Put That Crazy Price Home on Zillow

WILMINGTON, NC - In today's competitive seller's market, a number of home sellers want to push the price too far.  Certainly, you can pad it a little, but pushing too far is causing homes that SHOULD SELL to NOT SELL.  What can happen is that your home will sit on the market for weeks and become stale and then you will be forced to CHASE THE MARKET DOWN to try to get ahead of it to compensate for buyers and agents perceiving your home is either NOT WANTED by anyone else or THERE MUST BE SOMETHING WRONG WITH YOUR HOME.

If you're thinking about selling your house, I'm going to tell you a little story about some folks, some friends, that I actually talked with a little while ago. They were thinking about putting their house on the market. We kind of did the numbers. They actually talked to other realtors too, which is great, but all the realtors and even an appraiser kind of came in at a certain price. But they, because they wanted to get X amount so they could do something else, they wanted to price it about 20 to 30% higher than it should have been. And the conversation I was having with them is, "Listen, if you're going to do that, if you're going to really just kind of shoot the moon and put it out there because who knows, maybe that buyer that's paying cash and not getting an appraisal or getting a mortgage will come through and just give you that money..."

If you want to try that, I'm going to say put it on Zillow. Put it for sale by the owner first, because what you don't want to do as an owner of a property is put your house in the MLS system and list it at a crazy price and then it sits there on the market. Because what's going to happen is the other realtors and buyers are going to perceive there's something wrong with that house, either it's extremely overpriced or most likely that there's something wrong with it. You could possibly scar your property by listing it way too high, too early. But if you put it out there yourself, that historical information is not going into the MLS where appraisers see it or a realtor sees it, and other buyers see it too. That's just a little tidbit. I know it's really strange for me, a realtor, to be telling you or people to not list their house.

But I'm just saying, if you're my best friend, I would tell you, "Man, don't make that mistake. Don't put it out there with some crazy price." I get pricing it with padding because this market is busy, and I get adding on some. But the truth of the matter is most people, most buyers, get mortgages and if it doesn't appraise, that deal's not going to happen. Anyway, I just wanted to get that little tidbit out there. I am certainly not encouraging people to use Zillow as their main resource, but I will say you don't want to absolutely scar your property by pricing it too high and then creating a possible perception. Because there is a history in the MLS that agents and appraisers can look at and see from past listings, past price changes, and things like that. Anyhow, thanks a lot. If we can be a resource in any way, please give us a call at (910) 395-1000. Thank you.

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