Six Pricing Myths Sellers Must Ditch Now (Part 3)

5.  A low ball offer isn’t worth considering.  Don’t waste my time.

Selling your home is a process.  An offer, even a low offer, is the start of that process.

When a seller is offended by a low offer, I usually respond by asking what the seller would do, if s/he were in the buyer’s place.  Would s/he offer top dollar right out of the gate?  Probably not.  So, don’t be offended when someone does exactly what you would do.

You can’t take a low offer personally.  It’s not an insult; it’s an invitation!  Don’t be stubborn….make a counter offer, for heaven sake.

Everyone wants a deal, so we start at market value and add a little bit of cushion for negotiating and for unexpected repairs.  And certainly, most homes will not sell above the list price unless it’s a super-hot seller’s market or the house is truly one-of-a-kind.

Take Away:  Don’t get emotional about the first offer.  It’s an invitation and you need to RSVP!

6.  My home needs updates, but buyers will look past that. Won’t they?

In a word, no.  No, they won’t look past dated features, unless the price encourages them to do so.

If your listing price doesn’t account for the floral wallpaper with coordinating border, the navy blue toilets, and the harvest gold carpet, the buyer will account for it.  As they tour the house, you can just hear their mental calculator making deductions….

strip the wallpaper and repaint  $_____ ching!

update the bathrooms                  $_____ ching!

replace the flooring                       $_____ ching!

MENTAL TOTAL                      $_____ cha ching!

And that MENTAL TOTAL will be deducted from the listing price when they prepare their offer.   I guarantee it!  I have this discussion with buyers all the time.  This is exactly how their minds work.

My advice: Look at a few decorating magazines and watch a couple episodes of Flip or Flop, or Fixer Upper.   If the “bones” of your house don’t look like these homes, be realistic and price your home with the needed updates in mind.  It’s not unusual to need updates, nor is it a reflection on you or your taste.

Take Away:  Home styles change pretty dramatically from one generation to the next.  (I know my kids wouldn’t want to live in my house!) Price your home with the reality in mind.