The "Dirty Little Secret" Agents Don't Want You to Know...that can cost you tens of thousands of dollars!
Did you know...most agents list homes at a price where the property will NOT SELL?! In fact, roughly 65% of homes listed in our area today are listed overpriced, meaning that they will require one or more price reductions before they sell. For some reason, most agents don't want to admit that little-known secret...that agents typically price homes where they will not sell. You may be saying, "OK...so they price it too high initially...no big deal...I can always come down." But here is the shocking truth.....
Overpriced listings end up selling for less because they sit on the market for too long and become stagnant. After weeks and weeks on the market, the WWWTH Syndrome kicks in..."What's Wrong With That House?"
Here are the actual statistics! Of these overpriced listings that actually end up selling (not including the ones that don't sell at all), they average selling for only 87% of their original asking price and take over 120 days on average to sell! Homes that are priced right from the beginning, sell for over 97% of list price with an average of only 45 days on the market to sell!*
The TRUTH is that the "Price-it-high, come-down-later Strategy" actually costs you precious equity...2%, 3%, 5% or even more!! When your home is initially listed too high, you lose the opportunity to get the premium value for your house...because of this simple, statistical fact: the longer a house spends on the market, they lower the offers it generates. This happens for two primary reasons:
- The "WWWTH Syndrome" (see above) causes buyer to offer less for the property...if they're willing to make an offer at all.
- After price reductions, buyers and agents perceive an increased motivation from the sellers so they make lower offers thinking the sellers are now desperate to get an offer. It doesn't matter if it's true or not...their perception costs you.
Beware of agents who set the list price on homes at unrealistically high levels simply to get listings. They will tell you what you WANT to hear...because they are AFRAID if they tell you the truth upfront...they might not get the listing. DO YOU WANT THE TRUTH?
I will always tell you the truth. And THE TRUTH IS...I don't want your listing. I want to help you get WHAT YOU WANT...which is to get your property SOLD in the best amount of time, for the BEST PRICE and with the least hassle.
That is my commitment to you.
*Source: [California Regional MLS, 2018]