Monday, March 24, 2008
I have been approached by some clients recently about selling their homes in a "Buyers Market". The one thing that we have come to find is that if your motivation to sell your present home is their then the home will be priced right to begin with. What I see the most is homes that are overpriced and just sit on the market. These homeowners were advised by their brokers of what the present market value was on their home. Now the important part: if you really want to sell that home price your home 1 to 2% under the market value. With some basic math you can see that if you are trying to sell a home that you have already moved out of and the carrying costs (mortgage, utilities, and taxes) far outweigh the 1 to 2% price difference! Not to mention that if you have had your home on the market for over ninty days then now it is "shop worn". In other words agents and clients are use to seeing it and ignore the listing or think you are desperate if they see a "price change" and then you will get low ball offers and no seriously good offers. Every piece of property I have sold I have priced at just below market value and been rewarded with the "quick sale" of all of them. Be realistic or be prepared to hold onto the property for a longer then neccasary time.