I’d like to take a few minutes to to remind sellers, why not pricing your home correctly is a lose-lose proposition.

Your best opportunity to secure a buyer for your home usually comes in the first week or two. When your listing first appears in the MLS, it gets extra attention by appearing on the MLS “Hot Sheet”.  Agents check the Hot Sheet routinely, looking for new properties that meet the criteria of buyers they’re working with. This is the time to make a favorable impression. A well priced listing will lead to phone calls and e-mails to prospective buyers, and generates the excitement you want from the buyers agent and buyers.  This is a tremendous advantage in the marketplace. Unless your property has subjective (a great view, for example)  or other distinctive, unique advantages, you’re better off pricing aggressively, right from the start.  

Just putting it out there to “see what happens”, most often leads to disappointment. Inevitably, the price will be lowered, maybe several times in subsequent months. The excitement of a new listing is gone, and you’ve lost the edge. After an extended period of time, buyers may be left wondering, “why hasn’t this home sold yet, what’s wrong with it?”

Overpriced listings lead to disappointment,  a loss of confidence in your agent, and can be expensive. Your carrying costs  (mortgage payments, taxes, assessments, etc.), continue to add up, as your property remains on the market.  And, especially in this market, the property must appraise to ensure that your buyer will be able to get the necessary financing to purchase your home. An overpriced listing may not appraise at the agreed upon sales price.

Your agent wants nothing more than to find a buyer for your home. This means an investment of time, money (advertising), and effort. Your agent should be able to provide you with comparable sales in the neighborhood, current listings, and based on these factors and current market conditions, will recommend a listing price for you. Agents can will look at your property objectively, and may recommend a price which is lower than what you were hoping for. If you have confidence in your real estate agent, consider their recommendation carefully.

For Geneva National properties, the “BoKnowsGenevaNational.com” website can be of great assistance to you. Use the SEARCH function on the left side of the homepage to select a neighborhood (Woodlands, for example) and click on SEARCH. This will display all the current Woodland listings. Click on the listing for detailed information on the unit (# of bedrooms, baths, location, on or off the golf course, etc). Then click on SELLING, located on the bar near the top of the homepage, and click on “Solds at GN” for updated information on recently sold properties at Geneva National. This information will help you in determining the right price at which to list your home.

Need more info? Call me at 262-745-4088 or Deb Schroeder at 262-745-2661. We’ll be happy to help you. As a licensed broker in the state of Wisconsin and 15+ years of experience as a resident of Geneva National, and Debs 30+ years of experience in real estate in Lake Geneva and Geneva National, you can count on us to provide you with sound advice.

FYI….Since the completion of the widening of Hwy 50 in front of Geneva National, this stretch of road has become a new “Speed Trap” for local authorities. Save yourself some money and grief. It’s 45 mph, not 55 mph. 

See you at Geneva National,

Bo