Hi everybody it’s Fraser pro Realtor with INI Realty and I’m here today to talk to you about the single most costly mistake that home sellers make when selling their homes. I’m excited to talk to you about it. So let’s get to it.

The goal when listing your house is to maximize visibility and increase traffic. You should be careful to present your house in a way that will increase demand so that more buyers express interest and possibly submit offers.  The $25,000 mistake that home sellers make when listing their home is to overprice their home. The mistake is not pricing it to sell immediately by pricing it to sell quickly. You’re attracting the most amount of buyers to the property and that gives you the best chance to garner multiple offers. You want to get buyers competing with each other because when buyers compete, that gets expensive.

I’ve had sellers believe that the best way to list their home is to price it with a buffer so that there’s room for negotiation. I understand the merits of this strategy but it’s more likely to deter buyers and here’s why. Buyers are more educated today than they ever have been. They have all the information about the neighborhoods and the type of home,  the price, and the size of the home that they’re looking for. All this information is at their fingertips. So when they spot a deal, they know and understand immediately what a good price for the house is. They’re not solely reliant upon their agent to tell them yes, this is a good price or no that’s not a good price, or let’s do the comps and see. It’s almost instinctual at this point for a buyer to know and to be able to spot what a good deal is. When a home is overpriced it tends to sit on the market longer, and when the home sits on the market longer the buyers start to wonder why, they start to feel that maybe it’s not only overpriced but there’s something wrong with it physically. So now they start to ask themselves if it’s even worth going to look because it’s obviously overpriced, there’s something wrong with it and it’s gonna be a waste of their time. So they just decide to move on and your listing becomes stale, and it sits even longer. So when your house is sitting on the market for a long period, and you haven’t had a lot of showings what’s the next logical thing to do? The dreaded price reduction, that’s what you do. So now instead of the market chasing you, you’re chasing the market. And we don’t want that. We want the buyers to clamor over themselves and compete with each other for the rights to your home so it puts us in a tough position.

So once the buyers smell blood in the water, they sense an opportunity to negotiate the price down even further. So you finally nabbed an interested buyer who’s willing to put an offer in on your house, every house is eventually going to get an offer, somebody’s gonna buy your house at some point, right? Any house will sell for the right price. So what they’re gonna do, is they’re gonna send you an offer that they know you’re gonna refuse but it’s gonna be a low ball. So once you receive that lowball offer, you’re so excited by this time because there’s been so much stress up until this point that you go towards your bottom line pretty quickly. This happens regularly, I use this as a buyer’s agent all the time. I take a huge chunk off the list price because I know what’s going to happen next, they’re going to come really close to their bottom line and we’re going to be able to save 1000, 1000, 1,000 dollars off the price of the home. Any house will sell for the right price. The trick is to price your home competitively in the beginning, to attract the most amount of buyers possible and get them competing with each other for the rights to buy your home.

That’s my job. I’m very good at my job and I look forward to working with you. If you click the link below that will take you to my website where you can sign up for a home evaluation. It’s no obligation. I love what I do and if I can help you, then I’ve done my job. So again, thank you so much for watching. I look forward to the next one. We’ll see you guys soon. Take care bye.