value. Spoiler alert: They didn’t realize their mistake until they saw a condo complex pop up right next door, selling for a whole lot more than they ever dreamed of. Moral of the story: Do your research—don’t assume your house is worth what you feel it is. Bank Error: Not Even Banks Are Immune to Price Mistakes Banks make mistakes too. Just ask the one that decided to sell a prime property for $33,000 l $33,000 less than it was worth. How, you ask? Well, this poor bank listed a $350,000 property for $317,000. Why? They didn’t think anyone would offer full price, and figured the property was overpriced. Whoops! And the agent didn’t help matters either, by bungling the MLS listing with an incorrect zip code, and failing to even put up a sign. Talk about an invisible listing! The only person who noticed the listing was the buyer who lived down the road. He snagged it at the discounted price, saving himself $33,000—thanks to the bank’s mistakes. So remember, if a bank can screw up pricing, so can you. Do your homework on the market before you list. Errors in Price Adjustments: When You Wait Too Long This one’s for those of you thinking, “I’ll just price it high at first and see how it goes. I can always lower it later.” Ah, yes. The classic "wait-and-see" strategy. Unfortunately, Tim and Sue are about to show you why that’s a terrible idea. Tim and Sue listed their home for $370,000 $370,000, right in the middle of comparable listings. All seemed fine. But then, the market shifted. One by one, their neighbors started dropping their prices. Tim and Sue didn’t adjust. A month later, their house was the highest-priced one in the neighborhood—and buyers weren’t interested. The house sat, unsold, while the other homes in the area were either sold or under contract. When they finally lowered the price, it was too late. Moral of the story: Price it right the first time. Waiting for a miracle won’t save you. Why Should These Stories Matter to You? Still not convinced that getting the price right is the key to
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