Overpriced Properties and Related Problems:
Buyer’s and real estate agents use overpriced
properties to help sell properly priced properties. Overpriced properties tend to discourage
buyers where they think they will never find what they want at the price they
prefer. Then when a truly comparable
home is shown that is properly priced it stands out as being the best value on
the market and it sells. Overpriced
properties become known as “shop worn” where they have been on the market for a
long time. Sellers then begin to reduce
the price over and over again and eventually sell for a price well below what
would have been considered as its proper market value when it was first placed
on the market. Real estate agents tend
to put the overpriced properties out of their mind and simply do not show them
to their buyers.
Know Your Property’s Value Based On Market Conditions:
The MARKET determined value, not what the
seller thinks is its value, a real estate agent thinks its value is or what a
friend or relative thinks. The market drives
price. A property is only worth what
someone is willing to pay for it, an appraiser is willing to support through
the appraisal process and a mortgage company is willing to lend a buyer to pay
for it. The fact that the MARKET
determines value cannot be overstated.
The Internet:
Only a
few short years ago the Internet was used by approximately 3% of the public to
find real estate for sale. That number
has not been estimated to be upwards of 70% or higher. Failure to use the Internet to promote properties
can severely hamper the possibility of a sale.
There are For Sale By Owner sites that typically charge to have the
property listed. The problem is TIME. A great many buyers do not have the luxury of
time to search for or look at For Sale By Owners when they are only in town for
a few short days to find their next home.
Most real estate firms are deeply entrenched in using the Internet to
promote real estate.
Terez B. Harris
Keller Williams Realty New Orleans
504 975 1033
TerezHarris@KW.com
TerezSellsNolaHomes.com
8601 Leake Ave., New Orleans, La 70118
Free Reports:
Smart Home Price
Search the MLS!
(multiple listing service)
Search Terez's Active Listings!
Terez B. Harris Terez Harris NOLA Realtor Group 504-297-2619 www.TerezHarris.com
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers and agents licensed in the state of Louisiana.
