Some Utah County Realtors seem willing to listen to your
input on price. This isn't a Realtor that
cares about putting the most money in your pocket. This is
an agent that is willing to list your home at your price not
the correct price. Some agents are interested in
buying a listing in Utah County.
Buying a Listing in Utah County is Dishonest
If you have just met an agent engaging
in a questionable sales practice called "buying a listing."
He "bought" the listing by suggesting you might be able to
get a higher sales price than the other local agents
recommended. Most likely, he is quite doubtful that your
Utah County home will actually sell at that price. The intention from
the beginning is to eventually talk you into lowering the
price. This is a dishonest practice in my opinion.
I recently looked at a
Home in
Springville Utah. I accurately estimated the value of
this home at $365,000. Another Realtor looked at the home
and suggested a ridiculous price of $425,000. This agent
then called to tell me they listed the home. I asked, "what
price did you list the home?" She replied, "I listed the
home at $425,000 and know it is way too high." This bugs me
because she bought the listing. All things being equal the
seller would have hired me but she was so excited to hear an
inflated, unrealistic price from another Realtor so she
signed. Over time this agent will start suggesting lower
prices. I just find this completely dishonest.
Why do some agents in Utah County
"buy" listings this way?
There are basically two
reasons. A well-meaning and hard working Utah County Realtor
can feel pressure from a homeowner who has an inflated
perception of his home’s value. On the other hand, there are
some agents who engage in this sales practice routinely.
I
have been selling homes in Utah County since 1995. Nothing
is more upsetting than losing a listing to an inexperienced
agent that overprices the home. I have asked sellers why
they choose a particular agent. They tell me that the
Realtor
suggested a high price. Sellers often throw experience and
logic out the window for a dreamy high price.
If you start out with a high price on your home, you may
have just added to your stress level. Selling a home
in Utah County is stressful enough. There will be a lot of
"behind the scenes" action taking place that you don’t know
about. Contrary to popular opinion, the listing agent does
not usually attempt to sell your home directly to a
homebuyer. That would be inefficient.
According to the
National Association of Realtors you have a 5%
probability that your listing agent will find the
actual buyer that buys your home. Team
Teasdale Realty finds a buyer on between 20-30% of
their listings. This is because they are
anxiously engaged in marketing and trying to quickly
sell their listings to their sellers. Never consider
a Realtor that wants to buy your listing.
Pricing Your Utah County Home Correctly
If you and your Realtor have overpriced your home fewer agents will
show your home. After all, they are Realtors, and it is
their job to know local market conditions and home values.
If your house is dramatically above market, why waste time?
Their time is better spent previewing homes that are priced
realistically. If you start out with a high sales price,
then drop it later -- your house is "old news." You will
never be able to recapture that flurry of initial activity
you would have had with a realistic price. Your house could
take longer to sell.
Even if you do successfully sell at an above market price to
an uninformed buyer, your buyer will need a mortgage. The
mortgage lender requires an appraisal. If comparable sales
for the last six months and current market conditions do not
support your sales price, the house won’t appraise. Your
deal falls apart. Of course, you can always attempt to
renegotiate the price, but only if the buyer is willing to
listen.
Don't overprice your home. Price your home
correctly to sell. Paul Teasdale will give you
some very solid advise on what your home is worth.
His opinion may be very different from an appraisal
or other less experienced Realtors.
Accurate and Honest FREE
Evaluation on Your Home
Paul Teasdale of Team Teasdale Realty has
been selling homes full time in Utah County since 1995.
Paul is the Principal Broker and has sold over 1,100
homes in Utah County. Local banks ask Paul for BPO's
(Broker Price Opinions) on their properies and these
banks pay Paul $75 per BPO. Paul will give you a free
CMA of your home. Click the "What is Your Home Worth?"
link below and tell me about your home today!
