3 Real Estate Scams You Need to Know About

There are three real estate scams I’ve become aware of recently that you need to know how to protect yourself against.

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It can be a scary world out there. While the majority of people are good and honest, a few bad apples always try to take advantage of others.

Unfortunately, the real estate market is no different. Today I wanted to let you know about some real estate scams I've become aware of recently:

1. The mortgage closing scam. This scam is spreading across the country. It has become so prevalent that the FBI estimates it has led to over $1 billion in stolen or diverted funds in 2017 alone. It starts when hackers gain access to a real estate agent's email account. Then, when it's time to close a deal, the hackers, posing as the real estate agent, send instructions to the homebuyer on where to wire the money.

Of course, it is only after the buyer has sent thousands of dollars to an unknown bank account that the truth comes out—the real estate agent wasn't actually the one reaching out, and the buyer has been scammed.

2. Fake real estate lawyers. This scam is similar to the first one, in that the scammers will impersonate somebody legitimately involved with a deal. In this case, the hackers will impersonate a real estate lawyer who is associated with a particular home sale.  

Find a real estate agent you trust to represent your best interests.

3. The bait-and-switch. Unlike the first two scams, this scam targets sellers. It also doesn't require any hacking or impersonation—just a dishonest buyer. Here's how it works: A buyer makes an offer that's well above the listed price, the seller happily agrees, and the contract is signed.

But then, the buyer starts procrastinating, making excuses, and dragging out the process for months or even a year. In the meantime, the seller continues to pay costs for the home, and is getting more and more emotionally worn out. In the end, the unscrupulous buyer flatly says they can only buy the home at a lower price, usually under the listed price. And the seller, desperate by now, frequently agrees.

So, how can you protect yourself against these and other scams?

For one thing, avoid sending account information over email. Confirm everything over a phone call (to a number that you already know to be valid)—or even better, in person. And ultimately, find a real estate agent you trust to represent your best interests. 

If you are ever in need of a trustworthy real estate agent, my doors are always open. If you have any other questions or you are interested in buying or selling a home, don’t hesitate to give me a call at 703-328-3434 or email me at Janet@TheGreshGroup.com. I would be happy to help you.

How NOT to Stage Your Home

A recent Houston-area home has been making waves on the real estate scene, for all the wrong reasons. We would love to have been a fly on the wall when the listing Realtor talked to the seller about staging! With a price tag of over a million dollars, likely buyers will be able to see past the issues, but in lower price points, sellers need all the help they can get in properly showcasing the best features of their homes. 

Read more here. 

How Do You Know When It's Time to Talk to a Realtor?

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If you want to sell your house, when should you contact a real estate agent?

As soon as possible! 

Even if you're nine months out from selling your house, you want to contact a professional Realtor like myself as soon as possible. We can come to your home and tell you what needs to be updated, what you should keep in the house, and the things you should take out of the house to prepare it for the market. This will help you get the most money you can from your home sale.

The other reason to contact a Realtor early is that we want to keep the buyers in mind. 

How will buyers look at your house? We know that 96% of all buyers look at homes online in the convenience of their own home or office to decide what they want to go see in person. Your home's online presence will determine whether a buyer wants to come see it in person. We want to come up with a list of things we can do to make your house look as perfect as possible on the Internet.

Both your goal and our goal is the same—to get the most money possible for your house, and this list will help you do just that. If you've lived in the house for 35 years, this could take some time, so you want to reach out to us as soon as you know you are selling your home. It'll maximize your sale and minimize the time and money you put into the house in order to sell it. 

If you have any questions for me or you're ready to speak with a Realtor about selling your house, give me a call or send me an email. I look forward to hearing from you!

Is Waiting to Buy or Sell a Good Idea?

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A question I am often asked by buyers and sellers is, “Should I wait until next year to buy or sell my home?” It’s a difficult question to answer, and if I knew the future, I’d be the first one to tell you exactly what to do. What I do know, however, is that there is a cost to waiting to buy a property.

