I interviewed four Kansas City REALTORS to sell my house. The recommended selling price from these REALTORS varied by $40,000 for a house we paid $220,000 for 5 years ago. How do I determine what my house should really be listed for or is worth? How do I determine if the REALTORS are inflating the listing price to obtain my business?

Question: I interviewed four Kansas City REALTORS to sell my house. The recommended selling price from these REALTORS varied by $40,000 for a house we paid $220,000 for 5 years ago. How do I determine what my house should really be listed for or is worth? How do I determine if the REALTORS are inflating the listing price to obtain my business? 
–Cathy D. from Overland Park, Kansas

Answer: You seem like a very wise seller and I appreciate your question. As a 23 year real estate veteran, my experience is that over 50% of the home sellers choose their REALTOR based on what the REALTOR says they can sell their home for. Last year, I was in competition with two other REALTORS in getting a listing. The seller decided to list with the REALTOR who suggested the highest list price. Six months later I received a call from the seller requesting another presentation because their home was expiring with the first REALTOR. I lost the second time to a family friend who was a REALTOR and who suggested that they could sell the home for a higher price. Here in March, the seller called me again to list their home. It apparently didn't sell with the second REALTOR. Choosing a REALTOR because they picked the highest list price is a bad idea.

If the REALTOR'S price vary that much I would look at the sales data again and do an average of those prices eliminating the highest and the lowest numbers. Then look at that number, and use that as your basis or asking price. Selling homes is not like selling Polo shirts. Home buyers will not pay more for a home because who is marketing it to them. 

Choose a REALTOR based on experience and professionalism and has the stats to back up their stats. The one that you should go with is that one, coupled with your comfort level with that person’s expertise in your marketplace.

If you cannot come to a conclusion from this then use the highest estimate and make an adjustment within two weeks or more time if needed depending on your markets activity level to bring it within the best and optimal asking price. Be careful though. If you list to high, there is a good chance you will actually sell for more a much lower sales price than listing correctly at the beginning.



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