Help unrealistic sellers price their home properly

Christy Crouch will present “Powerful Pricing Tips” at 2 p.m. on Tuesday, September 28 at the PAR Business Meetings at the Harrisburg Hilton. The presentation is open to all PAR members.

Price is one of the biggest factors in determining whether a property sells, according to Christy Crouch, a real estate coach with You’re the Difference consulting in Virginia.

“The number one reason properties aren’t selling today is that they’re overpriced,” said Crouch, the co-author of the real estate objection handling book, Now What Do I Say? “It’s a supply and demand issue. There are still buyers and sellers but when a buyer is looking at hundreds of homes, it’s coming down to what is the best deal? Price, condition and location become the key factors.”

REALTORS® need to know the market statistics and communicate those statistics to the consumer so he understands them. REALTORS® often take for granted that clients understand what days on market and homes on market mean. “We deal with it every day, so we think they understand it,” she said.

“You have to know your market,” Crouch said. “In our area, prices are not appreciating and if a homeowner bought something two years ago and expects to sell and make a profit, it’s highly unlikely in today’s market. In our area of Virginia, we’re seeing properties priced at what the owners paid two or three years ago and sometimes below and they’re still not selling.”

Crouch said some sellers are unrealistic about what their house is worth but it’s also frustrating for them when their house doesn’t sell.

Motivation is also an important element for sellers. “Is the seller highly motivated to sell? Great selling is about asking great questions,” she added. “You need to hear his needs, wants and desires to represent him properly. If he isn’t motivated to sell, the REALTOR® should walk away from the listing.

“If you take the listing and price it according to what the client wants, it’s more detrimental to the seller the longer it sits on the market,” Crouch said. “And as a REALTOR®, are you willing to commit to a house that doesn’t sell for months? The worst thing we can do is to list a property and not tell the truth. Because then you’ll have to answer their question, ‘What are you doing to sell my house?’”