One of the most common mistakes sellers make in this market is overpricing their home. It is human nature to think ours is better than the others. In real estate however, the numbers speak for themselves. The quote, “Liars figure, but figures never lie” seems appropriate.
The biggest risk with overpricing a home now is that every month the home in on the market the price moves farther down, sometimes 1-2% (for Big Bear) per month. Many times sellers start out too high, and then reduce only to see that they are still be behind the real price. They continue to chase the market down, never getting low enough to get ahead of it, in a what can be a frustrating process.
It is similar to missing a train, a train filled with the right buyers. And then moving on to the next stop, only to see the train has already left the next station. You need to get ahead of the train.
So what’s the best way to get a property sold in this market? Get in front of the market from the very beginning. Get to the train station before the buyer train comes through.
Check out the video below for some more of my thoughts on this topic.
Like the video above? Check out some of my other video posts.