Cathy Cataletto's Real Estate Today

Homes for sale, Staten Island, New York-What is the average time a house is on the market before they sell? | August 7, 2010

There are a lot of buyers out there shopping for a home to buy.  Why did their house sell and mind didn’t?

The simple answer is, how is it priced?  I am not heading toward, let’s price is low and “GIVE YOUR HOUSE AWAY“.  It is pricing it where it brings you in offers that make you IN CONTROL of the BEST PRICE YOU GET.  Now keep in mind that the HIGHEST offer is NOT USUALLY your BEST OFFER.  Your BEST offer is where the get a fair price from the BEST BUYER.  I know how difficult it is to feel like you’re throwing money away but in reality you can’t lose something you never had.  If that higher offer comes with a buyer with issues, low credit score, past foreclosures, income ratio, something to sell, if this is a second home, how long have they had their job.  There are so many factors that come into play, which might be the reason why this buyer comes in with a higher price.  They probably know, or have a feeling that due to the fact that they are NOT THE BEST OF BUYERS, that they need to give more money then what your home may be worth in the present market to more or less entice a seller to go with them.

Also, when you over price a house, you must know that you COMPETITION LOVES YOU and can’t thank you enough, because what you just did was SELL THEIR HOUSE.  You merchandise them right into their home.  Leaving your home STILL ON THE MARKET!

If you feel, ok I know my Agent did a proper CMA, and it should be priced at “this amount” well I just want to try it at this higher price, I just want to make sure I’m not giving my house away, during that CRITICAL FIRST TIME ON THE MARKET, may be how you lost that buyer that was waiting for your home to come on the market. 

Another reasoning I find from my sellers is that, if they like my house, they will make me an offer.  Now let me ask you a question?  Especially with all the foreclosures, short sales and bank owned properties out there, though they may seem like they’re a slam dunk to buy, in reality they aren’t and a good agent can educate your potential buyer as to why it would be within their best interest to purchase a home without these issues.

Why would a buyer “make an offer” on a house that is overpriced, when the inventory has plenty at a lower price?  THEY WON’T.  So there is yet another reason why you may have lost your buyer.

I can continue on about this, but I think I hit on a few of the main reasons why pricing your home CORRECTLY from the start will in fact give you a better chance of getting more money for your home, then if you price it high.

Just keep in mind that if you do your homework and interview a few experienced real estate agents, and they can show you in black and white what your home is worth, use your common sense and you may be pleased and surprised with the outcome. 

If you would like more informative and interesting blogs you can visit me at:  cathycataletto.com

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Cathy Cataletto Real Estate Salesperson 917-829-1402

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