The Problems Caused by Starting at Too High a Selling Price

then Waiting Too Long to Drop the Price on Sarasota Real Estate.

     We all want to believe our Sarasota home is worth more than it probably is.  It's a natural reaction.   So there's a tendency to price your Sarasota real estate property too high, thinking that if it doesn't sell, you can always reduce the price later."  In fact, nothing could be further from the truth.

     Even if you do manage to get an offer at an "above market" price, your buyer will likely need a mortgage.   The mortgage lender will require an appraisal.  If comparable sales for the last six months and current market conditions don't support your sale price, the home won’t appraise and your deal will fall apart.  You can try renegotiating the price, but only if your buyer is willing to listen. At that point, any trust he had in you, and/or his own Realtor® who suggested that he accept that high price, is gone.  Your Sarasota home will most likely have to go back on the market.

     Once a sales contract falls through and the home goes back on the market, it is harder to get a good offer.  Many Sarasota Realtors® aren't anxious to show homes that have been on and off the market.  They suspect that you'll be just as unreasonable a second time around, demanding a price that won't fly.  Worse, those Realtors® who do show your property may bring potential buyers who think that by now you'll be desperate, so they will make only &qout;low-ball" offers.

     When you finally do accept reality and drop your price, your house may have already become ""stale on the market."  Remember that the first to see your home when its first put on the market will be Realtors® "on tour."  If they think your home is over-priced, they won't show it to prospective buyers.  So, if you don't start at a realistic price, your Sarasota area home could take much much longer to sell.

     Listen carefully while your listing agent explains why your home is worth what his Comparative Market Analysis (CMA) says.  Ask questions, if you wish, to assure yourself your Realtor® used truly comparable properties in arriving at the value of your home, but pay attention.  Competent Realtors know what Sarasota real estate properties are worth on the market right now, noit what it may have been worth a year ago or even 6 months ago.

     if you overprice your home upfront, you may actually end up with less than you'd have received if you had accepted the professional judgment of your Sarasota real estate professional.  That old saying "Get it Right the First Time" is real important in real estate pricing.