Over Priced Houses net Sellers less in the long run

I was out showing Real Estate today and one of the houses on the list had been on the market for 644 days!

644 Days!?! That would place this house back to the days when Real Estate was moving at a quicker pace and at pretty good prices.

The Original Asking Price revealed that, indeed, this home had tried to get sold when prices were higher, for the Original Asking Price was $660,000 ... a not-so-far-out-there price for Southern California! :-(

Today, the asking price is $499,000 ... a $161,000 difference!

I remarked to the Buyer who I was with, that this is a problem when Sellers try to get "a little too much" for their homes, at the start. Some Sellers state to me, "Well, I want to try to get more at the start. I can always drop the price if I don't get what I want." But what happens if the market is on the decline?

You will find yourself chasing current market prices, all the way down, as this Home Owner seems to be doing.

For a Seller to price their home correctly, from the very start, is the smartest marketing move around! Stay away from over-inflating your asking price. Stay away from being the highest priced home in your area for your size and condition. Stay away from just trying to grab "that extra dollar" ... you could end up loosing more money, in the long run.

Your Real Estate Agent should be able to help you in this area ... and you should listen to their advice.

By looking at the comps together, you will see how long houses have been up for sale and if they sold at their asking price, over their asking price, or under their price. Listen to the data of the comps and know that most Real Estate Agents aren't out to hurt your pocket book, they are simply trying to do their jobs ... which is get your home SOLD, quickly.  And most will give you sound advice about pricing your home correctly, right from the start!

*

If you are in Santa Clarita, or a nearby surrounding area, feel free to call me for a FREE, no obligation consultation on what your home could sell for:

LeeAnn Bell ... 661-309-2364

LeeAnnRealtor@yahoo.com

DRE License #01260650

_____

(c) 2010 LeeAnn Bell
All Rights Reserved

_______