones that don’t sell at all), they average selling for only 92% of their original asking price and take over 201 days on average to sell! Homes that are priced right from the beginning, sell for over 98% of list price with an average of only 42 days on the market to sell!
THE WRONG STRATEGY
The TRUTH is that the “Price-it-high, come-down-later Strategy” actually costs you precious equity…6%, 8%, 10%, or even more!!! If your home here in the Capital District is initially listed too high, you lose the opportunity to get the premium value for your house…because of this simple, statistical fact: the longer a house spends on the market, the lower the monetary offers it generates and worse: No Offers At All.
This happens for two primary reasons:
1. The “WWWTH Syndrome” (see above) causes buyers to offer less for the property…if they’re willing to make an offer at all.
2. After price reductions, buyers and agents perceive an increased motivation from the sellers so they make lower offers thinking the sellers
are now desperate to get an offer. It doesn’t matter if it’s true or not…it’s their perception that costs you.
“…Beware of a real estate agent who sets the list price on homes at unrealistically high levels simply to get listings. They will tell you what you WANT to hear…because they are AFRAID if they tell you the truth up front…they might not get the listing. DO YOU WANT THE TRUTH?”
I will always tell you the truth. And the THE TRUTH IS…My core goal is to help all you home sellers of Eastern New York Regional real estate get WHAT YOU WANT…which is to get your property SOLD in the best amount of time for the BEST PRICE and with the least hassle.
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