Comparable Home E: $329,000
Tim and Sue appear to have priced their home competitively for the market. Over the next month, the market changes.
Comparable Home A: Expired Tim and Sue’s Home: $345,000
Comparable Home B: $339,000 (Reduced Price) Comparable Home C: $335,000 (Reduced Price) Comparable Home D: Sold Comparable Home E: Pending Comparable Home F: $326,000 (New Listing) Comparable Home G: $325,000 (New Listing) Comparable Home H: $319,000 (New Listing)
Tim and Sue now have the highest-priced home in the area in their price range. When a buyer looks at the comparable home prices, it is now the worst value proposition in the marketplace. Most sellers, like Tim and Sue, do not realize the market can shift so far so quickly. I can't emphasize enough how important it is for you to price your home right the first time. House D sold, and House E had a pending sale within days of listing.
WHY SHOULD THES ULD THESE STORIES MATTER TO YOU?
Do you see how crucial it is to understand the true value of your home? The moral of the story is: anyone can lose money in the real estate market. A seller who is unfamiliar with the constantly changing market risks selling their home for less than it’s worth or missing out on a sale due to incorrect pricing at listing. In many cases, sellers may not even realize it. Pricing errors occur for private sellers all the time. Knowing your home’s true value protects you from accepting less money.
HOME SALE “HORROR STORIES”
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