Downers Grove, IL Realtors Common Mistakes Will Cost You Time and Money

Downers Grove, IL Home Price Reduction Statistics:

Team Bowers Downers Grove, IL Realtors understand that you want as much money as possible when selling your house in Downers Grove IL. After all, every home seller wants that. We are experts at ensuring our clients receive as much money as possible to sell their houses within their defined timeframe; however, there are many Downers Grove Realtors that are not as knowledgeable about the real estate market in Downers Grove. These real estate agents will cost you time and money when selling your home.

How will they cost you money? They will cost you money by listing your home for sale at an incorrect price. Too often, real estate agents who are hungry for business cave into home owner developed pricing strategies rather than pricing homes according to what the current localized Downers Grove market dictates. They do this either because they are desperate for a listing or because they truly do not understand how to price homes correctly. Either way, it will most certainly cost you time and money when selling your home if your Realtor prices your home too high.

The Downers Grove, IL homes for sale price reduction statistics don’t lie. Review the table below. Downers Grove, IL homes that were listed during October, 2012 at the correct market price sell in 87 days compared to overpriced homes that sell on average in 184 days. When analyzing the data below, don’t forget to pay attention to how many homes sell at each price level. You will see that the majority of people selling their homes wait too long before selling at the correct market price, but they all eventually do. Homes that do not have to lower their price substantially are the homes that sell the fastest! These homes are not undervalued! They are priced correctly based on the current market.

The following table summarizes how much Downers Grove, IL home sellers had to reduce their prices to actually sell their homes last month. This data only includes the homes that actually sold. There are numerous overpriced homes that never sell. (Short Sales and Foreclosures have also been removed from these statistics to give you the most accurate analysis of the impact of incorrect pricing.)

 

Downers Grove IL - Price Reductions Required Before Homes Actually Sell - October, 2012

Price Reduction % Off Original List Price # of Homes Sold Avg Days On Market of Sold Homes -2% 1 140 0% 20 87 2% 1 106 3% 2 148 4% 2 122 5% 1 245 6% 3 171 7% 4 143 10% 3 137 11% 1 174 12% 4 276 15% 2 295 22% 1 203

So how do you know if the Downers Grove Realtor your friends, family, or neighbors referred is one of these real estate agents that will cost you money? It’s simple; make either of the following commonly used statements and see how the Realtor responds:

• “Let’s just start out at a higher price and see if we get any offers. We can always lower the price later.”
• “Let’s just start out at a higher price. Someone may still write an offer for a lower price even if we are priced too high.”

Why don’t these two home owner developed “pricing strategies” work? Team Bowers Realtors answer this question in one of our home seller guides about the three rules for selling your home in Downers Grove IL.