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Over Priced Properties Are Exposed
In Real Estate Listings
In Real Estate Listings
Most of us glance occasionally at the hoards of real estate listings in the
newspaper. We do it out of a curiosity for what's happening in the real estate
market and as a guide to what our own property might be worth. For many of us,
searching the real estate listings is a relaxing form of entertainment.
Then suddenly, our level of interest rises when the time comes to buy or sell our
own property. Scouring real estate listings becomes almost an obsession. Those
real estate "flyers" that fill our mail box get read. We search the Internet for real
estate listing websites. And, we carefully scan the hundreds of real estate listings in
the newspapers.
We do it, because knowledge is power! We want to know what's available, in what
area and at what price. The longer we look, the more knowledgeable we become.
We get to know which homes for sale represent good value and which ones don't.
We get to know which properties stay on the market whilst those around them get
sold.
Yes, it's a proven fact; checking out the latest real estate listings is an essential
and valuable tool when buying or selling real estate. By regularly searching the real
estate listings we get to know which properties are over priced. They are the ones
that stay on the market for months, giving the impression that the seller is not really
be interested in selling.
And, when we find a home that's over priced, we usually just cross it off our list and
move on. The real estate agents do the same. After all, there are plenty of other
real estate listings worth following up.
However, over pricing a property is not always the sellers' fault. Deciding the true
value of a property isn't an exact science. That's why many sellers make the
mistake of setting his or her asking price too high.
And to be fair, most of us believe that our property is really "worth more" than the
one down the block that was just sold. Besides, if we are wrong, we can always
drop the price later, can't we?
Well, yes that's true, but by then several potential buyers might have been lost.
The seller may also have driven off interested real estate agents (agents are a
prime source of buyers).
So, it is important to get the listing price right from day one. Because, when listing a
property for sale, the first 30 days are the most critical. Statistics show; that's the
time when most buyers (and real estate agents) will see the real estate listings.
The first month on the market is the key. BUT... when a property is over priced, or
stays on the market too long, interest wanes. Potential buyers (and Realtors) will
be suspicious, ignore the listing, or they will simply move on to another property
that is more realistically priced. So, that's why the initial 30 day period is critical
when listing a property for sale.
Some sellers, however, believe that if someone is really interested they will
counter-offer. Yes, that may or may not happen. But, there is the risk that
well-qualified buyers may just walk away, never to return.
The proven fact is; over priced real estate listings turn many buyers off.
Still, a seller wants to be confident he or she is getting the best price for their
property. The way to accomplish this is by talking to one or more real estate
agents, or using the services of a local certified real estate appraiser. This needs
to be done before deciding on the asking price or listing the property for sale.
A real estate agent or real estate appraiser will be able to provide a comparative
market analysis. He or she will inform the seller of what similar properties in the
area have sold for recently. The seller then needs to compare his or her own
property to those recent sales. And... personal sentiments need to be kept out of
the equation when calculating a fair market value.
In short, over priced real estate listings usually lead to unsold properties!
newspaper. We do it out of a curiosity for what's happening in the real estate
market and as a guide to what our own property might be worth. For many of us,
searching the real estate listings is a relaxing form of entertainment.
Then suddenly, our level of interest rises when the time comes to buy or sell our
own property. Scouring real estate listings becomes almost an obsession. Those
real estate "flyers" that fill our mail box get read. We search the Internet for real
estate listing websites. And, we carefully scan the hundreds of real estate listings in
the newspapers.
We do it, because knowledge is power! We want to know what's available, in what
area and at what price. The longer we look, the more knowledgeable we become.
We get to know which homes for sale represent good value and which ones don't.
We get to know which properties stay on the market whilst those around them get
sold.
Yes, it's a proven fact; checking out the latest real estate listings is an essential
and valuable tool when buying or selling real estate. By regularly searching the real
estate listings we get to know which properties are over priced. They are the ones
that stay on the market for months, giving the impression that the seller is not really
be interested in selling.
And, when we find a home that's over priced, we usually just cross it off our list and
move on. The real estate agents do the same. After all, there are plenty of other
real estate listings worth following up.
However, over pricing a property is not always the sellers' fault. Deciding the true
value of a property isn't an exact science. That's why many sellers make the
mistake of setting his or her asking price too high.
And to be fair, most of us believe that our property is really "worth more" than the
one down the block that was just sold. Besides, if we are wrong, we can always
drop the price later, can't we?
Well, yes that's true, but by then several potential buyers might have been lost.
The seller may also have driven off interested real estate agents (agents are a
prime source of buyers).
So, it is important to get the listing price right from day one. Because, when listing a
property for sale, the first 30 days are the most critical. Statistics show; that's the
time when most buyers (and real estate agents) will see the real estate listings.
The first month on the market is the key. BUT... when a property is over priced, or
stays on the market too long, interest wanes. Potential buyers (and Realtors) will
be suspicious, ignore the listing, or they will simply move on to another property
that is more realistically priced. So, that's why the initial 30 day period is critical
when listing a property for sale.
Some sellers, however, believe that if someone is really interested they will
counter-offer. Yes, that may or may not happen. But, there is the risk that
well-qualified buyers may just walk away, never to return.
The proven fact is; over priced real estate listings turn many buyers off.
Still, a seller wants to be confident he or she is getting the best price for their
property. The way to accomplish this is by talking to one or more real estate
agents, or using the services of a local certified real estate appraiser. This needs
to be done before deciding on the asking price or listing the property for sale.
A real estate agent or real estate appraiser will be able to provide a comparative
market analysis. He or she will inform the seller of what similar properties in the
area have sold for recently. The seller then needs to compare his or her own
property to those recent sales. And... personal sentiments need to be kept out of
the equation when calculating a fair market value.
In short, over priced real estate listings usually lead to unsold properties!
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