“Do Buyers Make Offers on Overpriced Homes?” is the next video in my series of videos for home sellers. Are you thinking of listing your home for sale but you’re not sure where to price it? Don’t make the common mistake of listing it too high, but don’t make the even bigger mistake of not adjusting the list price if you need to.
“Buyers don’t make offers on over priced homes; in fact, they rarely even see them. Correct pricing is more crucial than ever in the internet age. That’s because buyers aren’t going to open houses like they used to, they’re not driving neighborhoods and pulling flyers from tubes like they used to either. They’re searching on the internet,,and when they do, they’re searching by price range.
The market sends pretty clear signals to sellers, in fact I can tell in the first thirty days if a home is going to sell at it’s current list price or not; it depends on how many people are coming in the door. If you’re not having multiple showings in that first month, or at least some talk about one of those showings bringing and offer, then you’re overpriced and you’re going to need to adjust your list price.
Now I know some sellers view adjusting their list price as giving in, and they tell me they’d rather just wait it out, kind of wait the market for it to get better or for the right person to walk through the door. But that’s not really how it works, remember what I said upfront: buyers are searching online and they are searching by price range, if you’re not priced right it’s almost like you are invisible to them.
So, pricing is a crucial as ever, you’ve really got a small window to get it right, and if it’s not right you need to listen to the market signals and you need to adjust quickly.”
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