A person doesn't have to search the Internet long before finding articles about bad real estate agents. The idea that real estate agents routinely underprice real estate for a quick sale is a popular one. And this bad pricing -- it's further proof that real estate agents are dishonest and that the bar needs to be raised. I understand why it's a popular idea, but those who don't work with homesellers on daily basis might not. A small percentage of the homesellers I work with have realistic ideas about the resale value of their home. Most of them rarely undervalue the home and almost always want to overprice it. Handling sellers' expectations After I sent one local homeowner some facts and figures and a list of comparable properties with actual sale prices, the email I got back said: "My husband and I would like to list our home for more than the amount that comparable homes in the neighborhood have sold for." I don't have a problem with that as long as they will agree to a...
- A small percent of the sellers I work with have realistic ideas about the value of their home.
- The longer the home is on the market, the less likely sellers are to get fair market value.
- Pricing is a huge opportunity to raise the bar for the real estate industry.