The market seems to be picking up, and that may lead Sellers to change their strategy when pricing their property for sale. Many times a Seller will make some of the following mistakes:

1. Establishing a high price for the property, saying "we can always come down, but we can't go up, so let's try the higher price."
2. Reviewing a Competitive Market Analysis with a REALTOR^® and choosing the highest price on the Analysis as the "property most similar to mine."
3. After reviewing the CMA and determining a listing price, adding the commission and transfer tax and other charges onto the agreed-upon price.
4. Setting unrealistic expectations with regard to time on the market and terms. It may be necessary to explain to a Seller that a short settlement time could mean a lower price.
5. Thinking that his/her house is "better than the other properties on the market." In this instance it may be necessary to take your Seller to see some of the competition and point out the items that buyers are comparing (size of kitchen, number of bedrooms, lot presentation, and most importantly-price).

We have an obligation to be professional, knowledgeable about the market, and confident in our listing price range and marketing strategies, but we must also maintain an attitude of patience. These are still hard times for many of our Sellers, and it is our responsibility to make the transaction as stress free as possible.

Hope these tips help.

See you next week!

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