We have no idea where interest rates are going to go, but we do know that right now they are the lowest they’ve been in a long time. We are currently on the back-end of an 8-year increase in home prices, but we’ve never seen a 9- or 10-year period of increases in history. At some point, the market is going to flatten out, and so are home prices. Another sign of an impending market slowdown is the fact that our average days on market is up. More units are being sold, but they are taking longer to sell.

If you’re thinking about buying, you’ve got to do so before rates go up and if you’ve been thinking about selling, now is the time to get your home on the market. Prices are going to flatten out and rates are going to go up. You want to be ahead of that curve. If you’re thinking about making a move, I would be happy to have a conversation with you where we can talk about the options you have right now, and why they are only going to get worse in the future. Just give me a call or send me an email. I look forward to hearing from you!

What's the Secret to a Great First Impression When Selling in Northern Virginia?

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The first thing a buyer is going to see when they drive up to your house is the outside. Are the shrubs crisp and trim? Do you have fresh mulch and colorful flowers? Make sure you have done these things and that the door is clean and in good condition.

Once you've made a good first impression on the exterior of your home, you need to focus on the inside. Have you decluttered and depersonalized your home? Make sure your home is clear and clean!

Another thing you need to do is neutralize paint and carpet colors. Loud colors will scare many buyers away, and neutral colors will appeal to the widest number of buyers. Also, be sure to open up your window shades to let in light and to make your home feel airy and fresh. Let the sun shine through your windows!

Finally, a high impact and inexpensive thing you can do is replace faucets, fixtures, and switches. Light switches get very dirty and worn over the years, so think about replacing them. Updating faucets is another way to make your home pop and really draw buyers in.

When selling this spring, remember that first impressions matter. If you would like additional help getting your home in tip-top shape for the spring selling season, please don't hesitate to reach out to us. We would love to hear from you!

Get Your Northern Virginia House in Shape!

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One of the most common questions I am asked is “what do I need to do to get my home ready to go on the market?” Today I'm going to show you the things you should do to prepare your home before putting it for sale!

1. Tally the age of various items

• Make a list of what you have in your house and the age of the systems, roof, etc. How long items last depends on a lot of factors such as the model and how well it's been maintained, but you can get a general idea of average life span from the National Association of Home Builders. For example:
• Wood shingle and shake roof: 15 to 30 years
• Central air-conditioning unit: 15 years
• Electric water heater: 14 years
• Gutters: 30 years

2. Do your own walk-through

• Look for common problem spots:
• Wood rot around outside door frames, window ledges, and garage doors. Condensation and rain can cause these areas to weaken and rot.
• Water stains on the ceiling or near doors and windows. This can indicate a leaky roof or rain seeping in from outside.
• Leaks under sinks or around toilets.
• Bulges under carpet or discoloration on hardwood floors, which can indicate flooding problems or an uneven foundation.

Next, test what's called the "functionality" in every room. Things like visible cracks in the walls and tile or hardwood floors, doors that don’t shut correctly, broken cabinet handles, etc. Essentially, anything that doesn’t function well should be fixed. Don’t forget to inspect the outside!

3. Bring in the pros

• Once you've done your own walk-through, you may want to have a pro take a second look. These people can spot flaws you overlooked, because either you're used to them or you didn't realize they could cause trouble. We can help you to hire a home inspector to do a pre-inspection and find out what potential buyers might find when they do their home inspection.

4. Decide what needs renovating

• For example, a recent study by the National Association of Realtors found that upgrading hardwood floors reaps an estimated 100% return on investment, essentially paying for itself. Upgrading your insulation can net you a 95% ROI, a new roof a whopping 105%! Because what buyers don't like to know they've got a solid roof over their heads?

Most importantly, you should work with a professional Realtor like me to help you go through the process of preparing your home to go on the market. If you have any questions, please don't hesitate to give me a call or send me an email. I would be happy to help you!

Reasons to Sell This Winter in Northern Virginia

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With the holidays upon us, there’s this misconception that it’s not a good time to sell your home. That’s not true!

This is a great time to be on the market. Buyers in the market now are serious and committed to finding the perfect home. Additionally, there’s less competition. Sellers often remove their homes from the market during this time of year.

