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Pricing your home NOT to sell in New Milford, CT

February 5, 2011

How to price your home NOT to sell, New Milford CT Real Estate Talk.

New Milford CT real estateYes, you read it right, I am going to teach you to price your home NOT to sell in the greater New Milford, CT area! Fascinating, you bet.. just read on and learn how to price your home not to sell!

Over a year ago I was asked by an associate to look at a house that the owner really needed to sell. They had already taken another job and purchased a home elsewhere.

I gave my associate an indicated sales value of $390,000 to $410,000, perhaps starting the listing at $420,000 for a few weeks but no more than that. All this was based on current market conditions, house condition, physical things about the location and setting that will never be overcome. My associate did come up with a bit higher price than I did. The numbers were given to the owner. I understand it was NOT what the owner wanted to hear, so he went out to find someone that agreed with him on the price he felt he should get, or needed to get, or wanted to get.

Next thing I see, the house is listed with another agent for…. drum roll please… $235,000 MORE than my maximum price! A year ago. First price reduction was for $100,000, nothing. Next reduction was for $30,000. The house never sold, the market continues to slide down, and this proud owner still owns two homes, still pays two mortgages, and now the indicated market value may be even lower than my first assessment!

So how exactly can you price your home NOT to sell?

  • Price it according to what you want to get
  • Price it according to what you need to get
  • List with the agent that gives you the highest price possible

You may think the story above is not true, but it is all too true and I see it more times than I care to think about. Homes that sit for a year, for 2 years, for 3 years, with little chance of selling are there for one main reason, the asking price does not reflect the market value of the home! There is a saying in real estate, “price overcomes most obstacles”. Of course you may not realize your home even has any obstacles, it is my job to point them out to you when telling you what your home is worth in New Milford, CT.

If you would prefer to price your home to sell rather than to not to sell, that is a totally different story.

For more articles and information, check out SELLING YOUR HOME IN NEW MILFORD CT.

Give me a call at 203.460.1775 if you want to price your home to sell in the Greater New Milford, CT area! I may not tell you what you want to hear, I will tell you what you need to hear, that I can promise.

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