CAN REAL ESTATE AGENTS IN HARRIS COUNTY, GA PRICE HOMES TOO HIGH?
From location, to the number of acres, to the school district, there are many factors that influence how real estate agents and individual sellers determine the price of homes in Harris County, GA.
Price is obviously an influence as sellers want to maximize their profits and buyers want to maximize their profits.
But pricing any home is both an art and a science.
So how do you know if you priced your home too high?
DAYS ON MARKET – THE 30 DAY MARK
The best way to tell if your home is priced too high is to look at the number of days your home that been on the market. To refresh your memory, “Days on market” (DOM), as the name suggests, is the number of days that your house has been available as a listing.
We previously discussed how DOM influences the perception of a home on the market in both tangible and intangible ways, and how looking at a home’s DOM can communicate information on its own.
Use 30 days as a marker. If your home hasn’t received a bid in the first month its been on the market, it’s a tell tale sign that it’s priced too high.
THE FEAR OF PRICING HOMES TOO LOW
Sellers list their homes at a high price to stimulate negotiations rather than a desire to sell it at that price.
It’s a sound tactic, right?
But research shows that a high initial asking price will turn buyers off from placing a bid, as they don’t want to waste their time by low balling.
In fact, most buyers will wait until the seller lowers their price.
Also keep in mind that the first few days of a new listing are a property’s best chance at attracting the highest offer possible.
So what we end up seeing is a stalemate as the seller won’t budge in their price, and buyers who wait for the seller to lower their price instead of putting in a bid. And both parties lose.
THE ROLE OF REAL ESTATE AGENTS
Correctly pricing a home is one of the most important reasons why sellers should use a real estate agent. Real estate agents have researched years of home prices in the area, following trends, and compiling them into a “Competitive Market Analysis”.
Real estate agents can also interpret market feedback and adjust a price accordingly. For example, if a home has had a lot of showings but no offers, that’s a sign to re-calibrate the price.