Many who managed to sell their homes for top dollar just before the crash of 2008 have serious flashbacks when they watch the rolling boulder scene in “Raiders of the Lost Ark”. This iconic scene is one of two that works well to symbolize current real estate activities.
The second scene arrives when Indiana Jones and leading lady, Marion Ravenwood, open the container with the ark. The nasty little villain is enchanted by this beautiful spirit swooping around him. Then suddenly, its true demonic self manifests, and the villain’s face melts just before his head explodes.
What’s the real estate connection?
Pricing. Sellers can get enchanted with the dreamy prospect of how much they think they can sell their home for. This is just as true with individual home sellers as with developers. The individual home seller often says, “I know my neighbor’s home, which is just like mine, sold for $400,000 last year, but I spent $30,000 improving my home, so it should sell for $430,000”. Developers may say, “I invested this much into this home, and I need this much profit, so this is the price for the home”.
The seller and the developer in these examples are both mesmerized by the beautiful spirit swooping around them and soon the true market conditions will unmask the beautiful spirit, and their faces will melt and their heads will explode. Well, maybe not, but they’re not going to be happy.
There are endless resources to get an idea of true market conditions and market pricing, but having a healthy discussion with a professional realtor of your choice can be the most straightforward and easy route. Work with a well-experienced realtor who can skillfully interpret market trends for their clients, someone familiar with your neighborhood. Keep in mind that realtors who consistently work open houses also have special market insight from listening and interviewing active, potential area home buyers.
Pricing your home competitively from the beginning will save you precious market time and anxiety. Please trust the realtor of your choice. While it doesn’t hurt to push a little, offer suggestions, or even challenge their advice, at the end of the process, remember to let them do their job — getting you the best price that the market will allow.
Jones and Marion didn’t let the swooping spirits distract them, and they lived another day. Can you resist?
Blog by: CK Cole of Lighthouse Realty Group
CK is a licensed and experienced real estate broker at Fulton Grace Realty. Her passion has always been making that right match and finding that perfect property for her clients.