Most home sellers find that they cannot sell their properties for as much as they want, and real estate agents increasingly reposition the listings. "When a seller puts their home on the market on day one, they very well could be the best priced home in the best condition," says Tricia McEneaney of Coldwell Banker in Chicago. But if over the next 30 days,10 more competitively priced homes come on the market, then the seller's home may no longer be in a position to sell." Depending on the owner's motivation and price movement in their market, agents might discuss the latest market data with sellers every couple of weeks, or every 60 to 90 days.
Once the most up-to-date data is in hand, sellers and agents can decide whether to lower the asking price, provide incentives, undertake home upgrades, or hold off selling until the market improves. Agents often lower the price slowly over time so that the property shows up on hot sheets; and they might want to consider updating marketing materials with more information or better photos.
Source: Chicago Sun-Times (01/16/09) Smith, Daniel P.© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688
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