Because of the holidays, many people decorate their homes. It makes their property look fabulous and spectacular. This adds to curb appeal and attracts buyers.

If you’re going to list in the winter, hire the right real estate agent. Make sure you hire someone credible, like me. I can be here for you even during the holiday season.

As always, price your home to sell. We’re in a price competitive market. We can provide you with the information to help you price your home accordingly!

If you’re interested in buying or selling a home or have a question about real estate, give us a call or email today! We’re happy to serve your real estate needs.

What Simple, Inexpensive Updates Can You Make on Your Home?

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If you are looking to sell your home, your goal is to get the most money possible in the shortest amount of time. One of the best ways to add value and appeal to your home is through home staging. Home staging is the art of selling a home faster by making a home more appealing to the right buyer. You have a lot of options for how you want to go about it. You could hire a professional staging company, which could be substantially costly. However, most of the time, a few simple fixes is all it takes to transform a living room. 

Today we are going to go through some of our most favorite, inexpensive home staging tips for you. We hope these will help you save both time and money when it comes time to sell your home.

A fresh coat of paint is always a good idea. Neutral, warm colors work best for highlighting the natural light in your home. This will make it easier to brighten the room with some colorful accessories and pull everything together.

A common design problem facing many homeowners is that they have no real entry way, as their front door opens up to the living room. To fix this, you can add a table, some lighting, and a rug to "fake a foyer" and make it feel like the living room and entryway are two different spaces.

A patterned rug, some pillows, or bright curtains add a ton of texture and an eclectic layer to the space, which is essential to a well-designed room.

In some cases, a "make-under" is just what you need. In the case of most fireplaces, taking some accessories and clutter away enhances the look and feel of the room greatly.

You could spend well over a few thousand dollars with a staging company, or you could do these fixes yourself for around $500. That's a small investment considering the value that you add to your home by adding those pieces.

If you have any questions for us about staging your home or anything else real estate related, give us a call or send over a quick email. We are always here to help, and would love to hear from you!

What Are People Looking for in Their Next Home?

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I recently read the report called "The Housing Satisfaction Gap." What's interesting about this report is that it shows what features people have in their current homes, and what they would look for if they decided to buy a new home. It's a good indicator of what buyers are looking for in the market. In the report, there were 7 things that stood out as the features people are craving the most in a new home. Here they are:

1. Energy efficiency - Is your home green? Having energy-efficient appliances and utilities is one of the main things home buyers are looking for.

2. Renovations - People are looking for updated homes, with newly built add-ons and features that add value to the home.

3. Updated kitchens - everybody wants that beautiful upgraded kitchen with modern new appliances

4. Age-friendly design - Many people are looking for a forever home where their family can grow together and a home accommodates them as they grow older.

5. Privacy - Privacy comes in many forms, whether it is a secluded backyard, a balcony, or simply a greater distance between neighbors.

6. Safe neighborhood - This is kind of a no-brainer. Safer neighborhoods help to put more value in your real estate purchase as well.

7. Storage space - It is a fact that Americans love to shop. What they want is enough space to store their acquisitions in a safe and organized place

If you are thinking of renovating or selling your home, keep these things in mind. If you have any questions about what you should be doing to prepare your home, give me a call and I'd be happy to meet with you. Hope to hear from you soon!

Start the Year off Ahead of the Curve!

Looking to buy or sell a home in Northern Virginia? Click here to perform a full home search, or if you're thinking of selling your home,click here for a FREE Home Price  Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (703) 636-3588 for a FREE home buying or selling consultation to answer any of your real estate questions.

Are you looking to list your home in the spring? If so, we need to talk now! I have said it before and will say it again, this time of year can actually be a GREAT time to sell if it works with your timeline. However, for those of you who absolutely need to wait until this next spring, NOW is the time to start talking with our team!
Why? 

- Upgrades/Projects:  Our team can guide you through possible upgrades, renovations, or repairs that you may need to make now. Making the right changes now can ensure you get the biggest bang for your buck. Also, many contractors are thirsty for work this time of year and they are more willing to negotiate on bids. Did I mention they are typically easier to book out on your calendar? Win-Win!

