Day in the Life of an Overpriced Home Seller – Carroll County, MD

Westminster real estate agent
It is time to sell your house for one of several reasons…

  • you are relocating,
  • you are moving closer to family,
  • you are upsizing or downsizing

Whatever the reason might be, you must seek the help of a Realtor.

You looked at the value of your home on Zillow and have a really good idea of what to list it for. You are just waiting for the Realtor to tell you how nice your house is and that you can get top dollar.

When the Realtor comes, he/she points out a few items that might be a concern during the home inspection. You decide you aren’t going to spend the money to fix these items up front.

Then when you sit down and talk to the Realtor they tell you how they will work for you, what they will do to market the property and…

…wait for it…

Their opinion of the range you should list it for.

“WHAT? She just told me my house is worth way less than Zillow did. I don’t like this Realtor, I am going to contact another one.”

Two more Realtors come out to view the home and point out the same few things that might be an issue during the home inspection. Then they give you their presentation and their value range for the home.

“Now all of these comparables are lower than what I think I can get for my home, but the last Realtor said he would be willing to list the home for what I think it is worth and see if I get any traffic.”

The home gets placed on the market, and there are no showings the first weekend it is listed.

Then during the week, one showing is scheduled. The feedback reads, “The price seems a little high and my buyers are concerned with X. Thank you for allowing me to show.”

Then there are a few more showings, either with little or no feedback, and NO offers.

Months go by and no activity.

You are getting frustrated with your Realtor.

You think, “They are not working hard enough to sell my house. I need someone more aggressive, and willing to promote my house everywhere.”

You then fire your Realtor and hire a new one. This time the new Realtor tells you that you are overpriced, and tells you the range you need to be in this range in order to sell your home.

Finally, feeling defeated and ready to move on to the next phase of your life, you agree to list the home for the suggested price…the same price that was suggested to you at the beginning!

Within 2 days of re-listing the home, you have 5 showings lined up.

WOW, this is more activity than we have seen in the past several months. Sure enough within the first 2 weeks there is an offer on your home. Your Realtor helps you negotiate the best terms and you are now under contract.

“Wohoooo!”

The home Inspection happens, the house gets appraised, the buyers mortgage is approved and we head to settlement…finally.

Feeling relieved, you are happy that this is over with, but you are left with a sour taste in your mouth regarding the length of time it took, the first Realtor, and having to lower your price etc.

Looking back, the major thing to consider is online tools for Sellers are great, but they are not meant to be the ‘end all be all.’

Zillow and other sites do not factor in improvements – or lack of improvements compared to your neighbors’ home.

It doesn’t take into consideration the amount of land you have – if it is more or less than the comparables in your area.

The tools these websites use are algorithms. They are meant to be guides.

But there are other items to consider.

Also, keep in mind that your home price is not dependent on how much you owe. It can be a struggle to come to terms with the fact that your house value is less than what you owe, or less than what you bought it for 10 years ago.

Also keep in mind that just because the first Realtor couldn’t sell your home, it doesn’t mean they don’t know what they are doing.

There are several factors that play into a sale. I discuss the key points to grade your Realtor in the article “Grading Your Realtor, All Realtors Are NOT Created Equal.”

Want help selling your home fast and for top dollar in Carrol County, Maryland?

Why not choose the experts! Contact the UTZ Real Estate team today.

Call us at 410-848-6999 (UTZ RE) Email us at info@utzrealestate.com or visit www.utzrealestate.com. Discover how we can help you build your real estate investment empire, faster, more profitable and with far less headaches.