Debra Sinick

5 Ways to Tell Your Home is Priced too High

In For Sellers, real estate on September 29, 2011 at 8:56 am

Your home has been on the market for more than 30 days. Is your home overpriced?


Here are good some ways to tell if your home is overpriced:

  • No one comes to see your home.  Since everything is online now, buyers decide which homes they want to see, sharing this information with their broker before they even get in the car.  The buyers have calculated cost per square foot, looked at the photos, checked out the location, access to public transportation, the schools, etc.   If a home seems overpriced for what it offers when compared to the competition, the buyer or the Realtor may nix the showing. The buyer may never come to see your home.
  • A lot of buyers come see your home, but only one for one showing.  There are no second showings.  This means buyers have ruled your home out for what could be many reasons (see below) and don’t believe the value is there to make an offer.  The buyers have already moved on to other homes.
  • None of the showing agents call to ask questions, which means their buyers do not have an interest in your home.  They’ve ruled out your home because it is not value priced.
  • Your home is too dark, too small, lacking a bedroom, etc.  No one expects you to add to your square footage or change anything structurally, but if this is the feedback,  your home is not matching the asking price.  Buyers  compare your home to other homes for sale.  They have an expectation of what a home should offer at a certain price point.  If your home is smaller, has smaller rooms, lacks a bedroom, is darker, etc., compared to the competition, then it’s overpriced and will only make the competition look good.  You can’t change these things about your home, but you can change the price to eliminate some of these objections.   Years ago I had a home listed for a higher price than I recommended to the seller.  There were a number of showings in which the feedback was negative. The seller was devastated. He had a well maintained home with a beautiful sun room addition and  gorgeous landscaping.    As soon as the price was reduced, the feedback changed.  Buyers and agents thought the home was fabulous.  Nothing about the house had changed, only the price.  With the new price, came terrific feedback and an offer.
  • Other homes are selling, but your home is not.  If nearby homes and homes in the general price range are selling, and your home is not, then it’s overpriced.

By no means is this a complete list of why homes are overpriced.  There are many other reasons as to why a home does not sell because of price, can you add to this list?

Go Food Shopping on Seattle’s Eastside on Saturday, the 24th

In not real estate on September 22, 2011 at 2:56 pm
Food donations on Seattle's eastside

Emergency Feeding Program Collects for Eastside Month of Concern for the Hungry

There are hungry people on the eastside that need you!  There’s an easy way for you to help.  This weekend marks the start of the Eastside Month of Concern for the Hungry.    Many eastside supermarkets will have volunteers from the Emergency Feeding Program standing by to collect food from shoppers.  Please help donate all that you can so we can make this annual program successful and feed those who are in need.

If you can’t make it to the supermarket this weekend, there will be other collection days in different eastside areas on Saturdays in October.  You can also donate throughout the month at a number of collection sites all over the eastside.     There’s also a list of the most needed items.   Interested in volunteering your time to help out?  Here’s where you can sign up.

Thanks for your help!

Update Your Emergency Food Supply and Donate Food at the Same Time!

In disaster preparedness, For Homeowners on September 21, 2011 at 5:55 pm

September is disaster preparedness month.  Are you prepared?   The truth is most people haven’t done anything.  So you are off the hook this time, but the reality is you need to do something!  No one will be there to bail you out with food if there is a disaster.  The first responders will be busy with much bigger issues auch as roads, bridges, office buildings, and airports.

I’ve put together an emergency kit with food, medical supplies, a first aid kit, juices, and water.   I have everything we might need (I hope) if there’s ever an emergency.  I’ve even got food and medications for our dog.

I put my emergency kit together last year and plan to change out the food each year.  Thankfully, there are basics in a kit that never need updating like first aid kits, windup radios, plastic utensils, toilet paper, etc.  I know it’s hard enough to create a kit, never mind updating the food every year.  It’s important, though, to keep food that’s edible in the kit.   Can you imagine if there was a disaster and you opened up your kit and everything had an expired shelf life?  That would not be a good time thing.

Disaster Preparedness

Food supplies for an emergency kit

If you update your food supply on a yearly basis, you can kill two birds with one stone.  I bought most of the food in bulk at Costco.  Food like peanut butter, tuna fish, canned vegetables, canned soup, canned juice, and pudding cups which all have a long shelf life.  Since I only want to update my emergency supply once a year, I bought new food to replenish the older food.  I then donated the food I had on hand from the first food supply.  The expiration date for most of the food was not until spring of next year.  Since there were a variety of expiration dates,  it would be too hard to keep the food fresh in the emergency kit unless it’s changed out all at once.  It makes more sense to replace it on an annual basis and donate the previous year’s supply, since it’s well before the expiration date.

So now you can do three good things:  Create an emergency kit, update foods and medications each year, and donate the previous year’s food before its out of date.

For tips on putting a disaster kit together, check the Red Cross and 3Days3Ways.  Need a great place to donate?  The Eastside Month of Concern for the Hungry starts this weekend.  You can donate and many supermarkets on the eastside on Saturday, the 24th and all through this month.