We all know the long-time-favorite game show The Price is Right. The whole show was based on...pricing. If you don't guess the correct price, you simply do not win! I was driving today and I thought about how this gameshow is like the real estate market.
Let me back up.
I had a listing in Friendswood that we actually closed on today. I remember driving through the neighborhood on my way to put the sign out in the yard (this was last month when I took the listing). On the way to the home, I passed several other homes for sale. I took note of the other companies/agents I would be up against (like I normally do) and I thought, "How am I going to stand out from these other homes and real estate companies?"
Since I was going to be up against several other listings in the same neighborhood, I figured The Price HAS to be Right!
Well, I suppose the price was right since we closed on it today! Being honest and taking the time to run good neighborhood statistics paid off. The best part of this story is next...
When I drove out to pick up my sign from the yard, the same homes that were originally for sale...were still for sale!
Moral of the Story: Over-priced homes typically DO NOT sell. Also, homes don't always sell for 10% under the list price! If a home is priced right, then it deserves to sell for what it's worth (and in a timely manner). The buyer gets a good home, the seller gets market value, and everyone is happy :) This is how real estate should be.
If you want to know how Iwould price your home, contact me at Randall@AgentRandall.com. I'm always happy to help!