- Understanding your financial position:  We will go through the numbers with you to see if it makes sense to sell now vs. the spring OR even at all. No matter your financial situation it is better for you to not lose ground when you’re thinking about listing your home. Let’s have those conversations now. 

- Buyers start looking Jan. 1st:  Sellers beware! Contrary to popular belief, the weather outside does not deter serious buyers from looking. Buyers DO start calling our office to set up searches and get prepared for the spring market, if you have not started having conversations with us you’re behind the ball. One big reason – If you get into the market earlier we advertise your listing as a “pocket” or “coming soon” listing notifying other agents that hey, you’re looking for a buyer in the next 3 months.

98% of buyers begin their home search online … and guess what days in winter they are more likely to be searching online? You guessed it, snow-days!

It is important for you to be informed and prepared no matter what the market or weather. Here at the Gresh Group, we value information and service which is why we provide a wealth of information to our clients. I would be happy to discuss your unique needs for selling and provide you with the most detailed information possible to gauge what’s best NOW for your future. Call me now at 703-636-3587.

Do I Really Need to Hold an Open House to Sell My Home?

The simple answer is “no.” Putting an ad out and installing signs typically notifies noisy neighbors and unqualified buyers “who are just curious” to tour your home. Agents who like to hold them this way, are going after making relationships with these people to get more business.

The reality is, qualified buyers don’t typically show during open houses. Most others go through with their agent for a private showing at a different time to avoid the crowd.

But that doesn’t mean ALL open houses are just a lead generating pool for agents.  A successful open house includes sending invitations to agents along with qualified buyers. Then afterwards, following up with them and asking for offers or feedback. This way targets qualified buyers and their agents by highlighting the best features of your home. This is especially important if your home has some very unique features.

Another open house that typically gets less spotlight is a Broker’s open. Unlike public open houses, this is held on a Tuesday just for brokers and agents to do a preview tour for their clients and is typically held just before or just after going on the market.

In our current market of low inventory, this is especially a great idea to get the serious buyer’s agents through before going public. In the Northern Virginia area, I’ve seen more houses sell this way with great, solid deals then with a public open house. On that note, the same invitation and follow up rules apply. A great, active agent outsells the passive agent who just advertises. If you’re curious where buyers come from, check out this chart from our local real estate board, NVAR (Northern Virginia Association of Realtors).

10 Reasons to List During the Holidays

Welcome back to my video blog. With the holiday season here, everyone wants to know whether now is the time to list their home or wait until the spring. The right time really depends on your situation. What are your needs?

Selling during the winter months is a great idea. In fact, I have 10 reasons why you can be confident that your home will sell if you list now.

1. People looking for a home during the Holiday season are usually serious buyers.

2. Serious buyers have fewer houses to choose from during the Holidays. Less competition means more bargaining power for you!

3. Since the supply of listings will increase dramatically in January, your home will face more competition after the holidays which means less money for you!

4. Houses often show better when tastefully decorated for the Holidays.

5. Buyers are more emotional during the Holidays. They are more likely to pay your price!

6. Buyers have more time to look for a home during the Holidays than they do during the typical working time of year.

7. For tax reasons, some people must buy before the end of the year.

8. January is traditionally the month for employees to begin new jobs. Since they would prefer to buy now rather than wait until the spring, your home has first shot at these new buyers.

9. If your home sells during the Holidays we can provide a delayed closing and/or a post-settlement occupancy agreement to give you more time in the home if you need it.

10. By selling during the Holidays you are perfectly positioned to be a fully qualified buyer in Spring, when many more homes are on the market for less money. You actually can sell higher and buy lower by selling over the Holidays and buying in the Spring.

These are just  few good reasons to list your home during the holidays. You can download the 10 Reason to List During the Holidays here.

So if you are ready to sell or know anyone else looking to put their home on the market, give me a call. We’d love to help you sell your home this holiday season!

Thanks for watching!

