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Ask the Agent

I need to sell my home so I followed advice and interviewed three agents. They all suggested different prices. Their personalities and experience are all over the place. Help! How do I decide who to use?  

-- Kate G.

It can be confusing, especially if a suggested value is enticing or you're comparing an experienced agent with a newer one. As a starting point, remember that pricing a home is an art, not a science, and that listening to your "gut" is important. Next, understand your motivation. Are you "testing" the market, or are you serious about selling your home? True professionals are serious about helping you sell your home, which is usually your biggest asset. Finally - and hardest - is to realize that the final price you get is determined by the buyer, not you and not your agent.

So now, let's figure how to make the best choice.

Good agents provide you with a Comparable Market Analysis (CMA). This looks at properties that are as similar to yours as possible in age, features, condition and proximity to your home. There should be at least three active listings, three under contract (pended) and, ideally, three that sold no more than three months ago. Their total time on the market and previous prices should be noted. Identifying properties is actually fairly difficult, so study each agent's choices. Is one CMA more accurate? Most are done on a computer template. Has the agent added information that indicates they've applied more time and judgment to it?

Next, how will your home be marketed? What else has the agent sold? Who has the best grasp of facts, data, market trends and your neighborhood? While an experienced agent might seem to have an edge, newer agents are often not as busy and they are very motivated. Ask about a newer agent's back-up, training and support. Are they mentored? If the answers are positive, they could be a good choice.

Once you've done all this, think about the following general – but subjective – guidelines. Consistently followed, these actions will get you a contract within a reasonable timeframe.

w Price yourself below your competition. Buyers today are looking for the best condition plus value. If your competition isn't selling, it's priced too high.

w If you have eight to 10 showings and no contract, lower your price.

w If you've gone three to four weeks and have no contract, lower your price.

w If no one looks at you at all, you may be as much as 10 percent over the market – lower your price.

w If you have lots of lookers, but no contract, you may be as much as 5 percent over the market – lower your price.

Then start the process all over.

Does this seem hard? You bet it does. Realtors have the following saying – In the heyday of the Seller's market, there were 45 buyers for every house. Now there are 45 houses for every buyer. If you're not seen as a good value, buyers just keep walking and looking.

If you're buying, lucky you! It's your turn! Low mortgage rates and lower prices equal, finally, affordable housing!

So, which agent should you choose? The one who wasn't afraid to tell the truth.

Leigh Hulcher is the managing broker of Napier ERA's Carytown office. She has been a Realtor since 1994 and with her appraiser husband, Ron Cloninger, become a serial Buyer … Renovator … Seller. She's lived it so she can knowledgably help you through every stage of the home buying and selling experience.  

Questions for Ask the Agent can be submitted to asktheagent@richmond.com .

Previous Ask the Agent columns

w April 3 : Improving chances of selling

w March 6 : Refinancing

w Feb. 7 : Assessments