Greed doesn't pay when selling
An article in SF Gate today, syndicated from a writer in Washington, discusses how home sellers must pay attention to their local markets when pricing a home for sale.
If you read my posts regularly, you’ll know that I don’t believe that our market is ‘cooling’ so much as we have too many greedy sellers which causes the inventory to appear to be sitting longer…
“If you are selling into a market that is or shortly will be shifting toward cool-down, restrain your greed impulse. In cooling markets, unless you snag the increasingly rare totally clueless buyer, record-setting asking prices won’t get you many offers. Realtors need to preach this message to potential clients as well. If you truly want to sell your house, price it realistically for your market’s emerging dynamics. Who knows? You just might luck out like Cutts’ smarter neighbors and sell for more than you’re asking.”
Especially in San Francisco, the market (of buyers) determines what a house is worth, not a seller or real estate agent. We (as agents) must do our best to present the property in the best possible light, make sure that everyone knows about it, and handle the details of the transaction, but if you try to tell buyers what to pay, you’ll lose out every time.
If you’re selling your house, pay close attention to what your agent tells you about what the trend is in your city or neighborhood. The most critical mistake you can make when selling your house is to try to dictate how things will play out.
