Most of us glance occasionally
at the hoards of real
estate listings of homes for sale in the newspaper. We do
it out of a curiosity for what's happening in the real estate
market and as a guide to what our own property might be worth.
For many of us, searching the real
estate listings is a relaxing form of entertainment.
Then suddenly, our level of interest rises when
the time comes to buy or sell our own property. Scouring real
estate listings becomes almost an obsession. Those real estate
flyers that fill our mail box get read. We search the internet
for real estate listing
websites. And, we carefully scan the hundreds of real estate listings
in the newspapers.
We do it, because knowledge is power! We want
to know what's available, in what area and at what price. The
longer we look, the more knowledgeable we become. We get to know
which homes for sale represent good value and which ones don't.
We get to know which homes stay on the market whilst those around
them get sold.
Yes, it's a proven fact; checking out the latest
estate listings of homes for sale is an essential and valuable
tool when buying or selling real estate.By regularly searching
the real estate listings we get to know which properties are over
priced. They are the ones that stay on the market for months,
giving the impression that the seller is not really be interested
in selling. And, when we find a home that's over priced, we usually
just cross it off our list and move on. The agents do the same.
After all, there are plenty of other real
estate listings worth following up.
However, over pricing a home for sale is not
always the sellers' fault. Deciding the true value of a home isn't
an exact science. That's why many sellers make the mistake of
setting their asking price too high.
And to be fair, most of us believe that our homes
are really "worth more" than the one down the block
that was just sold. Besides, if we are wrong, we can always drop
the price later, can't we?
Well, yes that's true, but by then several potential
buyers might have been lost. The seller may also have driven off
interested Realtors (Realtors are a prime source of buyers).
So, it is important to get the listing price
right from day one. Because, when listing a property for sale,
the first 30 days are the most critical. Statistics show; that's
the time when most buyers (and Realtors) will see the real estate
The first month on the market is the key. BUT...
when a property is over priced, or stays on the market too long,
interest wanes. Potential buyers (and Realtors) will be suspicious,
ignore the listing, or they will simply move on to another property
that is more realistically priced. So, that's why the initial
30 day period is critical when listing a property for sale.
Some sellers, however, believe that if someone
is really interested they will counter-offer. Yes, that may or
may not happen. But, there is the risk that well-qualified buyers
may just walk away, never to return.
The proven fact is; over priced real
estate listings turn many buyers off.
Still, a seller wants to be confident he or she
is getting the best price for their home. The way to accomplish
this is by talking to one or more real estate agents, or hiring
a local appraiser. This needs to be done before deciding on the
asking price or listing the property for sale.
An agent or appraiser will be able to provide
a comparative market analysis. He or she will inform the seller
of what similar homes in the area have sold for recently. The
seller then needs to compare his or her own property to those
recent sales. And... personal sentiments need to be kept out of
the equation when calculating a fair market value.
In short, over priced real
estate listings usually lead to unsold properties!
© Copyright Noel Peebles Market Leaders
Noel Peebles is co-author of the
best-selling for sale by owner FSBO ebook
"Home Selling Secrets Revealed."http://www.forsalebyownerguide.com