Is Syndicated Real Estate Writer Jim Woodard a Dingaling?

Pricing a home too low is pretty much impossible.

Usually I enjoy reading syndicated real estate writer Jim Woodard in the Sacramento Bee. His real estate articles are distributed nationally by Creators Syndicate, and even Realtor.com has picked up his columns. Although I suspect you’re unlikely to find his recent Open House column titled Setting a Realistic Asking Price for a Home on any Realtor website because it’s so skewed. This is what happens when a non-Realtor gives real-estate related advice. Sometimes writers get it wrong. Sometimes they look like a dingaling.

Perhaps other real estate agents don’t read his columns? Otherwise, many busy Sacramento Realtors would be up in arms about it. Which is why I’m sharing it with you today because I have many professionals who subscribe to my blog. There are glaring errors in his advice about choosing an asking price for a home. I have bolded the incorrect statements below:

“If it’s too low, the property will probably sell fast but at a price lower than its market value. If it’s too high, it may sit on the market for a very long time. Then it might finally sell, after reducing the price several times.

“Many owners follow the advice of their broker in determining the price. That’s often good advice, but keep in mind that the broker makes no money until a sale is consummated. A low price will expedite his commission payment.”

Only a dingaling would say something like this because it’s not true. For starters, it paints a broker with a tainted brush. It basically says you cannot trust your real estate agent to tell you the truth. In fact, it implies your real estate agent might be lying to you and pushing you to price a home way below market value, just so the agent can get quickly paid. This is an insane statement, it’s crazy nuts. It’s misleading; it gives readers the wrong impression about real estate agents; and it perpetrates a myth that agents are dishonest and / or only looking out for themselves, their own paycheck, which makes me want to throw a cream pie in the face of Jim Woodard.

Where would real estate writer Jim Woodard pull such a completely false idea from? Don’t answer that. We know where. It makes no difference to an agent if she is paid one week from now or next year. We do not price listings based on how quickly we receive our commissions.

Further, we are in the midst of a super hot seller’s market in Sacramento, like many parts of the country. Because of this type of real estate market — which is limited inventory and high buyer demand — smart agents might suggest a lower than market value in order to drive multiple offers. One simply cannot price a home too low and sell it below market value because vast exposure increases demand, and receiving multiple offers for an under-market price tends to push the final sales price into the stratosphere.

It’s impossible to price a home too low, especially in a seller’s market.

Perhaps real estate writer Jim Woodard is superimposing his own thoughts into his writing? Perhaps if he actually sold real estate, was out in the trenches — and I don’t think  he is — he would do that sort of thing. Perhaps he would be dishonest? Maybe he would try to push sellers to price low to screw over clients. How else could he pull such a false premise out of thin air? Such a dingaling thing to write. So insulting. I suppose the logical answer is it’s possible that conviction is lurking deep within Woodard’s personal make-up but it’s certainly not in the heads of Sacramento Realtors nor the standard practice of any other Realtors in the nation.

Woodard, you owe us an apology.

Realtors put their client’s interests first and foremost.