My New Blog

In the RISmedia story below published in the REALTOR® online magazine, sellers still believe the value of their home is greater than the market indicates.  I have written in many blog posts, that there are three primary components to the successful sale of your home in ANY market.  They are:

• Correct Pricing
• Adequate Condition
• Proper Exposure

You wouldn't hire a cardiologist to pour the foundation for your new home....right?  So when you ask for the opinion of value from a REALTOR®, trust their advice.  Certainly, discuss their findings and understand the criteria and comparable properties they used to derive the value of your home. 

There are still real estate practitioners who will "BUY" your listing by promising an unrealistic value or who will say "O.K., we will try your price".  This is usually followed by continuous price reductions until you hit the correct market price.  Worse yet, the market will continue to fluctuate and your buyer will have purchased another home, passing over your listing because of an unrealistic asking price.

Many of the major real estate markets in the country are improving (watch for my new posts).  However, loan underwritting criteria is still very tough.  There are not as many buyers in the market.  Chasing the market to the correct price based on a feeling of what your home is worth can cost you valuable time.  Most often, it will cause you to take an offer well below the sale price of your home if you would have priced it correctly to begin with.

Remember, my business is built on referral.  If you or someone you know needs profession Real Estate services, please consider me.  I can be reached as follows:

907-230-3372  mjdroege@gci.net  www.MichaelDroege.com  http://mjdroege.wordpress.com

• 2011 President, Anchorage Board of REALTORS®
• 2011 President-Elect, Alaska Association of REALTORS®
• 2011-14 RPAC Trustee and Major Investor Chair

Sellers Overvalue Their Home’s Worth, Study Finds Daily Real Estate News | Wednesday, December 07, 2011 About 76 percent of home owners believe their home is worth more than their agent’s recommended listing price -- that’s up from 73 percent last year, according to a new survey conducted by HomeGain of real estate professionals and home owners. On the other hand, 68 percent of home buyers say homes are overpriced, with 32 percent saying homes are overpriced by more than 10 percent. “Home buyers and sellers continue to remain apart as to home valuations with the vast majority of home owners thinking their homes are worth more than their agents and the market are telling them,” Louis Cammarosano, general manager of HomeGain said in a statement. Source: “Three Quarters of Owners Continue to Overvalue,” RISMedia (Dec. 6, 2011) Read More Be More Persuasive on Pricing Pricing: Finding the Magic Number