Realistic Sellers

My experience has taught me this simple truth:

 The key to selling homes in this market is to convince sellers of what their home is worth RIGHT NOW, not last month, not last year, but RIGHT NOW.  It is very dangerous when sellers adamantly hold fast that their home is worth as much the home down the street because THAT home is selling for $670,000.  The mistake of pricing a home based on Active (for sale) comps…and oh, how costly a mistake….is that those homes haven’t sold!!!  So…those homes sit on the market (being overpriced) and they watch each other…they watch carefully to see if the other guy is going to reduce price…then he does, and they follow their lead with a price reduction.  This pattern will go on until one of the homes in the neighborhood sells and it is finally disclosed to all sellers what the home sold for — $635,000?!?!?  So, now the sellers finally lower their price to get ahead of the market and they have lost tens of thousands of dollars and weeks and months of time.  Having a Realtor price your home correctly to where the market really is will save you time and potentially tens of thousands of dollars in lost equity as others “chase down the market.”