MArket pricing and realtors

[Mike]

taking the emotion out of it

I know this is hard to do but it has to be done. I did not buy a house for this very reason, the seller was too emotional regarding the pricing. Kinda like your deal, five acres, fantastic pond, concrete drive and about 4000 sq ft but it was 19 years old, it was a custom at the time but not any longer and lacked all the new features. That was 13 months ago and she is still living in the house, all over $20K. She would be doing what she wanted if she had reduced the price $20K but would not budge.

On the other hand, you need to do your homework and make sure you are getting the comps you need for at least the house portion. I had that issue here when I needed a proper appraisal. I know my appraiser and there were closings that he knew nothing about since they were not MLS listings, thus never a part of their "elite" database. I was familiar with every home on the market as we were shopping hard for several months and I knew of deals that closed that were able to help him get me a proper appraisal due to the square footage of our home.

[Bubba]

I was in the same boat 2yrs ago.Thought I priced it on the high side and was in no hurry to sale.Sold the first day first person to look at it.It was'nt on the market 12 hrs.Wish I'd priced it higher.

[Bill]

Talk to another Realtor, get his/her thoughts.

Like it was said, price it where you think it should be sold, then reduce it in negotiations if you have to if you think you have a unique property.

To the Realtor, he'd take a quick deal on a lower priced home and the slightly smaller commission check instead of it being on the market waiting for your offer, all the time he's spending his time trying to sell it.

[El Cheapo]

Think like a buyer instead of a seller. Right now every buyer is thinking that all sellers are desparate to sell because of the economy. Take that into account when pricing for a quick sale. If you have plenty of time to wait price at what you think it's worth. When I bought my property two years ago I looked at the county property tax appraisal and negotiated from there.

[kyle1974]

Think like a buyer instead of a seller. Right now every buyer is thinking that all sellers are desparate to sell because of the economy. Take that into account when pricing for a quick sale. If you have plenty of time to wait price at what you think it's worth. When I bought my property two years ago I looked at the county property tax appraisal and negotiated from there.

...I'm a hypocrite, so I'd only pay about 40K for it

I'm basing it on the county tax office value, which is 212K, and then actually wanting to ask 10K below that...

I'm going to get the same appraiser over there that I used when I bought the place and see what he puts it at.

[txdukklr]

Im a realtor, and while I dont deal with residential properties. I do see the same situation you are in very often.

No realtor thats a good business man will sell himself short, nor will he take a listing price it high and let it sit.

If your property sits to long people tend to forget about it as do other realtors cause they know its to high,, even when you lower the price everyone just says ah hes to high on price.

You need to take the emotion out of your pricing and look at it as an buyer and price it that way. Another good way is to ask a friend what he thinks your place is worth, that will give you a great idea what other people see.

Marc

that was going to be my comment, I find most real estate guys don't tell you the number you want to hear but candidly the market is what the market is. They want to sell it for the most to maximize their return too.

A house that sits creates a history of sitting. The longer it sits the more likely someone will come in and low ball you because he's seen its been on the market too long. Also interested buyers look at how long it sits and says hmm something must be wrong let me think on it.

I've not only been the buyer a few times but the seller and I'd say get a professional appraisel based on whatever limited comps there are, realize the housing market sucks and that uniqueness is not marketable right now.

If you want to sell you need to find what the market will bear from a couple of sources and sell it for that.

[kyle1974]

I've got the appraiser coming over this week.... we'll see what he says. Thanks for all the advice... I never even thought about doing an appraisal up front for my own purposes. I think it's only going to cost $350, so even if it makes a 3-5K difference, it's money well spent.

[Bill]

I think the appraisal will help you in setting the price, and in your negotiations. Present it to the buyer saying he'll need it when he qualifies for the mortgage with the new, tight loan rules and you want to help him out.

[A&M 90]

You can always come down on your price once you set it. Sure is tough to go up though.

Good luck!

Bingo!

[Miller]

Just make sure you get the appraiser to do it for a "60 day sale." Appraisers can come to different values of a property just like a Realtor can depending on what comp's they use. You've gotten good advice here, an appraisal and a 2 or 3 cma's would be a good idea. Location is everything in Real Estate but price has to be a very close second. You can't control location once you've purchased but you can on price. Over pricing is the kiss of death in Real Estate. Once you go over that 90 days on the market things don't get easier and you might have to make a drastic price change to spark things up at that point.

Once you've listed the property have your Realtor email for feedback. You'll get more accurate feedback that way and listen to it. If the same things keep getting mentioned then address it.

"The only thing that controls the price is the market." Best statement on price I've heard.

[Burnadell]

I am surprised that you would think of pricing it BELOW the tax appraiser's value; most county tax appraisals here, and in large cities I have lived, are usually well below the actual market value.

You will find that a full blown appraisal will take into account the amenities that you mentioned and will give credit or deductions for same comapred to other comps.

[Bowtechlady]

I have watched one set on the market for over a year because it was priced way too high. There is some good advice on here. Most people do their on homework both as a seller and as a buyer. I am not sure how long you have had your property or what you have invested but if you want to sell it keep all these things in mind.

[kyle1974]

here's my take. Obviously, I'm not the only one that thinks the house is worth more than the realtor as the county appraisal folks have it priced higher that the realtor's value also.

I think what's going on is that we have way too many realtors in a slow market, and they are trying to sell houses quick, make their money and move on to the next one.

and additional 15-20K for my house may net this listing agent (my realtor) 200-300 bucks by the time the commissions are split up. A house that's 15-20K cheaper than maybe it should be is a LOT easier to sell, translating to less work. that same 15-20K will make a world of difference to me....

we'll see what the appraiser has to say. I really appreciate all the advice. Between having to mess with selling a house...third baby on the way, and potentially getting transfered to a totally different role, it's a little stressful

[Miodetx]

Find the top selling realtors in your area & interview them like you would if you were hiring an employee, which you are. Go with the one that you like & trust.

[Matador]

I am surprised that you would think of pricing it BELOW the tax appraiser's value; most county tax appraisals here, and in large cities I have lived, are usually well below the actual market value.

You will find that a full blown appraisal will take into account the amenities that you mentioned and will give credit or deductions for same comapred to other comps.

X2 get a Real appraisel