Some people seem to think the world is full of wealthy, ignorant buyers. Some of these same people have the mentality that one of these wealthy ignorant buyers will somehow happen by their grossly overpriced property and write a check for it. After 22 years of working in the farm and ranch real estate business, I have yet to cross paths with one of these individuals.
99.5 percent of the sellers out there today who really want to sell must take a hard, cold look at the property’s realistic value. What is my property really worth in today’s market? The formal way to do this is with an appraisal performed by an appraiser with a MAI (Member of Appraisal Institute) designation. These are considered the highest-ranking appraisers in the industry.
Another way is a broker’s opinion, which is based on opinions of an area and not comparables such as the MAI appraiser would use. People with means (money) normally don’t acquire it without being somewhat intelligent or very smart business people. Many people who inherit money have been around very astute businessmen or have access to attorneys or trust departments who employ highly intelligent people.
The bottom line is, if you are going to take the time to sell your property, price it correctly with some negotiating room. If you are grossly overpriced, very few if any will even look at it.
McAllen Coalson, Broker / COALSON REAL ESTATE