We’re looking forward to a great 2015 in Flagstaff real estate, but there is some “business” we don’t want. We don’t want to list over-priced homes. With the market improving, prices are going to be higher than 3 years ago, but the Flagstaff homes market is not back to 2007 peaks by any means.
Why would sellers deliberately sabotage their chances of selling their homes? It doesn’t make any sense, yet it happens all the time. We endeavor to make sure it doesn’t happen on our watch.
Here are four really bad reasons to overprice your home.
You think you’re smarter than everyone else.
If you’re truly smarter than everyone else, then your agent, the buyer’s agent, the buyer’s lender, the lenders’ appraisers for all sales in the area, all the other sellers who have sold or who currently have their homes listed in the market and every buyer on the market is stupid compared to you.
Maybe a truly stupid buyer will write you a check.
You want control.
You’re the seller who hires a real estate professional, but then doesn’t listen to a word he or she says. Or you politely listen, smile smugly, and then inform your agent that you’re in no hurry, you can afford to wait for the right price, you can always decide to drop the price later, and buyers always low-ball offers anyway.
But you’re not in control. The market is in control. Buyers don’t have to buy homes, and they certainly don’t choose to buy overpriced homes.
You see nothing wrong with hiding information from your agent or the buyer. You want to put such a high price on your home because you owe more on your home than it’s worth. What if you can’t get your price and you have to ask the lender to take less money. That’s a big risk. It takes more time, your lender could say no, and your buyer could get righteously angry, or lose his locked interest rate, and walk away.
There are better ways to handle your problem of being underwater on your mortgage. We’re happy to help you with an honest approach.
You feel you deserve nothing but the best, but you’re really the client from hell. (For a really sick-humor take on this, check out this video.) You really think it’s your hapless agent’s job to meet your unrealistic expectations. You expect your agent to hire Josh Whelan to video your home, put a full-page ad in the New York Times, hold an open house every week, stand in your front yard with a bullhorn and get buyers to step right up — all for a discounted commission.
We’re not doing it.
Go into 2015 with your eyes wide open
Overpricing is a big risk. Buyers aren’t stupid. Agents don’t work for free (and the good ones aren’t going to work for you for 18% less than other clients pay them). Lenders don’t ignore lending guidelines. So don’t be stupid. Don’t overprice your home.
If you want some experienced, well-informed help to sell your Flagstaff home in 2015, contact us: Elite Team at RE/MAX Peak Properties. 928.714.0001.