The Problems Caused by Starting at Too High a Selling Price
then Waiting Too Long to Drop the Price on Tampa Florida Real Estate.
We all want to believe our Tampa home is worth more than it probably really is. It's a natural
reaction for those who love their current home even though, for whatever reason, it's time to move. So there's a
tendency to price it too high, thinking that if it doesn't sell, you can always "lower the price later." In fact, nothing
could be further from the truth.
Even if you do manage to get an offer at an
"above market" price, your buyer will likely need to get a mortgage.
The mortgage lender will require an appraisal. If comparable sales in the Tampa real estate market
in the last six months and current market conditions do not support your sales price, the house
won’t appraise and your deal will fall apart. You can attempt to renegotiate the price, but only if your buyer is willing to
listen. At that point, any sense of trust he had in you, and his own Tampa Realtor® who suggested
that he accept that high price, will be gone. Your Tampa Florida home for sale will most likely have to go "back on the
market."
Once your sales contract has fallen through and you home goes
back on the market, it is harder to get a good offer. Many Realtors® aren't anxious to show a
home that has been on and off the market. They suspect that you'll be just as unreasonable the
second time around, demanding a price that just won't fly. Worse, those Tampa Realtors® who
do show your property may bring potential buyers who think that by now you might be desperate, so
they may make only &qout;low-ball" offers.
When you finally do accept reality and drop your price, your Tampa area home may have
become "old news." or ""stale on the market." Remember that the first
people who come to see your home when its first put on the Tampa real estate market will be Realtors® "on tour."
If they think your home is over-priced, they won't show it to prospective buyers.
So, if you don't start at a realistic price, your house could take much much longer to sell.
Listen carefully while your Tampa real estate listing agent explains why your home is
worth what his or her Comparative Market Analysis (CMA) says it's worth. Ask questions, if you
wish, to assure yourself that your Realtor® used truly comparable properties in arriving at the value
of your home.
In the end, if you overprice your Tampa home for sale at the outset, you may actually end
up with less than you would have received if you had accepted the professional judgment of your Tampa Realtor listing agent.
The old saying about "Getting it Right the First Time" is even more important in Tampa real estate pricing decisions.
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