Case Study – Listing Too High Can Cost You
Posted January 10th, 2017 by Clarissa Gregg

We assisted a homeowner, as she was making preparations for a move into her retirement community, with gathering information on her home sale. We introduced two knowledgeable agents who completed market analyses and came up with pricing suggestions of $355,000 and $365,000, respectively. The homeowner was disappointed, feeling she had been watching the market in the area and that her home was worth much more.
Unable to convince her of the market value, the homeowner went on to list her home with her own agent for $409,000. After three months of sitting on the market, the asking price was reduced to $397,000. A month later, the price came down to $365,000. Now, at this point, with the home being in a seasonal marketplace, season was ending and the market was slowing. So even at the initial pricing recommended by our agents several months before, that price was no longer appropriate. The home continued to languish on the market. Three months later, another reduction to $349,000 and 5 months, yes FIVE months, after that, another reduction to $324,900. The home still remains unsold a year after it was listed.
Had the homeowner listened to our advice and to the advice of the agents she met through our program, she would have had a much stronger chance of selling her home in the first few months on the market and at a price well above the current asking price. It has been proven over and over again that over-pricing a property elongates the time on market and reduces the sale price. While initially it can be difficult to hear your home isn’t worth what you thought it was, the cost of overpricing and the resulting loss will be even greater.
Let Moving Station’s real estate professionals help guide you through your home sale process and make smart decisions so you can maximize your sale price and sell your home in a reasonable amount of time.

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