8 Questions You Need to Ask Before Hiring a Listing Agent Part 2

Hello, everyone. When you decide to sell your home, you want an agent with a proven track record of getting the job done. In the last part of this two part video series I talk about the last four questions you should ask a listing agent before hiring them.

Are you an area specialist? Is my house in the area you specialize in?

I often find many agents specialize in a specific area. At The Gresh Group, we don’t believe in specializing in a specific area. We want to help everyone and we need to know our entire market.

Do you have an assistant or team?

Many agents are solo agents. Any agent you hire should have at least one assistant. You need an agent who can focus all their time on getting your home sold, not on paperwork.

The Gresh Group has an experienced, trained staff to handle paperwork, office duties and other background noise while the agents focus on getting your home sold.

Are you an active or passive agent?

There are two types of agents. Some agents just put your home on the MLS and wait for buyers to show up. This is a passive agent.

Others, like The Gresh Group, are active. We execute a first class multi-media marketing plan; we actively seek buyers from our own client base and from a large pool of like-minded active agents. We don’t wait for it to happen, we make it happen!

What is your Broker’s share of the market?

Some agents will tell you this doesn’t matter. The truth is the larger the Broker’s market share, the more in-house agents and their buyers will be directly exposed to your property even BEFORE you go on the market!

The Gresh Group is part of Keller Williams Realty, the #1 brokerage in the WORLD!

Thank you so much for watching. These are eight important questions you need to ask your listing agent before you hire. If you’re ready to sell, give us a call!

Click here to view the full list of eight questions!

8 Questions You Need to Ask Before Hiring a Listing Agent Part 1

Hello, everyone. When you decide to sell your home, you want an agent with a proven track record of getting the job done. I have a list of eight questions you should ask a listing agent before hiring them.

How many homes did you sell last year?

Most people are unaware that the average realtor in our area only sells about 3-4 homes per year. The Gresh Group sold 50 homes last year! Over the past 10 years, we’ve sold 450 homes and we can provide a list to prove it!

In how many of those transactions did you represent the buyer? In how many did you represent the seller?

The average agent represents buyers 80 percent of the time and sellers only 20 percent of the time. 

Because we represent sellers 50 percent of the time and buyers 50 percent of the time, we have the experience and knowledge of how to sell your home more than most agents out there.

Plus we have a rental assistant if you are looking to rent a property!

Can you give me references for the last 10 clients whose properties you successfully listed and sold? Specifically contact information such as name, location, phone number and date closed?

It’s important for you to check references. Keep in mind that that the average real estate agent has only been in the business for 11 months.

Do you currently hold any other occupation(s) besides selling real estate? What other activities are you involved in outside of selling real estate?

Selling your home is a huge decision; you want someone who is committed 100% to marketing your home and getting it sold.

Most agents are part time and sell real estate as a way to supplement their income. You don’t want an agent who fits selling your home into their schedule. Rather, get the agent whose entire schedule is based on you!

At The Gresh Group we are all full-time realtors.

The Gresh Group is part of Keller Williams Realty, the #1 brokerage in the WORLD!

Thank you so much for watching! These are eight important questions you need to ask your listing agent before you hire. If you’re ready to sell, give us a call!

Effectively Selling Your Property Through the Use of Four Winning Marketing Strategies

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Everyone knows that when a seller puts a property on the market, they expect it to sell quickly and yield the best price possible.  But just how simple is that anyway when you’re dealing with the sort of market we are experiencing these days?  Unless carefully planned and well-thought out marketing techniques are not put into action, the chances of realizing the success you set out to achieve in this endeavor can be very shaky.  In this article, we’ve gone through the four “P’s” of Real Estate Marketing and outline each so you can see how together with your Realtor you can achieve phenomenal results despite the weak market.

THE FOUR “P”S OF REAL ESTATE MARKETING

With these four elements, real estate marketing cannot go wrong – Product preparation, Price, Place and Promotion.  With careful synergy of all four, a property will be attractive prior to sale, it will appeal to buyers as realistically affordable, get ample exposure to the market through relevant channels and be well promoted. 

