Pricing Your Home to SellOctober 28, 2017
In an upward market and with prices on the rise, some Boston luxury real estate sellers are adamant about pricing their home based on what they think their place is worth rather than analyzing comparable sales in the area. Unfortunately, that poses a major problem.
The buyer pool is very educated, whether they are first time Boston luxury home buyers or not. They can easily find out what is on the market, property history and recent sell prices. Educated buyers refuse to pay over fair market value. Unless the buyer is paying in cash, they would have trouble finding a lender to finance the property if it’s not priced appropriately.
Some home owners may have their own financial reasons and/or long-term plans for not taking the advice of their Boston luxury real estate professionals. These sellers price their home based on how “they” feel about the market and other property prices. Granted, every home owner becomes somewhat attached to where they live, and feels that their home should be priced higher. I wish it could work that way, but that’s not Boston luxury real estate works.
Unless the property is unlike anything else on the market making it difficult to come up with comparable sales, sellers need to more realistic if they really want to sell. Otherwise, sellers end up wasting time and accruing days-on-the-market without any result.
We see more high-priced Boston luxury homes in a strong market, but we also see the scenario as black and white and can try talk to the sellers. They do end up getting some offers, but far less than expected if the property was priced right. They could’ve saved themselves unnecessary aggravation, stress, and endless showings, by pricing it right from the get go.