I think your first mistake is asking a Realtor to price it
I know this may offend some, but I absolutely agree with above statement. Every time I let a Realtor choose listing price, I regretted it, and when I did the comp’s and chose the listing price, it saved me tens of thousands.
One of many examples:
In 2003 I had a Realtor strongly advise my small condo in the far north Chicago suburbs should list for 160k. I could tell she was lying and just wanted her commission FAST.
I then did the comp’s and concluded it should list for 175k.
I had read a book on the “hidden side” of Realtors which explained how they often under-list a home by 5% to yield a quick commission, knowing that it only reduces their commission by a few hundred dollars, but it costs their client tens of thousands
Anyway,
That Chicago Realtor argued with me for 2 hours, and to compromise I finally agreed to list it at 170k.
It sold in 24 hours, for 170k. Also the bidder initially offered 160k. My Realtor suggested I counter at 165k. I ignored that advice also and countered with “the price is 170k, pay it or go away!”
Savings for my ignoring Realtor’s advice: ten grand!
I should have listed that condo for 180k, I could have saved more.
Another thing I’ve seen Realtors do: cherry pick the comp’s so buyer sees a filtered comp list that misleads buyer to list at price Realtor recommends, so Realtor gets commission faster.
I’ve also worked with good ethical Realtors who would never do any of these underhanded things.
One more thing. I had a half-dozen Realtor friends tell me I was CRAZY to sell our San Diego condo in mid-2004, telling me it would continue to appreciate in next few years.
That condo is now worth 25% less, and most of those Realtors had to change careers once they saw real estate market COLLAPSE.
