Mr/Mrs.Sellers: Would you buy your house for sale if it's overpriced? This blog was inspired by Gail Robinson's featured blog Competing for listings in an overpriced market. A MUST READ FOR HOME OWNERS WHO ARE GOING TO PUT THEIR HOUSE ON THE MARKET FOR SALE.
I made a comment to this blog I said Gail Honestly speaking one question that all real estate agents need to start asing Home owners after they suddenly lose their vision when you are showing them comparable solds of their house is to say Can I ask you an honest question. "Will you over pay for a house?" If they say Yes then maybe you should take the overpriced listing. If they say no then I will say if you won't pay for an overpriced listing,what makes you think that the next home buyer will or why should someone overpay for a house for sale?
Now of course they have been many home buyers who have paid waaaaaay over listing price for a house on sale just to beat out other home buyers who are competing to buy the same house that they so desperately want to purchase. Home buyers come in different shapes and sizes. Some might be cash home buyers who is willing to pay ten thousands of dollars over list price. Last year a real estate agent in my office told me that her client lost out on a deal even though they submitted an offer $100,000 over list price. It is a very competitive Sellers Market in Washington DC and CASH is still King. Some might overpay and don't need no stinking closing cost fees. Some might be able to close in less than 30 days with a FHA loan. (When you find that lender,please give me his/her name and number so I can start sending that person some of my buyer leads.). There are many more scenarios.
Home owners tend to forget that once upon a time they were once home buyers too. They need to see it from the home buyers perspective to help them accept the comparable solds in their area/neighborhood/subdivision. Home owners have to understand that we don't make the Real Estate Market. We just interpret it. Unless you are very desperate to purchase a house because you have fallen in love with it,I think it can be very risky to submit an offer on a house waaaaay more than what it is selling for. What about if the house appraises for less than what you submitted your offer for? Even if you are paying cash,I don't think you should overpay for a house for sale that is priced with real estate market value. The Real Estate Market might be rebounding in some areas and super hot in other areas, but God forbid but what happens if the real estate market tanks again say maybe seven years later and that just so happens to be the time you have to sell your house again due to an unforseen circumstance?
Homeowners sell your house and don't let it languish on the market for many months. You don't want potential home buyers who want to buy your house start thinking that the reason your house hasn't sold is because your house have a problem that they don't want to become theirs once they buy it. Also by selling your house quickly,you can avoid paying more than one monthly mortgage as well as unforseen and unexpected expenses such as roof collapsing,heater starts working,pipe busts in the kitchen,etc. Listen to your real estate agent on any suggestions he/she might have to get the house ready to put on the market and price the house right according to recent solds in the neighborhood so you can find a ready,willing and able home buyer who will buy your house and you can move on with your life. Overpricing your home is one of the Biggest mistakes Washington DC Home Sellers make. Don't be one of them.
And home buyers this is still a great time to BUY A HOME IN WASHINGTON DC in spite of the real estate market condition in Washington DC. Don't overpay too much for a house that is priced within or under market value. And don't low ball no offers either. Low balling an offer on a house for sale in Washington DC no longer exists. Just be patient and you will find your next house that you are meant to buy. Not meant to overpay to buy.
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