Pricing your Jacksonville real estate correctly. It does not matter what your neighbor has priced theirs at if it's too high!

We went to another listing appointment today in which our prospective seller was very concerned about the fair market price assessment of their home.  Apparently their neighbor had their home "that is not as nice" priced at $50,000 more than what the home is truly worth.  

 If your neighbor has their home listed for sale it is irrelevant to you what price is "on it"  if it is overpriced.  It is very common for us to talk to homeowners who are interested in selling their home, and give them a market price, only to be told their neighbor has a smaller home, "with no upgrades" for 50,000 more...so that's what the seller wants to go by when pricing their home.  This is especially true if the neighbor is not short selling their home.

Here are the important questions that we have to ask:

• Has the neighbor's home sold? 

• Is your neighbor's home under contract? 

• How long has the home been on the market? 

•  Is the home getting showings? 

•  What HAS been selling in your neighborhood? 

• What IS under contract in your neighborhood?

As a seller you should NOT be shopping for the highest price that an agent will recommend.  If you are shopping multiple agents, you will be given some prices that are too high.  This is because many agents would rather have  listings that will not sell than not have any listings since listings present marketing opportunities.

You should be shopping for honesty and integrity with solid numbers and statistics to back up the market analysis.  Demand statistics.  Demand to know how the price was reached and see how many homes are priced under that price and why.

Take all emotion out of it.  In a strong buyers market you have to put your pride away, along with the desire to overprice your home in line with your neighbor's overpriced home.

If you overprice your home, you are wasting everyone's time.  Your time.  Your agent's time.  The buyer's time who may come to look at it, only to discover it is way out of line.  If you are not willing to price your home at fair market value,  you should wait until the market once again becomes a seller's market, which it will.

• Has the neighbor's home sold? 

• Is your neighbor's home under contract? 

• How long has the home been on the market? 

•  Is the home getting showings? 

•  What HAS been selling in your neighborhood? 

• What IS under contract in your neighborhood?

As a seller you should NOT be shopping for the highest price that an agent will recommend.  If you are shopping multiple agents, you will be given some prices that are too high.  This is because many agents would rather have  listings that will not sell than not have any listings since listings present marketing opportunities.

You should be shopping for honesty and integrity with solid numbers and statistics to back up the market analysis.  Demand statistics.  Demand to know how the price was reached and see how many homes are priced under that price and why.

Take all emotion out of it.  In a strong buyers market you have to put your pride away, along with the desire to overprice your home in line with your neighbor's overpriced home.

If you overprice your home, you are wasting everyone's time.  Your time.  Your agent's time.  The buyer's time who may come to look at it, only to discover it is way out of line.  If you are not willing to price your home at fair market value,  you should wait until the market once again becomes a seller's market, which it will.