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Old 10-06-2007, 06:18 AM
 
Location: Ct Shoreline
369 posts, read 1,872,013 times
Reputation: 295

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We are putting our 1910 Craftsman on the market in order to move from CA to CT. I recently had another similar home on the market, and it took forever to sell. Part of that I realize had to do with the very slow market, and part of it was that it was such a beautiful home that we could not get over the fact that a more realistic price was necessary. Also, it was the home I grew up in, so the emotional connection made it hard to be realistic when it came to price...it just seemed like it "should" be worth more. Anyway, I thought I was over that, but now am facing the same issues of pricing with regard to my own home. We have lived here 8 years, so most of my kid's growing up occured here. Additionally, it's just a nice, historic home. While I realize it is now just a "product" I am finding it hard not to make the same mistake as before. I would like to get 1,400,000, and the realtor is suggesting 1,395,000 because it sounds like less and won't scare people off. Why can I not get over the fact that that price seems too low? Am I insane????

Ok, now that my sanity is being pondered by all, I have another question about pictures. I use Realtor.com a LOT, and really enjoy the listings that have a lot of pictures as well as the Virtual Tour. I think both of these factors really contribute to a more well rounded feel of the home. Do you feel that way when you are looking? In your experience, do you think that having these things helps bring in more buyers?

Lastly, my brokers opinion is that your first offer is usually your best - thoughts on that???

Thanks everyone!
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Old 10-06-2007, 06:57 AM
 
Location: Wouldn't you like to know?
9,115 posts, read 16,504,507 times
Reputation: 3713
The feelings you have are typical for most sellers. Alot of times the emotional attachment skews their objectivity in terms of pricing the home for sale. 1,395,000 does sound better than 1.4, however is the 1,395,000 price right to start off at? We don't know. The market will determine that.

There are plenty of good people on this website who would offer their opinions if you want some objetive advice on how your home looks.
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Old 10-06-2007, 07:01 AM
 
Location: Connecticut
30,789 posts, read 48,378,342 times
Reputation: 9621
dougnaie - I can understand your emotional attachment to your home and the desire to get the most for it. Because of that attachment you are placing a higher value on the home than an outsider would. Unless you do not trust your agent, then you should list the home at the price they indicated. They are the best to judge what a home will sell at. If you do not trust your agent, then you should find a new one.

Please note that the price recommened by your agent and what you want are not that far apart. Is you agent listing the home lower than what it should sell for in order to get interest and possibly start a bidding war? I have seen that strategy work for some.

As for the first offer being the best, well it is hard to say. Lets just say in this market any offer should be looked at carefully. If it is within reason and you want to sell fast, then consider it and/or provide a counteroffer. JMHO Jay
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Old 10-06-2007, 07:05 AM
 
Location: Connecticut
30,789 posts, read 48,378,342 times
Reputation: 9621
Also forgot to add that the real estate business has changed a lot over the last 10 years. The internet is now a big part of the process, like it or not. Agents must change with the times. The days of just slapping a for sale sign up and pacing an ad in the classifieds are gone. Homes need to and should be "marketed" and that includes pictures and online tours. this will provide you with the broadest exposure and as a result potential buyers. JMHO Jay
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Old 10-06-2007, 07:15 AM
 
Location: LEAVING CD
22,973 posts, read 24,737,510 times
Reputation: 15600
I just want to be sure that you realize you're only talking about 5k difference from what you want vs what the realtor suggests?
On a million ++ house this shouldn't even be a debate, it's peanuts compared to the big picture.
The question I have for you is "are you really ready to sell?"
The reason I ask is if you are questioning a 5k difference in list price how will you handle an offer that's 50k less without emotion?
The current market is not for the faint of heart and can definately be a bumpy ride where you may need to make a snap decision that will cost you money you thought you had "in the bank". You need to be ready for this if and when it happens.
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Old 10-06-2007, 07:49 AM
 
48 posts, read 156,384 times
Reputation: 15
when we were looking we passed by any house that did not have pictures on their site. From my perspective, pictures are a must and at the price range you are in a virtual tour will help too!!! Good luck!
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Old 10-06-2007, 07:49 AM
 
Location: Ct Shoreline
369 posts, read 1,872,013 times
Reputation: 295
Default I know, it seems nuts, but here is my train of thought

Quote:
Originally Posted by jimj View Post
I just want to be sure that you realize you're only talking about 5k difference from what you want vs what the realtor suggests?
On a million ++ house this shouldn't even be a debate, it's peanuts compared to the big picture.
The question I have for you is "are you really ready to sell?"
The reason I ask is if you are questioning a 5k difference in list price how will you handle an offer that's 50k less without emotion?
The current market is not for the faint of heart and can definately be a bumpy ride where you may need to make a snap decision that will cost you money you thought you had "in the bank". You need to be ready for this if and when it happens.

