Last week we did a quiz,
Your Home For Sale Could Be Helping Other Homes Sell Instead
We then gave you the results.
How could your home actually be helping other homes sell? Glad you asked.
In order to understand this possibility, you are going to have to forget that your home is…well, your home. It is a product. A product that is on a shelf. A product that is on a shelf with many other similiar products.
Imagine a buyer calling a Realtor to see a property or two. The Realtor shows this buyer a few properties, one being yours. All three of the homes are very similar. Your home is priced at $250,000. The other homes are priced at $238,000 and $241,000. The Realtor shows your home first. The buyer really likes your home. Congratulations!!!
The Realtor says,
“Mr. and Mrs Buyer-If you like this home for $250,000 wait until you see the home we see next for $238,000.”
Ouch!!! The home buyer is no longer that excited about your home. The home buyer is now excited that the home he liked (yours) is available for $12,000 less. What a deal for the home buyer!!! Your home just helped another home sell!!!
The same thing can happen on the other end. Your home could be priced in a price range where you are playing in a different league. The Realtor is showing homes for sale in the $250,000-$260,000 price range and your home shows up. The problem-your home has 3 bedrooms and a 2 car garage. The other homes that are your competition (the other products on the shelf) are 4 bedrooms and have a 3 car garage. Your home makes it look like if they buy one of the other homes they are getting a better value.
So are you helping other homes get sold instead of yours? Are you making it easy for a Realtor to sell another home because your’s is the over priced product on the shelf?
BrokersFirstRealty.com says it pretty simply in their blog,
It’s the list price, Mr. Seller. The market rejects your price.
If he would have listened to my feedback so many months ago…
