High Evaluation?
The following is an interesting situation that comes up quite often prior to a Seller signing a listing contract with a local REALTOR®.
You'd like to sell your home and you've been keeping in touch with your neighbourhood and some of the area sales. You roughly know what your home is worth, but being a savvy person you call in three local real estate salespeople for their professional opinions.
Each one presents you with a printed 'Comparative Market Analysis' and while two CMA's are similar in their suggested price - which may in fact be a little lower than you expected, the third is quite a bit higher. Of course, you feel your lovely home is worth more and you are delighted this evaluation is in line, or even better, than your opinion.
Like so many people, you decide to list your property with salesperson #3. This particular REALTOR® has inspired you, and given you full confidence in your home's value. And as a safeguard, you can easily 'Drop The Price' later if it's still sitting, right?
Proceed Cautiously
Be careful around the REALTOR® who tells you "What You'd Like to Hear". 'Buying A Listing' is a trap you may have fallen into. Your REALTOR® just bought your business by suggesting your home is worth more than what the other two salespeople recommended, even though you looked at all the comparables, and your expectations may be a little ambitious. Your REALTOR® knows in all probability the home will not sell for the suggested price. The intention all along was to get your listing, and have you under contract for a 90 - 180 day period. Perhaps they can talk you into lowering your price later on, and if that proves unsuccessful, they still have something to advertise. Perhaps they can pick up a Buyer from a sign call, their website, a newspaper ad, or maybe at an open house. With a new Buyer in hand they might sell them a different home and still earn a commission.
You are now sitting with an overpriced listing, after being fooled by a deceitful trick. You are left wondering why no one is viewing your home. You're helping new competition hitting the market to sell quickly because they are better deals. You were savvy enough to bring in three professionals, but your mind was altered and you were stung.
We're sure you'd like to sell your home for the highest dollar the market will bear, as quickly as possible, and with the least amount of hassle - overpricing will rarely get you these objectives. Setting a proper price for your home is critical to your well-being, and in fact, may even award you more money then you expected - competitive offers from multiple Buyers is always a possibility. Now that they're battling against one another, they will inevitably increase their offer price to win it, and that is always a good sign in your favour.
We're here for you.
