Lake home sellers use some common phrases that may end up costing them money. Glenn Phillips, CEO of Lake Homes Realty, discusses 4 things lake home sellers say that could backfire.
- “Let’s leave room for negotiations.” No matter what price you set for your house, the buyer will always try to meet you somewhere between your price and their price. Additionally, appropriately priced homes sell quickly and don’t sit on the market. Intentionally overpricing causes frustration and costs you money by having your home sit on the market.
- “We can reduce the price later.” Lake Homes Realty data suggests that overpriced homes don’t get offers and sit on the market. Overpriced homes also cause contention with your agent, as you believe they aren’t doing their job well. Once you start reducing your price, you’re training buyers to offer lower than the list price.
- “This is the price I need so I can…” Often, sellers price their home with the intention of paying for a trip, debt, or some other expense. However, this has nothing to do with what the market says. Buyers don’t care about what you want to buy with the transaction money. Your home will only sell for what the market says it’s worth, not what you need to pay for something else.
- “I really don’t have to sell.” Listing a home costs everyone involved time and money. If you don’t have to sell, then don’t. Playing around with the market costs you and other people a lot of time and money.
These common phrases often cost sellers extra time and money. Selling a lake home is a business transaction, so you should treat it like one. Visit lakehomes.com to connect with expert lake agents ready to guide you through lake real estate.