Omaha, NE Contributed by David Matney with Alliance Real Estate
There is a distinct difference between being listed and being on the market. Time and time again, many sellers make the mistake of overpricing the home. This mistake results in a home that is listed but it is not on the market. For example, lets say the average days on market is 30 days in Happy Acres. You have a listing that is overpriced by $10,000 for 90 days. Are you on the market? No, you are listed. In order to be on the market you have to be priced at a level where you would expect a reasonable offer within average market time. You do not have to be the lowest price, you simply need to be the best VALUE. There is a difference. If you are the highest price but you are the best value then you will get an offer. If the lowest price home in the subdivision does not represent the best value to the buyer - it will not sell.
The buyer is the smartest person in the transaction because after looking at countless numbers of homes they know when a home is priced at the market and which home represents the best value. The best time is the first three weeks of the listing, at that time the home is new to the marketplace. After three weeks, the home has been rejected by the market and the only the new buyers entering the marketplace are looking at the property. As time goes by the home is "shopworn." As time passes, sellers start to reduce the price and now buyers have begin to ask. "What is wrong with that home it seems like it could be a good value, but it has been on the market for 100 days?" If they write an offer, it will be lower than what they might have offered if it were priced correctly to begin with. Proper pricing is the single most important factor in selling a home and it will make the difference between being listed and being on the market.
David Matney, CRS,GRI