Product – Your House

If you want to sell any big-ticket item, it has to be attractive to potential buyers.  When it comes to a house, you need to go the extra mile to make sure to accommodate a host of varying tastes and style preferences.  The walls of a bedroom painted very bright may not appeal to every possible buyer, for instance, plus also not everyone may appreciate pets and the accompanying environment that goes along with them. 
You should work to repair all loose ends, complete any outstanding maintenance that may be needed.  Also fix up the house so that when walk-throughs happen buyers are not distracted.  Clutter, personal items or other things that would get in the way of their ability to see themselves living in the home can be very distracting.

Price – How Much Are You Asking?

It is essential to price your home appropriately.  In today’s market especially, buyers have a plethora of choices and if they are put off in the least by your pricing then you stand to risk losing that sale altogether. Instead, have your Realtor conduct a Comparative Market Analysis to determine exactly where your property stands in terms of housing value.  A CMA will also provide you the basis to provide potential buyers with the solid backing of how you arrived at your price and can be especially useful during negotiations.
In addition to conducting CMAs, Realtors also perform a thorough analysis of your property, how it relates to other properties in the area, they look at an appreciation schedule and also gain insight on how your property performed overall in the market during your ownership.  This helps to center on a reasonably accurate price to sell your home.

Placement – Who Is Being Exposed To Your Property Listing?

Buyers hire Realtors to assist them in finding the home that is exactly right for them, based on their formula and expectations.  Agents who represent these buyers rely on being exposed to the properties that are out there.  Aside from their own channels, a seller’s agent should work to expose the property for sale to any and all available channels so that buyers who may be interested are aware of your property for sale.  If a Realtor shortchanges a client on this aspect of the selling process, it can severely affect the chances of success merely because other homes will be in the forefront of those buyers instead.

Promotion – What Are The Most Effective Ways of Promotion?

The final step to effective real estate marketing is promotion.  This is not the same as placement, in that promotion works from all sides of the equation.  An experienced listing agent will bombard dozens and dozens of websites with your home’s details, enticing possible buyers with professional photographs and colorful language.  Highlighting the best features of your home while downplaying less-than-desirable aspects are all tools used by an effective real estate marketer and one who understands the buyers’ market as well.

Promotion is not just limited to listing a home on listing services.  Effective promotion, particularly these days utilizes technology like Facebook, real estate websites and more.  Also, word of mouth plays an important role in the success of a sale. 

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As with anything that entails professional analysis, it is important to select someone who has plenty of experience, is local and familiar with the area on a first-hand basis and someone you trust.  Realtors are not all created equal.  While some have been boasting sales for years and years, they may not have particular expertise in the areas that you need as a seller.  It is important to choose someone you know, trust and has a reputable background that is reliable and proven.

Determine if the Neighborhood Value is There

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"Neighborhood value" is the atmosphere of a particular area - the look and feel of the homes and yards and so forth. But, more importantly, it's the "vibe" you receive from the neighbors.

Let's be honest: You can buy the finest home on the planet, but obnoxious neighbors can spoil the whole living experience for you.

Or, it could be the opposite - the neighbors aren't obnoxious; the current owners are. They may have had disputes with their neighbors and created an unhappy climate.

Depending on the nature of the disputes, the neighbors may be glad to see you, or they may be so negative toward the current owners that their attitude may spill over onto you, even though you had nothing to do with the situation! If that's true, then you may want to look at homes in a different area.

But there's also another important reason for you to talk with neighbors; good neighbors can alert you to problems you may not be aware of; for example, basement flooding, termites, leaky roofs, etc.

When that happens, you can either look at a different house or negotiate with the seller to lower the price of the property!

The Best Way to Evaluate a Neighborhood and Its Value

The best way to evaluate a particular neighborhood is write up a checklist of desirable aspects before you ever enter that neighborhood!

Below, I provide you with typical features (in alphabetical order) to check out. However, you should add as much detail as possible to that list since everyone has different needs and wants.
• Association fees (if applicable)
• Closeness to parks and recreation for the kids
• Crime rate
• Length of commute to work 
• Noisy pets (barking dogs, etc.) 
• Property taxes.
• Proximity to busy streets or main thoroughfares.
• Proximity to mall, shops, restaurants, etc.
• Reputation of school district
• Sidewalks and running trails throughout the neighborhood.
• Type of families in the neighborhood, etc.