I hear what you are saying, and I understand how strange it seems. My reasoning is this...When we sold the other house, we were priced too high, and had to come down substantially. My fear is that if we start too low on this house, we wil end up going lower. I would like to price with a little room for negotiation, you know what I mean? It seems that the days of a "firm" price are over, so we have to be able to be somewhat flexible. In all honesty, I would actually like to price it at 1,450,000 and end up selling it for 1.4 at the lowest - does that seem crazy? As Jay mentioned above (and thanks for all the input, Jay - I have seen you on the CT boards and value your insights) if I trusted my realtor I should go with his recommendations. My realtor is a very good producer of sales in our area, and I do trust him - mostly I think (ok, know) that the issues are mine. As everyone else does, I want to make the best sale possible given the current market - I just want to have my cake and eat it too, which I know is the kind of client that drives realtors nuts! My best case scenario is that someone walks in, loves it like we did when we first walks in, and buys it on the spot - is that too much to ask?
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Old 10-06-2007, 08:48 AM
 
Location: Virginia Beach, VA
2,124 posts, read 8,383,911 times
Reputation: 816
Doug, i'm sure you have a beautiful home. I am partial to craftsman style homes, so I am sure I would love it : ) You are still very emotionally attached to this home. This is a business deal, and you must separate that out. At this time, if you don't need to sell, don't. You will just make yourself crazy. if on the otherhand, you are being transferred for work and want to keep your family together, focus on that. Life is too short. As for putting it higher to "have a little wiggle room" , forget it. You won't even get views, and then you will become a stale listing and could end up getting less for it and cause your family greif in the meantime. Think like a businessperson for a minute. If you have a new toothpaste, and market that toothpaste, and the going rate for toothpaste is $4, and you put your toothpaste on the shelf for $20, how many people are going to buy it? Yes it is nice toothpaste and in a great package, but it is still toothpaste. If you don't want your house to just sit on the shelf, you must price it to sell.

If you need a little encouragment, please read this thread from a couple of days ago:
//www.city-data.com/forum/real-...-due-time.html

Yes, i feel that realtor.com presense with enhanced listings is vital. The more pictures the better. Hopefully your agent believes the same thing and it is part of their advertising mix.

In this market, you will need to look carefully at each and every offer and particularly the first offer. It isn't always the best offer, but typically is a good one. And most times I find that it is. As your house sits on the market longer, it gets stale, and buyers feel like they can negotiate harder.

If you are looking to buy in Ct. you are already thinking about how you will negotiate, think of yourself as a buyer for your property and what the market is telling you to do.

Shelly
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Old 10-06-2007, 11:27 AM
 
376 posts, read 1,424,218 times
Reputation: 163
Doug - It is difficult to move on from something that you have adored for a very long time, but if your long term goal is to move forward then focus on that and the sell of your home will fall into place. Realtor.com is great source and pictures are great but I also think it is important that your marketing intice clients to your home and if you provide all the great stuff up front then why do they need to see it. The mix between your pricing, marketing and presence is critical to ensuring you have a successful sale. It is like baking a cake one ingredient left out the cake won't work.

I just posted this on another site maybe it will help.
Top 10 Mistakes Sellers Make

1. Either overestimating or underestimating the value of their home.

2. Failing to disclose material facts about their home that adversely affect desirability or value.

3. Not properly staging their home.

4. Not making their home easily accessible to agents to show.

5. Starting out with an inflated asking price, not understanding the negative impact of later price adjustments.

6. Emotionally overacting to an initial offer.

7. Thinking that subsequent offers will be better then the first offer.

8. Excessive conversations with the buyers and/or buyer’s agent.

9. Letting small things in the negotiations or transaction become big things, while losing site of the bigger picture.

10. Not using Kelly to represent them! (Sorry can't resist on this one)

Best of luck!
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Old 10-06-2007, 12:16 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 20,759,476 times
Reputation: 6430
I turn down listings all the time when I get sellers that won't listen to me on price and advice. I figure that is what they are paying me for. Other agents will take the listing at any price and then work the guy for ever lower prices, eventually ending up at a price that was lower than what we suggested in the first place. Have an agent take you on a tour of homes that yours will compete against. You'll see why they told you what price it should sell for.
Good luck, sounds like you'll need it.
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