Let’s List high and Leave Room For Negotiating
September 23rd, 2007 Categories: Selling
This is probably one of the biggest mistake a seller can make and here is why. If a buyer is looking at a list of houses online or wherever, do you think they start at the ones that seem to be overpriced even a little? They are searching for the lowest price in their specific search criteria. It also reduces the activities of the highly productive Real Estate Agents.
Since Nov 1995 to current the average List to Sale Ratio in Salt Lake County is 98% as Reported by the Wasatch Front MLS. Does that mean you can throw a price out there and you will get 98% of that? Absolutely not what it means is you cannot list your home more than 1 or 2 % above market value.
The real damage happens because the best activity comes in the first few weeks. When you are pardon the expression “fresh meat”. If you are overpriced during that period you missed all the active buyers currently on the market. Then you will get the trickling of the new buyers. Then after about 2-3 weeks there is the perception something is wrong.
Then as a seller you realize that the experiment of leaving room for negotiation didn’t work and then you adjust the price. Now you are saying we are desperate, you have been on the market a while and then you lowered the price. Buyers smell blood or at least the perception of blood. They will start to make offers less than what you lowered it to.
It is so much easier to price it correctly in the beginning and turn down offers then to not get any at all.
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