You can see where this one went. In the end, the sellers were not aware they left about $150,000 on the table until they saw the approval of the sub dividing. OVER PRICING - PRICING YOUR HOME BASED ON WHAT YOU WANT, RATHER THAN MARKE AN MARKET VALUE A property is worth what a prudent buyer will pay and a prudent seller will accept. Many sellers understand this but they still don't allow themselves to look at their property from the buyers eyes. You must look at your home objectively and not be attach a price based on what you want or what you have invested into your home. I've seen sellers decide on a high price and interview agents until they found one that agrees with them. Remember the seller sets the asking price but the buyer decides the sale price. When you over price its common to reduce the price more than once before it sells. Often the second price drop brings the offer but usually a lower price than what it could have generated if the price were correct the first time.
ERRORS IN PRICE ADJUSTMENTS ARE COSTLY
There are times when pricing adjustments may need to be considered. For instance, let’s look at Tim and Sue’s situation.
Comparable Home A: $968,000 Comparable Home B: $949,000 Tim and Sue’s Home: $945,000 Comparable Home C: $945,000 Comparable Home D: $933,000 Comparable Home E: $929,000
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