I have a confession to make. My wife and I are hooked on the show, “Million Dollar Listing.” It’s completely mindless, but I just love to see the inside of $4MM+ penthouses in New York City, and the three main characters (the realtors) are so over the top. It’s hilarious and if you haven’t watched it yet, then tune in to the next episode on Bravo. There’s no plot so you can jump right in.
On many of the episodes you’ll see the sellers make the same two mistakes over and over again. First, they think they are in control of how much their apartment is worth so they want to list it way above comparable apartments. And each time that happens, the realtor has to explain that the buyer is actually in control. I’m sure you’ve heard it before… The market determines the price of real estate. Sure, you can list the apartment at your dream price, but that doesn’t mean anyone will actually pay that much. In the end, the buyers determine the value of your apartment.
The second mistake is when the seller believes buyers will appreciate and place a high value on all of the decorations and “improvements” they made. Sorry, but the buyer has his or her own tastes and they often don’t match yours. This is why the realtors often recommend a “staged” apartment where they redecorate and refurnish the rooms to make it more appealing to the target buyers.