Starting with too high of listing price is the worst mistake a seller can make. Don’t fall into the trap of thinking that you can just lower it later. Later, when you drop your price, your house is “old news.” You will never be able to recapture that flurry of initial activity you would have had with a realistic price. Your North County home could take longer to sell.
Even if you do successfully sell your North County real estate at an above market price, your buyer will need a mortgage. The mortgage lender requires an appraisal of your North County home. If comparable sales for the last six months and current market conditions do not support your sales price, the house won´t appraise. Your deal falls apart. Of course, you can always attempt to renegotiate the price, but only if the buyer is willing to listen. Your North County home could go “back on the market.”
Once your North County home has fallen out of escrow or sits on the market awhile, it is harder to get a good offer. Potential buyers will think you might be getting desperate, so they will make lower offers. By setting the listing price to high in the beginning, you could actually end up settling for a lower price than you would have normally received.
Gary Harmon will always show you the “correct listing price” to place on your home. This will the be the price that gets you the most money in the least amount of time. It must also be a price that will cause your North County home to sell.