The list above has all the "objective" features of a neighborhood; that is, you can measure them, for the most part, by facts and figures.

Assuming a neighborhood meets these objective criteria, then it's time to analyze the "subjective" features by visiting the area.

Drive through the neighborhood to get an initial look. Do this at different times and on several different days to get a real feel for the area.

Assuming you like what you see, you should also get out and walk the neighborhood. You may well see things you missed from the car.

As I suggested earlier, talk to the neighbors to get their opinions of the neighborhood and the property you're considering.

I'd recommend you select a time when they're likely to be outside walking or in their yards (gardening, watering, mowing, etc.). That way, you don't have to knock on their doors and interrupt their personal time.

Since buying a home is such an important decision, you can see that it's vitally important to check both the objective and subjective features of a neighborhood. And, since it's my business to know every one of those aspects, I encourage you to contact me so I can fill you in on the "neighborhood value" of an area you're interested in! Contact me today!

3 Reasons Not to Overprice Your Home

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We’ve all seen them – homes that are on the market and priced so high that one wonders what decade the owners were comparing their home value to.  But if you think about it – the goal of these people is to end up with more money in their pocket at the end of the day.  The truth is that when sellers price their home for more than what the market dictates it is worth, there are some pretty dire circumstances.  Here are three reasons why you should shy away from pricing your home too high, instead making a strong effort to price it effectively.

Buyers Don’t Like to Deviate Too Much From the Asking Price

Whether because of perceived rigidness on the part of the sellers or to save themselves the embarrassment of their offer being rejected, many buyers shy away from bidding on homes that are overpriced.  They have no idea of the reason you may have priced your property so high and the last thing they want to do is get tangled in a bidding tug of war only to be the loser at the end of the day – so they don’t make an offer in the first place.

There is a Misconception That Sellers Knows Their Home is Overpriced

Thinking that the sellers deliberately have overpriced their home, many buyers feel that if the seller is willing to accept a lower value then they just priced the home accordingly.  This is a turn off to serious buyers so rather than mess with it they move on to other properties and an offer for the overpriced home never makes it to the table.

Buyers Assume That Previous Offers Have Been Rejected By the Seller

A home that is priced higher than it should be makes the impression that the seller is not willing to budge.  Buyers take one look at such properties and assume that other offers were probably made based on the property’s fair market value but the seller likely leaves no room to negotiate.  In actuality, these homes almost never receive offers, leaving the seller in the dark and buyers to move on to other properties.

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The single biggest financial disadvantage of listing a home too high is that it won’t sell and the seller will either have to channel more money into the home to get some offers on the table or they will have to reduce the price to get it sold.  The interesting thing is that the reduced price is often lower than what would have been the asking price had the home been priced effectively in the first place.

Homeowners that end up pricing their home too high usually spend thousands of dollars more than they were trying to save in the first place.  By practicing our tips and remaining aware of the reasons that overpricing is the worst thing you can do, you can sell your home for a great price instead of being one of the last houses on the block yet to sell.  To learn more about great pricing strategies visit your Realtor to get customized, professional consultation.  Nothing beats working with those that know the industry well!

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TIPS ON HOW TO PRICE A HOME 

* Do your homework to find the current home value of your home.  A Comparative Market Analysis (CMA) is best done by a professional Realtor and also you can get an appraisal done – something that will help in the lending process plus as you try to justify your selling price)

* Give your home the TLC it needs so it is an attractive catch to potential buyers.  That’s a great way to justify your price.  If you can’t get to the items that need fixing or if you would rather leave the aesthetics to your buyers’ so they can cater to their own tastes once they move in, be sure to reflect that in your price.

* Don’t get caught up in old prices that are no longer relevant in today’s buyer’s market.  Price your home based on today’s statistics and be prepared to corroborate the figure with current market data that supports your number.