Hey, Louis!! More Questions for Campbell's Real Estate Professional

Last time, we talked about how to tell if a home is over priced. In this post we are going to tackle what to do if YOUR home turns out to be over priced.

First off, it is important to realized that this can be a hard emotional spot for a person. If you are a living breathing human being, accepting the fact that your home is worth less than you had hoped can be hard.

Sellers need to understand this about themselves and take the time they need to process the information and deal with any emotions that might come up. Action is required, but please, always remember to be kind to yourself.

Buyers need to be mindful that the person on the other end of a transaction, might be under some emotional stress and tread gently.  I always want buyers to fight for what they want; I just want to emphasis the need for compassion on the part of a buyer in a situation where a home might be over priced.

Second, when a home is over priced, there are three choices:

1) Take the home off the market. If you don't need to sell your home now and, the market does not support what you require, don't sell. Why put yourself through the stress?

2) Keep the home on listed for sale and wait for the market to come to you. I never like this option as the home will languish and become stale (see the post on ).

3) Reduce the price. If you need to get your home sold, the only way you are going to do it is by reducing the list price. If you are going to reduce the price, REDUCE THE PRICE. A serious price reduction (for homes under $1 million) is $30,000-$50,000. Be serious. Get in the game. Get your home sold and move forward with your life. Anything less and, you're not serious.

I have had clients who were selling their home in a short sale fight me on a price reduction because it was emotionally difficult. They had nothing financially to gain and, it was still hard on them. I want to emphasize again, if you find yourself in a position where your home is not selling and over priced, please go easy on yourself

If your home is over priced, drop the price.

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Louis Stone-Collonge

Keller Williams Realty Silicon Valley
Email: louis@stonecollonge.com
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