After negotiating many real estate transactions over several years, I’ve seen virtually every mistake in the book. Many of these are avoidable missteps that lead to seller frustration and lower sale prices.
One glaring example is the common practice of immediately placing homes in MLS (or on Zillow or Trulia) as soon as they are listed. This is a major error. Here’s why.
MLS systems track each listed home’s “days on the market.” (Zillow and Trulia also track time on the market.) This is a big advantage to buyers. It’s a price-depressing travesty for sellers.
Put yourself in a buyer's shoes. You see a home. You like it. Naturally, the first thing you ask is the asking price. Your next question is how long the home has been on the market.
Why? Common sense dictates the longer the home has been for sale, the less you’ll be willing to pay. You logically assume a home that has lingered for months has been rejected by many other buyers. Knowing this, you aren’t about to make an offer close to the asking price.
Also, when a home has been on the market for months, buyers assume the seller has mentally “softened” (often true). And, they wonder if there is something "wrong" with the house.
The problem? A buyer's offering price is negatively impacted by a home's time on the market. Longer time = Lower price.
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