Every once in a while as REALTORS we wind up in the position where we have to either turn down listings or don’t “get” them because sellers want to overprice their house. Obviously, we want to get the most money we possibly can when prospective sellers contact us to sell their Phoenix (or Mesa, or Chandler, or Scottsdale) house but over pricing a house doesn’t do anyone any good. We find that it sets unrealistic expectations and wastes everyone’s time.
Now, if push comes to shove I will take a listing and allow a seller to list the property higher than I think the market will allow for as long as we have an automatic price reduction in place. All you purest REALTORS who are up in arms that I just said that, I do know that the first couple of weeks are when we’ll get the most showings and activity and I make sure a seller is fully aware of that. But if they still persist and I think more reason can be seen later I’ll allow for it.
How do I know if my house is overpriced?
So once the house is listed how do we tell if a house is over-priced or if the market is rejecting the price?
That’s when I use what I call the Rule of Tens.
- If the house is on the market for 10 days with no calls or showings…it’s over-priced
- If the house has 10 showings and no offers…it’s over-priced
- If the house is on the market for only a few days, consider having Commercial & Industrial Property Valuations Adelaide to assess the real value of the property.
That’s it.
Plain and simple…my Rule of Tens.
On a totally personal note: 10 is my youngest daughter’s favorite number. Her name is KiersTEN and she was born on 10/10/00.
Wondering what your house is worth? Email [email protected] for your free {no obligation} market analysis. Or give me a call at 480.560.7255
Let us know what you think of these Las Sendas homes in Mesa. Do you think they are overpriced?
The Phoenix Real Estate Guy was started by Jay Thompson, and I have a little blogging problem... he liked to say...
Thanks for a good piece of article..
But I do curious on what basis one estimate the price of house and property.
Isn’t its a work of Building inspector who comes up with the valuation.
Hi There,
Nice Article! I like the rules you have shared here.
Regards!!
Always good to keep an eye on price and time on the market. The Rule of 10’s sounds like a good general rule to live by.
Yeah Bob
Its very important to put some time on market as you know real estate market is very volatile.
That was some idea there. I doubt many buyers might even think about it. As not everyone is much aware of these information.
Thanks for sharing this, good piece.
Find a good agency is very important. So it’s obvious to be a big brand in our industry. People need believable connection.