I came across this question on Trulia.com this morning and decided to share it. A home seller asked “If a property sells two days after the listing activates with multiple offers over full price, has the agent mispriced it?”
My answer? How ironic that getting your home sold fast would seem like a mistake! As a seller, would you rather that your home had stayed on the market for months without an offer? That would have been mispricing and that’s why so many homes never receive offers. The listing expires, the home is put back on the market a year later – with a much lower price – and then it sells immediately. Correctly priced homes almost always sell immediately – usually within days – and they often get multiple offers higher than the asking price. Real estate professionals consider that the goal and an ideal situation, not a mistake.
The problem is that very few homes are correctly priced and that has become the norm. Sellers expect their homes not to sell fast. Unfortunately, most homeowners refuse to listen to their agents, who know what buyers are willing to pay, and insist on over pricing their homes. Kudos to this seller for taking the advice of his agent. It doesn’t happen very often. He should consider himself one of the smart and lucky ones!
It’s an Alice In Wonderland world we live in when a seller gets upset at his agent for selling his home too fast! If sellers trusted and valued their agents more, most homes would sell fast, but then we’d have a world full of very unhappy sellers, so it’s a good thing that that’s never going to become reality.