The history of an over priced house

Downtown St. Paul, rooftops

As a homeowner myself I totally understand wanting a high asking price when selling a home but as a real estate agent, I can tell you that asking for more can mean getting less. It seems counter-intuitive but it is true.

A house that was listed for $449 but should have been listed for no more than $380 and would have sold for about $370 in less than three months.

The owners wanted $450,000 for it because that is what they wanted. As a result, it took 2.5 years to sell the home for 10K less than it would have sold for it was priced correctly.

They changed agents three times and reduced the price 8 times and ended up getting about $360,000. This example is extreme but is an example of why and how homeowners can end up with more by asking for less.

The houses that get multiple offers are usually priced just right. They sell faster and generally speaking the highest offers come within the first 10 days a home is on the market.

The local real estate market strongly favors sellers which means it is a good time to sell but even in a seller’s market pricing is important. Deciding on a price is more of an art than a science and there are always agents and sellers who will aim too high.

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