Are you considering selling a house in the Bryan/College Station Real Estate Market, or any market for that matter? If so, determining the price can be the most troublesome issue. For some people the house has so many emotional ties that they overinflate the value. I mean, your house is the BEST house in the neighborhood, right?! Of course it is…that is why you decided to buy it when you did! You didn’t go through all the homes in Castlegate and pick the worst one out there, you picked the BEST. The one house in College Station that would give you the most BANG for your BUCK! And then, you made it better! So, it must be worth more than the rest out there. And, emotionally it is….to you.
Unfortunately, the real estate market, the numbers that determine a good list price, are not emotional. They are analytical. A good Realtor in B/CS will take the numbers, remove the emotion and give you a list price. The list price should be a value that other homes in the market have SOLD for and should be based on your home’s condition and square footage. Most sellers want to take that number and pad it…you know, add a little more so that you have room to negotiate! This technique, while it sounds like a good idea, can hurt you more, than help you. To prove this to you, I want you to think like a BUYER for a minute!
You are looking at homes in Pebble Creek. You find several that meet your needs, but have narrowed it down to 2. One is priced at $325,000 and the other at $315,000. Condition, updates, and size are all relatively the same…as a buyer, which do you go to first? Honestly. I would guesstimate that over 80% of the time the lower priced home would get the first offer. They may have loved the $325,000 more…but to ask them to come down to $315,000, where the market would place them can be seen as an insulting offer, and believe it or not, buyers don’t normally want to be insulting to the people they are going to be negotiating future repairs with! So, the higher priced home is overlooked.
You are looking at home in Copperfield. Now, most Bryan, Texas residents in Copperfield know that something funny happens around February in their subdivision…ALOT of homes hit the market! It’s not unusual to see 3-4 homes a week go online…and some of them are on the same street. So, thinking like a buyer, you make an appointment and have searched on Century21bcs.com and have found 20 houses to see! They all seem the same, for the most part. Do you choose the most expensive ones? No, you don’t. The higher priced homes are left to see only if the others don’t work out.
I think those 2 scenarios say it best. But the one thing they don’t address is that the longer the house is one the market 2 things will happen. First of all, the seller will get frustrated and will get tired of showing. Or will be frustrated because the house is NEVER showing. The effort the seller put into getting the home all spruced up for that first few weeks will start to fall to the wayside…and the rush around the house to get it picture perfect for each showing will stop. The home may not be as clean, clutter free, and inviting and that will make your offer price go down. If you even get one. Secondly, the longer a house sits on the market, it begins to develop a stigma….there must be something wrong, or the seller’s are probably dying for an offer! And, you guessed it, the offer price is LOWER.
So, that being said….price the home within Bryan/College Station statistics. You will get shown more often, and you will get a fair offer. Your listing agent will be able to fight harder for your list price because it is valid. And, finally, you will be able to move onto your next location sooner!