{"id":2757,"date":"2017-01-06T08:22:57","date_gmt":"2017-01-06T13:22:57","guid":{"rendered":"http:\/\/dankrell.com\/blog\/?p=2757"},"modified":"2021-11-23T16:45:56","modified_gmt":"2021-11-23T21:45:56","slug":"greedy-home-seller","status":"publish","type":"post","link":"https:\/\/dankrell.com\/blog\/2017\/01\/06\/greedy-home-seller\/","title":{"rendered":"Greedy home seller tips"},"content":{"rendered":"<figure style=\"width: 250px\" class=\"wp-caption alignright\"><a href=\"https:\/\/web.archive.org\/web\/20170422204202\/http:\/\/www.forsalebyowner.com:80\/sell-my-house\/preparing\/how-to-price-a-home-fsbo-5-tips-for-strategic-pricing-infographic\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/i0.wp.com\/www.forsalebyowner.com\/wp-media\/How-to-Price-a-Home-FSBO-5-Tips-for-Strategic-Pricing.jpg?resize=250%2C450&#038;ssl=1\" alt=\"Don't be a greedy home seller\" width=\"250\" height=\"450\" \/><\/a><figcaption class=\"wp-caption-text\">Pricing Strategy for a Home Sale (infographic from forsalebyowner.com)<\/figcaption><\/figure>\n<p>When there is a buzz about home sellers being greedy, you know home sales are doing well.\u00a0 So, not surprisingly, along with last year\u2019s record home sales came the reports of <a href=\"http:\/\/dankrell.com\/blog\/2010\/01\/19\/whats-more-effective-a-marketing-strategy-or-a-marketing-plan\/\" target=\"_blank\" rel=\"noopener noreferrer\">greedy home sellers<\/a>.\u00a0 Are you a greedy home seller?\u00a0 Or are you adjusting to a market where home prices are increasing?<\/p>\n<p>Greed has developed a bad rap.\u00a0 Surely there is an <a href=\"http:\/\/articles.latimes.com\/2013\/jul\/06\/health\/la-he-greed-20130706\" target=\"_blank\" rel=\"noopener noreferrer\">evolutionary basis for greed<\/a>.\u00a0 Many believe that early hominids promoted personal and group survival by being \u201cgreedy\u201d (although disputed by some).\u00a0 Those who hoarded food, so as to have more than enough, lived through difficult winters and droughts. During times of financial prosperity, greed is looked upon favorably.\u00a0 However, in the aftermath of a recession, greed is thought of as the basis for fiscal calamity.\u00a0 Immortalized in Gordon Geckko\u2019s famous \u201cgreed is good\u201d speech in the 1987 movie <em>Wall Street<\/em>, \u201cgreed\u201d is a cinematic vehicle to show the fine line between a healthy desire to prosper and a corrupt drive to have more than enough.<\/p>\n<p><iframe loading=\"lazy\" title=\"Wall Street (4\/5) Movie CLIP - Greed Is Good (1987) HD\" width=\"525\" height=\"295\" src=\"https:\/\/www.youtube.com\/embed\/VVxYOQS6ggk?start=38&#038;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>Avoid being viewed as a greedy home seller by creating a realistic pricing strategy.\u00a0 Creating a <a href=\"http:\/\/dankrell.com\/blog\/2007\/04\/06\/the-art-of-pricing-your-home\/\" target=\"_blank\" rel=\"noopener noreferrer\">pricing strategy is an art <em>and<\/em> a science<\/a>.\u00a0 When selling a home, you have to determine the list price.\u00a0 There are many factors to consider besides recent neighborhood sales, such as condition of your home, sales trends, mortgage interest rates, economic trends, etc.\u00a0 Like other home sellers, you fall into a conundrum.\u00a0 If you price your home too high, then it will limit potential home buyers who visit.\u00a0 However, if you price your home too low to increase home buyer interest, you may not get the price you want.<\/p>\n<p>Contrary to some assertions that a home\u2019s list price doesn\u2019t play a role in the sale, there is evidence to suggest that it really does matter.\u00a0 Lu Han and William C. Strange determined that a lower list price does increase home buyer visits \u2013 but only to a point (<a href=\"http:\/\/www-2.rotman.utoronto.ca\/facbios\/file\/HS_Asking%20Price_3-22-2016.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><em>What is the Role of the Asking Price for a House?<\/em> <\/a>University of Toronto, Rotman School of Management; 2012).\u00a0 They concluded that there is a point at which the home price is perceived to attract too much buyer competition, which may turn off other home buyers.\u00a0 Furthermore, their data shows that there is a negative relationship between a list price and the number of home buyers: meaning that the higher the list price relative to the neighborhood, the lower number of home buyer visits, and vice-versa.<\/p>\n<p>If you fear being a greedy home seller by asking for a high price for your home, there is research to suggest that you\u2019ll let go of the greed in order to make a deal.\u00a0 A 2013 study by Nuno T. Magessi and Luis Antunes looked at how the emotions of fear and greed compete internally <em>(<a href=\"https:\/\/www.irit.fr\/EUMAS2013\/Papers\/eumas2013_submission_39.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Agent\u2019s fear monitors the spread of greed in a social network<\/a><\/em>; Proceedings of the 11th European Workshop on Multi\u2010Agent Systems EUMAS, 12-13).\u00a0 They concluded that greed is mitigated by the fear of loss within the confines of a social network.\u00a0 When applied to a home sale, the fear of not selling a home competes with the impulse to hold out for the high price.