Kalamazoo, MI – Should I list my house high to leave room for negotiating? NO, if you are selling a home your competition is steep, especially when there are still many foreclosures for sale in the marketplace. The home that presents the best value for the price is the one that is the most likely to sell. Listing your home higher than what you know (or what your REALTOR tells you) it’s worth removes a very important target market for your home; a qualified buyer with a sense of urgency who might be interested in making an offer on your home if it were fairly priced. With the ability to search for homes on the internet now, many buyers have already “toured” dozens if not hundreds of houses that are in their price range before they even decide which houses to come and look at and make an offer. If your home is overpriced there are immediate problems. It is very likely that your home will not even be seen by the most qualified buyers in the mix because real estate software automatically re-selects houses within the price range that the buyer is searching. Especially since the recession and with the increasing popularity of the Dave Ramsey philosophy, (which we fully support, by the way) we are noticing that home buyers are more focused on responsible purchasing and staying within their budget. We often hear Kalamazoo home sellers tell us, “We will consider offers but we do not want to leave money on the table. We just want to make sure we get as high a price as possible.” What they are not realizing is that most home buyers realize that the difference between asking price and sale price is 5% and so they do not LOOK at homes priced well above their price limit. If your house is overpriced it will be seen by only a few of the optimal buyers!
Your Kalamazoo REALTORS,David Veenstra and Jason Veenstra