What Happens Behind the
MLS Listing Scenes
Whichever the case, if you start out with too high a price on your
MLS Listing, you may have just added to your stress level, and selling a
MLS Listing is stressful enough. There will be a lot of "behind the scenes" action taking place
that you don’t know about.
Contrary to popular opinion, the
MLS Listing agent does not usually attempt to sell your home to a homebuyer. That isn’t very
efficient.
The MLS Listing agents market and promote your home to the hordes of other local agents who do
work with homebuyers, dramatically increasing your personal sales force. During the first couple of
weeks your
MLS Listing should be a flurry of activity with buyer’s agents coming to preview your home so
they can sell it to their clients.
If the
MLS Listing price is right.
If you and your agent have overpriced your
MLS Listings, fewer agents will preview your home. After all, they are Realtors, and it is their
job to know local market conditions and
MLS Listing values. If your
MLS Listing is dramatically above market, why waste time? Their time is better spent previewing
homes that are priced realistically.
Dropping Your Price...Too Late
Later, when you drop your price, your
MLS Listing is "old news." You will never be able to recapture that flurry of initial activity
you would have had with a realistic price. Your
MLS Listing could take longer to sell.
Even if you do successfully sell at an above market price, your buyer will need a mortgage. The
mortgage lender requires an appraisal. If comparable sales for the last six months and current
market conditions do not support your sales price, the house won’t appraise. Your deal falls apart.
Of course, you can always attempt to renegotiate the price, but only if the buyer is willing to
listen. Your house could go "back on the market."