Home sellers, these quotes/statements are taken directly from The Residential Specialist magazine:
Ask Alexis Bolin, CRS Emeritus, to explain her strategy to price a home and the Pensacola, Florida-based broker associate with ERA Legacy Realty counters with a quick reply: “I don’t set the price. The market sets the price. I’m the messenger."
Acting as messenger, however, is no light task. The role involves collecting, analyzing and delivering timely market facts, figures and statistics that indicate what buyers are currently willing to pay for a property similar to the seller’s. This in turn demonstrates where appraisers are setting market value and what lenders are willing to lend.
With facts on the table — and the REALTOR’S® skilled guidance to interpret the data — the seller’s best price range will rise to the surface. “Now it’s up to the seller,” Bolin adds. “They can either price their home to sell or they can price it to sit.”
When Bolin asks sellers what they think the statistics mean, the logical answer is that buyers aren’t buying homes in that range in this neighborhood at this time. If the seller is motivated, the next step is to find a price range that is attracting buyers. “When I do the homework and get the right statistics, sellers eventually see the right price range. It may not be as high as they’d hoped, but based on the facts, they’ll know the price range fairly represents current market value.”
“Let’s say you want to list at $150,000, but the absorption rate shows us that $145,000 to $149,000 is the area’s hot range,” Brun adds. “I could try talking the seller down to $149,000 or I can point to the graph and say, ‘Here’s where you are, here’s the hot zone and the difference is $1,000. What do you want to do?’ It’s tough arguing with numbers, and in the big picture, $1,000 is pennies — although even that small amount can make a big difference in how fast a home sells. So the answer is usually pretty easy for the seller to make.”
Great job Alexis Bolin - I could not agree more! That is why we are CRS designated agents - the Top 3% of all agents nationwide.