As listing brokers one of the most difficult things we have to explain is the pricing of your home. That's not to say we don't know how, it's more about overcoming a home owners objections.
Since the market decline, which now seems to have been going on for more years than any us of ever thought, pricing objections have been on the rise. There are always reasons behind objections but none of them are relevant, not one. It's not relevant if you are emotionally tied to a certain number. It's not relevant if you need to net a certain amount at closing. It's not relevant if you want to use your equity for other things. It's not relevant if you owe too much. It's not relevant if your home was worth more 5 years ago when you bought it. It's not relevant if you have spent $50 or $50,000 on upgrades.
None of it is relevant when pricing your home. What is relevant is what the market will pay for your property. I am sorry if that sounds harsh but it is not born of malice. Don't get me wrong, all of the reasons you want or need to sell your property matter. They matter to you. They are the reasons you have decided to sell.
But there are 3 other parties in a sale. Your reasons for wanting to sell, do not matter to the buyer, their Realtor or their lenders appraiser. Those are the 3 people we need to sell your property to. And that's why linking the price of your home to anything but the market is a recipe for failure.
The simple agreement to list above market value sends out one single message to you, that your Realtor agrees with you on price, and when you don't sell, it stands to reason you'll be upset and point the finger at the Realtor. Frankly that's also being dishonest, something we strive not to be.
If your property is priced correctly, then patience is also required in a buyers market. Buyers have lots to choose from but your buyer is out there. If the market is declining, and market time is extending you may have to reduce your price to keep up. If not you'll suddenly be back to being over-priced. I know it's a horrible vicious circle to be in and we hope it will get better here in Illinois soon.
Like it or not - All the marketing in the world will not sell an over-priced property.
If you are in the market to sell and want an honest estimate of home value, give us a call: 847-363-3686. Our goal is simply this, to help you achieve a sale.