Page 122 - Selling secrets 5 18 2023

$333,000. Comparable Home E: $329,000. Joe and Shara’s
appear to have priced their home competitively for the
market.

Over the next month, the market changes. Comparable
Home A: Expired. Joe and Shara’s Home: $345,000.
Comparable Home B: $338,900 (Reduced Price).
Comparable Home C: $336,000 (Reduced Price).
Comparable Home D: Sold.
Comparable Home E: Pending.
Comparable Home F: $326,000 (New Listing).
Comparable Home G: $325,000 (New Listing).
Comparable Home H: $319,000 (New Listing).
Joe and Shara’s now have the highest priced home
in the area in their price range. When a buyer looks
at the comparable home prices, it is now the worst
value proposition in the marketplace. Most sellers, like Joe
and Shara’s, do not realize the market can shift so far so
quickly. It cannot be stressed enough how important it is for
you to price your home right the first time. House D sold,
and House E had a pending sale from the start.

WHY SHOULD THESE STORIES MATTER TO YOU?

Do you see how important it is to know the true value of
your home? Moral of the story: Anyone can lose money in
the real estate market. A seller unfamiliar with the ever-
changing market risks selling the home for less than it’s
worth or losing a sale because of incorrect pricing at listing.
In most cases, sellers never even realize it. Pricing errors
happen to private sellers all the time. Knowing the home’s
true value protects you from settling for less money.

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