A Seller Lost $20,000—Here’s How

We’re in a market now where pricing your home is a bit trickier than it used to be. Today I’m going to tell you a quick story about the true cost of pricing your home wrong.

In April, we had a seller who we met with and we told them that their home was worth $370,000. The seller decided to listen to himself and price their home at $400,000—reaching for a price and also thinking folks will offer a little less than the listing price. By the time we hit July, we had 50 showings and zero offers. The seller then adjusted his price to $370,000. The only problem was that April’s price was no longer July’s price. In August, that same home sold for $360,000.

Now, many will say the seller only lost $10,000. However, if you add up the five months of holding costs, that equals an additional $10,000. So the seller lost a total of $20,000 by deciding to listen to himself and not the professional. 

If you work with a professional who you don’t trust or won’t listen to, why hire them in the first place? You’re not smarter than the market—heck there are a lot of agents who aren’t smarter than the market. 

If you’re thinking about selling a home, reach out to us. We’ll always tell you what you need to hear. It may not always be what you want to hear, but it will be the advice that will put you in a position to sell your home so you won’t be the next story we tell about the true cost of not listening to a professional when it comes to pricing your home to sell.