The Spring selling market is now upon us. Whether Oakland, Alameda or Berkeley,  this is one of the busiest times of the year for home buyers who are looking for their perfect new home.  While some marketplaces are especially stong, and competition is extremely heavy for the few houses on the market, that is not necessarily true of all Bay area homes.  For that reason, it becomes very important to price your home correctly to attract the maximum attention in the shortest period of time.  No matter what the area, my job, as your real estate agent, is to help you arrive at a competitive and realistic asking price, so your home will get immediate interest and attention. 

Many sellers, for a variety of reasons, have a tendency to want to overprice their home at the outset, and hope for the best when putting it on the market.  That is just not realistic, and there are many reasons for this that will fundamentally affect how quickly your home may sell.  Here is what can happen:

1. The Home Will Not Be Shown By Agents--Today, most buyers have done their homework on the Internet about neighborhood prices.  They may have been researching various real estate web sites for a while, and are pretty sophisticated about neighborhood asking prices.  They will not want to look at a heavily overpriced homes, and their agents will be disinclined to show them as well.  The agent will show their buyers the homes that are correctly priced, and can be obtained realistically.  You want your home to be in this group.

2. Loss Of Time And Money--If your overpriced home sits on the market for a while it becomes stigmatized.  There is a tendency among buyers to wonder why the home has been sitting so long, and they may then have reasonable questions about it.  Are there problems with the home?  Are the owners unreasonable and difficult to deal with?  What issues don't I know about? Obviously, it is very important to avoid this buildup of negative images about your home.  It will ultimately put you in a poor negotiating position.

3. Appraisal Problems--Even if you were able to find a buyer who will pay an unreasonably high asking price for your home,   if your home does not appraise correctly with the lenders because it is well over the comparable homes in your area, the financing for the buyer could be a problem. 

In summary, It is important to let me help you take the time to price your home accurately, correctly, and realistically at the outset.  It just makes good sense financially.    

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Posted by Bruce Wagg on


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