My Father Said the List Price Should Be...Said the 1st Time Seller

By
Real Estate Agent with Keller Williams 414-525-0563 57026-90 Broker

  I vividly remember in a time long ago and far away....taking three first time buyers for their second peek at the houses they had fallen in love with...each with an entourage of relatives in tow to weigh in on the decision.  Every parent chimed in wth..."We didn't pay that for OUR house...that's way too much!"and despite our comps, and in one case illustrating what could be done and the expected return on their investment in a relatively short period of time...Parental advice won out and no one wrote an offer...and no one got the anticpated appreciation which Pareental adviceproved to be "right on the money."   Sigh.

     First time Sellers also receive lots of advice...from parents, friends...and other people..not licensed agents..but they "know"...they have "watched the market"..."the neighbor got $X"...."Your house is MUCH better than the one that sold for $X".  Well meaning...they believe that they have their children's best interest at heart...BUT....Highest is NOT alway best when it comes to list price...if the market doesn't justify it...research tells us that the house will sell for a lower price when it DOESPrice reduced sign sell...which may be lots longer...and a few price reductions away from when it could have sold had it been priced properly....Sigh again.

  Sure understand the temptation to step in and "save" a child from making a bad decision...from "losing money" because the real estate agent "priced the house too low.." One of our answers to this is ...What incentive do we have to make less money ?...in addition to showing the black and white proof of homes that started too high and ended up with many days on the market price reductions a plenty...and low, low price when the house sold.

     Price is right  Please Dad and Mom...Sister, Aunt, Cousin, Neighbor...trust that licensed, reputable agents who work in real estate every day know their business...and they too are working on behalf of your daughter, sister, cousin, neigbbor to get the best possible price in the shortest amount of time.  Reputable agents study the market and KNOW when the price is right..

    If you are looking for agents who are honest and will to the best of our ability...and our understanding of the real estate market in southeastern Wisconsin get the highest and best price the market will permit...call the Hansons...414 525 0563...we are honored to be of service.

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Rainmaker
2,346,851
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Good morning, Sally and David... all I could think of reading your post was "Dear God... spare me from well-meaning relatives and friends (whether buying or selling)."

May 18, 2018 04:33 AM #1
Rainmaker
2,732,995
Sally K. & David L. Hanson
Keller Williams 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce - Short Sale

They are....everywhere Nina Hollander ...unfortunately.

May 18, 2018 04:38 AM #2
Rainmaker
2,600,106
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

Good morning Sally. Once upon a time a distant relative had to sell. I told them an expected price. The family bartender know it all quoted a higher price. They went with him and his advice to be a FSBO. A little over a year later they let me know they got their price. In the day of 17% CD's they lost money and had carrying costs, but remember they got their price.

May 18, 2018 05:30 AM #3
Rainmaker
1,711,097
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Sally K. & David L. Hanson the pundits and relatives mean well but they stall sales & their kids lose out...knowing the prices is why you hire an agent who can price to sell at market!  The Hanson's get the WI market people!

May 18, 2018 05:31 AM #4
Rainmaker
2,149,285
Anita Clark
ColdwellBanker SSK Realtors ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Sage advice Sally! I recently took around new buyers who had a Realtor family member in tow from another state. We did not get anything accomplished, offer wise, until their "expert" went back home the next week. Prices in one part of the country are not indicative of what a home will sell for in another region.

May 18, 2018 06:11 AM #5
Rainmaker
2,810,669
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

Oh those meddling relatives...they are there whether it's buying or selling and we know this all too well!

May 18, 2018 06:35 AM #6
Rainmaker
11,185
James Grant
Asheville, NC

Good Morning, Sally, Thanks for sharing your experience.

May 18, 2018 06:36 AM #7
Rainmaker
2,855,323
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

Good morning,  Sally and David - everyone has an opinion and many want to share them --- especially their expert view on real estate. Ah, yes --- bring on the experts.

May 18, 2018 06:43 AM #8
Ambassador
2,479,638
Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Good Morning! Oh the dreaded parental involvement! Too funny but, I met with a first time home seller recently who wound up buying their second choice home. As coincidence would have it, their first choice home sold a few months back with a considerable gain than what they are going to realize with their sale. 

His comment to me, "You were right and I should never have listened to my parents...after all, they are living in Florida and had no idea how sales were here!" 

The good news...they won't be listening to parental advice on this sale! LOL

May 18, 2018 07:04 AM #9
Ambassador
1,552,187
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Hi there. Oh man, we had a family from California weighing in on one of our listings that closed in January. Their market is extremely different from ours - "your house is worth at least two million here, why are you selling it for $600,000?  Because it's located in Washington and it isn't worth two-million outside of California. Good Lord! 

Oh yes, and then there is the realtor friend who lives elsewhere coaching somebody every step of the way. I know real estate well, but I sure don't know the market outside of my own.  Argh. 

May 18, 2018 07:36 AM #10
Rainmaker
849,103
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

HI Sally K. & David L. Hanson - I love dealing with locker room real estate agents. I have another top agent in Sedona say all the time.... "What do I know, I am just a dumb REALTOR®"   LOL!

May 18, 2018 09:20 AM #11
Rainmaker
3,481,654
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Sally, family members do mean well, but they sometimes can be the deterrent that will keep them from being homeowners!  

May 18, 2018 01:49 PM #12
Ambassador
2,672,434
Paul S. Henderson, REALTOR®,CRS,
RE/MAX Professionals. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

I have found in most cases I make friends with the parents and they are my advocates Sally and David...9

May 18, 2018 11:05 PM #13
Rainmaker
2,407,270
James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Sally.

I've only seen it a couple of times.  Those well meaning friends and parents, can kill a great deal.  Another sigh

May 19, 2018 01:57 AM #14
Rainmaker
1,755,110
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

That's the same person who gets Uncle Fred to do some electrical repairs because he did a little of that during the big WW.

May 19, 2018 03:50 AM #15
Rainmaker
4,197,490
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Sally and David.  It's not bad enough that every third or fourth person is a licensed real estate agent when everyone else thinks they are experts in real estate as well.

May 19, 2018 04:29 AM #16
Rainmaker
47,726
Khash Saghafi
Liberty Home Mortgage Corporation - Cleveland, OH
Mortgage Loan Officer, Cleveland Ohio

Good Morning Sally & David, this is great advice to provide.  Leave it up to the professionals and not online comments or other sources.

May 19, 2018 06:28 AM #17
Rainmaker
1,497,420
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Sally and David - the not so experts just know best.  It is an age old problem. 

May 19, 2018 07:09 AM #18
Ambassador
3,267,365
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Sally and David- they do mean well but they need to understand that it's best to stand back, take it all in, and let the professionals handle it. 

May 19, 2018 02:16 PM #19
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Rainmaker
2,732,995

Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce - Short Sale
For All Things Wisconsin Real Estate...Call the Hansons
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