One of the Worst things a Seller can do when listing their
house is price it too high.
Why? Because it may
sit on the MLS (Multiple Listing Service) for a longer time, and be subject to
price reduction upon price reduction.
And after setting on the MLS, the buyer will then think that there is
something wrong with the house. The
longer it sits, the worst they think it might be, and the first thing on their
mind is to offer a really low offer.
When Listing a house
the agent will do ‘comps’ of the houses that have sold in the area, with the
same square footage and room count, to give a good idea what is selling. Yard size and upgrades are a plus, but not
always relevant enough to raise the price thousands of dollars.
The longer there is a
“For Sale” sign in your front yard, the more your anxiety levels rise, the more
the buyers wonder what is the matter with the house, and in the end unless the
price is lowered to that of what is selling around your house, it will continue
to sit.
The listing agent
should take the comps of the area and along with the time frame that they have
sold in, the time frame the seller wants to sell in, and come up with a price
that will move the house –usually within 30-60 days.