Edwardsville IL Homes for Sale and Real Estate : Overpriced Homes-Sell Slower and For Less

Overpriced Homes-Sell Slower and For Less

My real estate blogging colleague Stephen in Pasadena, California, makes a great point about overpriced homes and how to price strategically to get the market stirred up about your home.

If you're thinking about selling your home in St. Louis' Illinois suburbs, including the communities of Edwardsville, Glen Carbon, Maryville, Troy, Collinsville, etc., get in touch. My team can analyze the current market and help you find the smart price that will sell your home fast and at the best possible price in this more difficult climate.

Here's Stephen's post:

Overpriced Homes-Sell Slower and For Less If there’s anything we can take away from the plethora of Bank Owned Foreclosures is they certainly know how to price a home to move!

I maintain that you almost always shoot yourself in the foot by overpricing your home. Your home will almost overpriced homesalways sale at or above market value by pricing at or below market value.

So why is that? Well think back at when YOU were buying a home. Remember when a “great deal” came on the market and everybody and their agents were “swarming” to the open house? You placed your offer only to find out their were 10 other offers and they were going above the asking price? This “bargain price” created an auction affect and got people excited. THAT is how banks are pricing their homes and if you want your home to move quickly and for the most amount of money, this is a winning strategy.

So why don’t sellers do it? I think it’s because there’s a little voice inside of our head (and pocketbook) that says “what if”.

“What if”- I can get $50K over market value. (even if someone were excited enough about your home to pay $50K over appraised value, their lender won’t loan the money if the value isn’t there. No loan, no buyer)

“What if”- I don’t get multiple offers and I only get one offer (May be still overpriced!)

Often fear (and greed) hold us back from making smart choices! Don’t feel bad though, even Real Estate Agents are guilty of senselessly overpricing their homes. Somehow when it’s our turn to sell all of our “market knowledge” becomes goo and leaks out of our ears! It’s like the hairdresser with bad hair!

The bottom line is, almost always, an Over Priced House will sit on the market longer and sell for less than it should have had it been priced strategically from the beginning.

 

Copyright © 2010 By Stephen Munson,Munson RealtyPasadena|Overpriced Homes-Sell Slower and For Less*overpriced homes,overpriced house

Enjoy life in the (618) area code in Southwestern Illinois, St. Louis' Illinois suburbs. SEARCH FOR HOMES HERE.

 

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I help good people buy and sell good homes in St. Louis' Illinois suburbs, with special emphasis on the Metro East communities of Edwardsville, Glen Carbon, Maryville, Collinsville, Troy and surrounding areas in Madison County, Illinois.

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For more information or to search for homes, visit my sites at NancyMilton.com618Life.com, or GoshenRealtyGroup.com or send an email to me at Nancy@GoshenRealtyGroup.com. Text or call Nancy Milton Holtzscher, your Edwardsville Realtor, at 618-791-8007 any time.

REMAX Preferred Partners is located at One 157 Center, Edwardsville, IL 62025, 618-791-8007 (direct) 618-655-1188 (office). We're easy to find on IL-157 in Edwardsville between Pasta House Co. and Shenanigans. Each office is independently owned and operated.

Comment balloon 2 commentsNancy Milton Holtzscher • August 07 2010 03:39PM

Comments

Nancy, great post.  Any home priced agressively will sell faster than an overpriced home.  That must be why I like listing foreclosures and short sales.

Posted by Kay Van Kampen, Realtor®, Springfield Mo Real Estate (RE/MAX Broker, RE/MAX Solutions) almost 8 years ago

It's a seller's market right now in 2017. However, the market will teach some irrationally exuberant sellers that they can't get whatever price they conjure up.

 

Posted by Dave Halpern, Louisville Short Sale Expert (Keller Williams Realty Louisville East (502) 664-7827) 6 months ago

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