By Thomas Ervin
Thomas Ervin is a nationally syndicated real estate columnist.
(Reprinted with permission from Author)
The biggest detriment to selling real estate is the all too common problem of overpricing. For the last 20 years, I have been approached by anxious sellers who want to know why their property is not selling. The answer is always the same: The asking price is too high.
Why do people make the common mistake of asking too much? There are several reasons. Some owners expect the present home to bring them enough money with which to purchase a more expensive home. In other words, they just are not facing reality. Others price it too high because they have not had their property evaluated by a professional. Relying on hearsay only, they put a price on their property that does not compete with other available properties.
An asking price must satisfy three basic criteria:
If your home is overpriced, here is the sequence of events you can expect:
Time and time again, is seems to happen as I have described above. An owner who did not know or ignored the market facts in order to try to get top dollar ends up getting less than fair value.
ADVICE: Be careful when setting your original asking price. Ask your Realtor to present you with all the pertinent market facts.
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Steve Hatfield, Realtor®
CENTURY 21 Curran & Christie
25636 Ford Road
Dearborn Heights, MI 48127
Office: (313) 274-7200
Copyright © 1996 - Steve Hatfield
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