Remember the old adage, “If it sounds too good to be true, it probably is”? That is especially true when you’re ready to sell your home. It may sound counterintuitive, but the last thing you should do when listing your home is work with the agent who promises the highest possible asking price.
We all want to believe our homes are as valuable as we feel they are. The actual value of your home, however, is determined by several factors. Not the least of which is what buyers are willing to pay.
Unfortunately, neither you nor the listing agent have any control over the value of your home.
It’s all about supply and demand. There are several factors that determine how much a home might be worth. That’s not going to change, no matter how much a listing agent promises.
Why the Highest Price isn’t Always the Right Answer
What’s the danger in putting your home up for sale at an astronomically high price? If it’s too high for your neighborhood or the Naples market in general, it’s going to sit on the market. The longer your home sits on the market, the lower you’re going to have to cut the price in order to get an offer.
The buyer will sense that you’re desperate and may put an even lower offer after you’ve cut the price a few times. If you’re desperate to sell, you might just take it. By the time you finally get to the closing table, your home will have spent months on the market. You’re likely getting less than the reasonable price another agent suggested.
Look at the Data
When you interview potential listing agents, demand data, and information that proves the value of your home. Look very closely at comparable sales. What’s currently on the market doesn’t matter as much as the homes that have recently sold and for how much. Also, ask about properties that have recently gone under contract. This will give you a clearer idea of what buyers are willing to pay for homes similar to yours.
After you’re done reviewing the data, look at the information as if you were a buyer. Based on the facts, ask yourself, “How much would I be willing to pay for this house?” Don’t fall for the empty promises of agents offering you much higher list price than what the market supports. This agent is trying to “buy” your listing knowing it will never sell at that price. Ultimately, you’re the one who loses out, and in several months a buyer is going to get a sweet deal.
Consider Your Long-Term Plans
Telling you what you want to hear or what sounds good in the moment doesn’t serve anyone. Lying to you doesn’t sell your home any faster and delays the entire process. Your decision to sell isn’t just a thing to cross off your to-do list. Selling this home allows you to move forward with other plans. We know you’re making a big decision when you decide to sell, and the agent you work with should be mindful of that.
When an agent advises you to list at a price that the market information doesn’t support, they’re doing more than lying to you. That agent jeopardizes your future plans as you wait for months, and go through multiple price drops until an offer is finally made. You deserve much better than that.
In today’s current market, when a home is ready to sell and priced right, it doesn’t stay on the market for very long. In the right community and in the right condition, you may even receive multiple offers. But only if you work with an agent who genuinely wants to help you sell your home, not the agent who just wants to add your home as one of many listings that are not going to sell anytime soon.
Are you ready to sell and looking for an agent who will be realistic with you? Let’s talk.