There is a cynical expression in the industry. You want to be the first born, the second spouse and the third real estate agent.
Why third? PRICE! Sellers often need to go through a process to get the market value price.
It’s totally normal that sellers might think their house is worth more than what buyers might pay. Most sellers do! And it’s no wonder — the world is full of signals that whisper, ‘This place is a goldmine.’ But smart sellers consider incentives and illusions happening, and price in an academic way.
Online valuation tools
These have been the bane of our existence for years. They are just estimates and they are often wrong. They tend to be too high rather than too low and they don’t tend to get the price right when you compare with actual sales prices.
The House Suits the Seller So Well
They bought it. Obviously, it has some things they LOVE in a home or they would not have picked it. So yeah, it is understandable they might see more value than the rest of the population does on average. I always have my brother price our old house when we have moved. He is detached.
Neighbors All Say it Should Be Priced High
Neighbors are very much known for telling soon-to-be-sellers that they are listing too low. The place should be listed a lot higher than it is. You might think they don’t have a dog in the fight, so why would they be blowing smoke. Consciously or not, neighbors want a higher price because this house is a comp for theirs. It directly affects appraisals and online valuations when yours sells.
Friends and Family all Compliment the House
Even people walking by have said if we ever sell they are interested. I hear this one a lot! People like to give compliments. But I know from experience that the people who say they want to buy the house frequently don’t buy the house when it hits the market, or when we call them ahead of the listing.
Random Calls and Texts From People Who Want to Buy
We get calls and texts all the time from people wanting to buy my house. Everyone does. It’s a whole thing. There are classes that will teach people how to invest, and their main way of buying is not going on MLS, but telemarketing, texting, writing letters. We all get those.
Tax Assessment
It used to be true that the tax assessed value tended to be low… maybe so people wouldn’t protest their assessments with the county. That has changed. They tend to be a lot closer to market value now, but people still remember that the assessment SHOULD be lower than market.
Realtors Puff Up Their Recommended Price
Yes, many of the agents you might interview COULD have a strategy of saying a high price to get the listing. On this, just be sure they can back that up with comparable sales… not active listings, but sales!
Conclusion
Your home might be priceless to you — but buyers shop by comparison. The best way to bridge that emotional gap is with real data. If you’d like an honest, local perspective, that’s what we do every day. Call us for a realistic evaluation! If you are not in the Tacoma area, we can help you find a solid Realtor that will give you the straight scoop!
Here is a video version of this piece
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