Know What Your Home Is Truly Worth
Beware of those agents or appraisers that claim you can get a much higher price for your home.
We all know sellers are motivated to list for the highest possible price but do not fall prey to an unethical practice used by some agents, which is called “buying your listing”.
Regardless of market conditions, it is important to be aware of your home’s value relative to the competition. A BREA real estate agent will be able to provide you with information on comparable homes sold in your neighbourhood in the past year. Your agent will take into consideration the home sizes, views, location and other distinctive features which will be similar to yours. So, if most homes of the same size and quality as yours sold for $425,000 in the past year, it would be unrealistic for you to think that your home is worth $650,000.
Overpricing your home will only help the competition. Other agents will be happy to show it to make their lower priced home look like a bargain. Statistics show that an overpriced home will ultimately sell for less than it would have if it had been properly priced from the beginning. This is a very common mistake most sellers make; they price the houses high with the hope to bringing the price down later. By the time the price is adjusted to a proper market value most of the qualified buyers have purchased something else or are no longer interested in purchasing.
Some agents will list a home for sale, at any price. They take on the listing in order to have an inventory and have their name advertised on signs in the neighborhood and newspaper. This practice will definitely help advertise the agent’s name but it will certainly not sell your home.
Serious real estate agents will be brutally honest with a seller about pricing their home because they are not interested in wasting theirs or the seller’s time. A seasoned realtor will not waste advertising money or time on a house he/she knows will not sell. They will rather walk away from the listing than to disappoint the seller by not being able to bring about a sale. Most of the time, the same agent who turned down the listing in the first place will be called back six months later to actively take the listing at a realistic price.
Carmen Massoni is the President of Bahama Islands Realty and has over 20 years of experience in the real estate profession in The Bahamas. She has been the recipient of many international awards recognizing her as a top producer amongst her peers.
If you have any questions or need real estate advice, call 502 3400 or email email@example.com.