\u00a0 Deducing further, there is a need to fit within one\u2019s social network by trying to sell a home for the most money, and yet avoid the stigma of a failed home sale.<\/p>\n<p>Don&#8217;t be a greedy home seller. RealtorMag described three common home seller mistakes in a 2015 post (<em><a href=\"https:\/\/web.archive.org\/web\/20180209182317\/http:\/\/realtormag.realtor.org:80\/daily-news\/2015\/04\/13\/3-mistakes-sellers-often-make\" target=\"_blank\" rel=\"noopener noreferrer\">3 Mistakes Sellers Often Make<\/a>; <\/em>realtormag.realtor.org; April 12, 2015).\u00a0 Included were &#8220;Not being honest with the home&#8217;s history,&#8221; &#8220;Not making a better home presentation,&#8221; and &#8220;Being unrealistic about the home&#8217;s value.&#8221;\u00a0 About unrealistic home value, it was said:<\/p>\n<blockquote><p>&#8220;&#8230;Despite tight inventories of homes for-sale in many markets, sellers still need to be careful not to get too greedy with their list price, say real estate professionals&#8230;Home owners tend to get a much lower price when they overprice a home at the onset and then drop the price several times. The longer the home lingers on a market, the more likely it will receive a deeper discount&#8230;&#8221;<\/p><\/blockquote>\n<p>If your home doesn\u2019t sell, you must examine your pricing strategy.\u00a0 Was the price realistic, or were you too greedy?<\/p>\n<p>Original published at <span id=\"sample-permalink\">https:\/\/dankrell.com\/blog\/2017\/01\/06\/<span id=\"editable-post-name\">greedy-home-seller<\/span>\/<\/span><\/p>\n<p>Copyright \u00a9 Dan Krell<br \/>\n<a href=\"https:\/\/plus.google.com\/101804958349854889493\">Google+<\/a><\/p>\n<p>If you like this post, do not copy; instead please:<br \/>\n<a href=\"http:\/\/wp.me\/p1VZLf-It\">reference the article<\/a>,<br \/>\n<a href=\"http:\/\/facebook.com\/dankrellrealtor\/\">like it at facebook<\/a><br \/>\nor <a href=\"https:\/\/twitter.com\/dankrell\">re-tweet<\/a>.<\/p>\n<p><a href=\"http:\/\/www.copyscape.com\/plagiarism-detector\/\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" style=\"display: none !important; visibility: hidden !important; opacity: 0 !important; background-position: 0px 0px;\" title=\"Protected by Copyscape Plagiarism Checker - Do not copy content from this page.\" hidden=\"\" src=\"https:\/\/i0.wp.com\/banners.copyscape.com\/images\/cs-bk-3d-234x16.gif?resize=0%2C0\" alt=\"Protected by Copyscape Web Plagiarism Detector\" width=\"0\" height=\"0\" border=\"0\" \/><\/a><br \/>\n<a href=\"http:\/\/dankrell.com\/blog\/disclaimer\/\" target=\"_blank\" rel=\"noopener noreferrer\">Disclaimer<\/a>. This article is not intended to provide nor should it be relied upon for legal and financial advice. Readers should not rely solely on the information contained herein, as it does not purport to be comprehensive or render specific advice. Readers should consult with an attorney regarding local real estate laws and customs as they vary by state and jurisdiction. Using this article without permission is a violation of copyright laws.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When there is a buzz about home sellers being greedy, you know home sales are doing well.\u00a0 So, not surprisingly, along with last year\u2019s record home sales came the reports of greedy home sellers.\u00a0 Are you a greedy home seller?\u00a0 Or are you adjusting to a market where home prices are increasing? Greed has developed &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/dankrell.com\/blog\/2017\/01\/06\/greedy-home-seller\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Greedy home seller tips&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[469,33,123,382,161,8,32,256,401,140,367,1061,13],"tags":[1041,936,1038,810,912,880,794,871,706,797,1135,507],"class_list":["post-2757","post","type-post","status-publish","format-standard","hentry","category-home-prices","category-home-pricing-strategy","category-home-sale","category-home-seller","category-home-seller-behavior","category-home-seller-tips","category-home-selling-strategy","category-home-selling-tips","category-home-value","category-home-values","category-homeseller-tips","category-pricing-strategy","category-real-estate","tag-get-top-dollar","tag-home-prices","tag-home-pricing","tag-home-pricing-strategy","tag-home-seller","tag-home-seller-behavior","tag-home-seller-tips","tag-home-values","tag-house-values","tag-real-estate","tag-sabotage","tag-selling-strategy"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p1VZLf-It","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/2757","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/comments?post=2757"}],"version-history":[{"count":21,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/2757\/revisions"}],"predecessor-version":[{"id":6213,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/2757\/revisions\/6213"}],"wp:attachment":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/media?parent=2757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/categories?post=2757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/tags?post=2757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}