The Highest Bidder
by Thomas Ervin
Should you list your home with the REALTOR®
who suggests the highest asking price?The three
goals of every seller are to sell at the highest price, in the least time,
with the least inconvenience. If you list with the REALTOR® who puts the
highest price on your home, will this person be able to get you the highest
price? You may say yes. If this person believes that the house will go for
this price, then he or she will be much more enthusiastic about the higher
amount.
As much as it might seem logical, it usually doesn't
work this way. REALTORS® don't decide what your home will sell for, buyers
make that decision. The proper role of the REALTOR® is to monitor the real
estate market and present you with a factual report of current values.
Buyers will decide what they think your home is worth.
How do they come up with a figure? They compare your home and its features
with other homes they inspect and they also receive market information on
recent sale prices. As buyers go through this learning process, they become
quite knowledgeable about home values and are usually able to recognize
a property that is obviously overpriced.
There is an old adage in the real estate business
that refers to those brokers who give sellers an over inflated price. This
practice is known as, "buying the listing." This phrase simply means the
listing was obtained, not on the merits of the REALTOR®, but rather by appealing
to the natural tendency of all sellers to want to hear a high value put
on their property.
SUGGESTION: Don't make the error of listing your home with the
highest bidder. If you find that the one REALTOR® prices your home significantly
higher than other estimates, something is wrong. In order to be sure that
you are making a proper pricing decision, be sure to ask for actual written
market information regarding recent sales so that you may price your home
competitively from the outset.
Gena Upchurch
CENTURY 21 Upchurch Real Estate
P.S. You are welcome to
email me with any questions you may have about your real estate. I will
be most happy to help you. If I don't know the answer, I will find someone
that does!
For more information please feel free to
email us.
Note: The information in this article in yellow print
is paraphrased from an article by Tom Ervin.
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