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Price Low(er) to Sell High(er) or at least Sell at all

November 5, 2007

Believe me, I’m as shocked as you are…the Sunday Chronicle Real Estate section has an article on how to sell one’s home that does NOT lambast agents or promote discount web sites that coincidentally get paid every time you don’t use a licensed Realtor.

(Remember all of those articles on selling for sale by owner that used the guy from ForSaleByOwner.com as their primary interviewee “expert?” Can we say, conflict of interest? But, I digress…)

Of course, it’s NOT written by a Chron staffer, but hey, it’s a start. My intention was to link to the full article on SFGate.com. I cannot find it! Coincidence? Hmmm…maybe they realized this could be construed as neutral writing and yanked it from the archives. More likely, I just can’t find it so if you can, please comment below so all can read.

If you are still here and haven’t tripped over my soap box on your way to another site, here’s the scoop.

If you want to sell your home for top dollar, in a reasonable amount of time, you MUST price it competitively. Competitive pricing means just under the competition. You cannot price it at your “dream” price just to see what happens and reduce later. Well, you can but you will likely end up with less money this way. Realtors know this b/c we study the market on a daily basis and yet, we are often argued with when it comes to pricing.

Today’s San Francisco market is much more balanced, with about a 3–months supply of inventory City-wide. We are not in a bad market though it is different. Both sides must play fair.

Here are some snippets from Sunday’s article:

“Realistic pricing moves homes faster, for more” by Kathleen Lynn (Hackensack, NJ Record)

“Realtors often warn sellers about the danger of over-pricing a house. Now they have evidence to show skeptical clients: research by Jeffrey Otteau, a New Jersey appraiser.

He found that in a market where prices are declining, sellers who ‘test the market’ with a high price usually end up with a lower price than those who price realistically. ‘Houses that are priced right are selling,’ said Otteau. ‘Over-pricing extends days on the market and guarantees that you will sell your home for less in a declining market.’…

They (sellers) should aim to under price the competition. ‘You can’t just try for a higher price b/c you really want it,’ he said. ‘The way to get a higher price is to create a sense of urgency by setting a lower price.’

 

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