Tuesday, October 03, 2006

George is now talking from both sides of his mouth!

Local weatherman, er... realtor, George Lindsay Young has his newest market update on the web. This is the same guy who called you a "Chicken Little" (see my post on 9/14/2006). Sounds like he is changing his tune:

The Perils of Pricing High

We hear it all the time! In an effort to get top dollar for their home, many sellers will tell us, "My initial listing price isn't that important because the price can always be adjusted down later."

While this may make sense on the surface, a closer look reveals the potential perils of starting out with a listing price that's too high when putting a home on the market.

To unravel the myth that the initial listing price isn't important, we must first take a look at the primary factors that bring buyers and sellers together. While marketing can be vital in attracting unrepresented buyers, the vast majority of buyers are working with and talking to a real estate agent. A professional REALTOR® knows the current inventory and market conditions for any given area. If your home is first offered for sale and is priced too high, those agents are going to show similar homes that are priced more attractively. Your home will be passed over.

Real estate buyers and REALTORS® also tend to pay the most attention to homes that are new to the market. It's been said you only have one chance to make a first impression, and it's no different when selling your home. Very often, REALTORS® and buyers wait with baited breath to see what's new on the market. Enter the market priced too high, and many buyers will simply write off your home as "the home that was overpriced." A price reduction later in the marketing cycle can leave your home overlooked as new and more aggressively priced homes hit the market.

You may be thinking, "Don't the buyers understand that I'm willing to negotiate?" The truth is, many buyers aren't thinking about that. They are comparing your home with similar other homes offered for sale, and will often write an offer for someone else's home with a more realistic asking price.

The other danger of pricing a new listing too high is once you've realized your error, it may be too late to get top dollar. As more time goes by, if you're moving out of area or simply have to sell quickly you may forced to take a much lower offer because you're simply out of time.

Here at Scott Rivera Real Estate Team, when we meet with you to discuss selling your home we take a different approach. Well before we sit down with you to make recommendations regarding the sales price of your home, we roll up our sleeves and do our homework. We make a detailed analysis of market conditions in your neighborhood, and work with you to develop a pricing and marketing strategy that is custom tailored to your home and your needs. That, blended with our aggressive and comprehensive market plan, can often be the best recipe for success to help you sell your home quickly and for the best price possible



JR said...

Wow, such a smart looking young man with so much photogenic charisma. Too bad he is such a two faced insincere part of the real estate industrial complex ("REIC" as coined during this latest housing bubble growth spurt). So is it a great time to buy, or a great time to sell? Oh, it must be both, so you can make a commission. The only saving grace to this bald faced rhetoric is that YOU, Mr. GLY will be taking a 40% hit to your income and perhaps you will get a real job. And if we are lucky, you can use the income to feed any houses you own on those "Pac Man" loans. LOL

smoggiebakersfield said...

In my opinion Curious George has no credibility at all, nor does any RE agent I’ve ever met. I had my share of dealing with these vultures. I don’t believe a damm thing these RE jerks have to say. There out for one thing, making that sale at any cost, no sale no commission. I can’t wait to see that Plump Mary Cruz, loose her entire business.

Gary Anderson said...

My wife was born in Bakersfield. I know this guy. His dad was that famous weatherman on the New York "superstation". Hope he isn't overextended or his dad may need to bail him out.

Gary Anderson said...

Oh, one more point. David Lereah, that con man from NAR once said that if a person paid off their mortgage it would be a misuse of their finances. He is the king of real estate morons and George is just a minion.