How not to sell a house
It might seem self-evident at any time, let alone four years into a housing downturn. But real estate agent Daniel V. Iampieri, director of career development with Weichert, Realtors - Caton Properties in Ellicott City, says he sees evidence that sellers still need to be reminded that a too-high asking price isn't going to do any good.
If your pricing philosophy is, "hey, somebody could pay that," he thinks you ought to reconsider.
"Anybody could do anything, but properties need to be priced at what somebody would pay for them," Iampieri. "I think we're starting to get there, but you still see a lot of properties [that] as an agent and as a buyer, you skip over. If your property isn't being shown, your price is too high."
Iampieri isn't letting agents off the hook on this issue: "We need to do a better job of getting these properties listed at the right price," he said. "Why tell somebody the house is worth $500 and then have them tell you it's worth $550 and say, 'OK, I'll just list it for that.' Who is that helping?"
Or this, for that matter: "I've heard silly things in this market. People aren't getting showings and they say, 'Maybe we need to raise the price. Maybe we're in the wrong price range.'"
"I generally as a rule of thumb would equate activity on your home with pricing. The more activity, the better your price," he said. The addendum to this rule: "The price can't be right if everybody keeps looking at it and not buying it."
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