Guest Blogger and Sacramento REALTOR® Gena Riede is a good friend. We knew each other through blogging long before we met in person. Gena has a flair for selling real estate and is very good with helping both buyers and sellers meet their goals. One bit of trivia about Gena Riede, she grew up in Denver. I hope you enjoy her post today, I just love her horse photo!
It is a pleasure to be here representing Sacramento CA real estate on Denver Dwellings where Kristal Kraft has a very informative blogsite for all her readers.
I Thought I would share with you today a little known secret in real estate that applies across the nation no matter where a house is for sale.
I’ve never met a home seller yet that doesn’t feel their home is the best on the street.
It’s understandable since our home is very personal to us. When selling your home it’s important to have a comparative market analysis for the neighborhood where your home will be for sale, showing you what your competition is priced at.
As a Sacramento Realtor ®, I usually make arrangements for my home sellers to view their competition that is for sale. This way we all have a clear picture of how the homes for sale line up. This process gives the home seller a realistic view of price and condition of homes in the neighborhood currently on the market.
In Sacramento real estate as well as Denver real estate, there is a thing called “chasing the market.” This is something every home seller should avoid. It means, the seller over-priced their home initially, and usually after months realize they are over-priced and lower the price of their home to what it should have been priced to begin with.
Many times, the lower price is not where the new price point is but even lower, which means the seller continues to simply chase the market without ever zeroing in on the actual current value. This sends a clear message to home buyers that the price continues to be reduced so who knows where it will end up. And the end result is either a very low offer or the seller simply takes their home off the market.
The homes priced correctly, always sell for more than the homes that chase the market. It’s a proven fact and that’s why as your Realtor® we work hard to provide you with the best value figures at the time of the listing and continue to monitor prices in the neighborhood while your home is for sale. If we see home prices dropping, as the listing agent we contact the home seller and ask for a price reduction in order to keep your price in line and NOT chase the market.
As you can see these luxury homes to the stars are chasing the market. When working with a seasoned real estate professional we help you avoid this costly mistake.
How does that saying go…
You can take a horse to water, but you can’t make them drink.
It’s always a pleasure to work with Denver Realtor®, Kristal Kraft when I have a Sacramento home buyer with a Denver relocation. Makes for a very happy relocating home buyer.
Gena Riede, Sacramento Realtor
Author of Sacramento Real Estate Voice