If this doesn’t indicate the importance of pricing your home correctly, nothing will.
I’m working with several groups of buyers right now, all well qualified. They are looking in Prince George’s, Howard and Montgomery Counties. They’re looking for condos, townhomes and detached homes. Their needs are quite diverse. None of them is in a huge hurry to find something, but if the right property comes along, they’re ready to write an offer. They are all approved for their financing. In other words, they are the type of buyers any seller would love to have.
So we’ve been out in the snow and ice, biting wind and yucky slush, looking at lots of properties. Most are priced too high for their condition or for the current market. One had a different pastel color painted on every wall — all the buyers saw was a lot of painting ahead of them. There was nothing compelling about the property that made them want to make an offer, even a low one. The majority of the houses out there are over-priced.
But then we’ve found those properties that are priced correctly. Not perfect condition, not perfect location. Just priced right for both condition and location. And in each case, there have been mulitple offers (3 or more) and the seller has ended up with a higher price than he asked for. Who would guess that 4 out of my last 5 contracts would end up in a multiple offer situation? In February, no less! And this in a market that everyone is saying is awful.
It sure isn’t awful for those sellers. They’re moving on with their lives.
So the moral is: Price is king. Price your home correctly. Those others will still be out there, at a price they will never get.
© 2007 Susan Pruden