Welcome to this 2Tips4-2sDay. This edition is for both buyers & sellers!
Competitors cry “Woe, the market is awful!” Maybe they list homes at prices not supported by the current market. Two of my listings went under contract this past week; one went only 14 days after listing.
Simply, Market Value = The Price A Buyer Agrees To Pay. Some argue that it includes the price the seller agrees to – but ultimately, if buyers won’t buy, it’s priced too high.
Some think agents encouraging market value prices just want a quick sale. I disagree; it’s in an agent’s best interest to get sellers the highest price…isn’t it?
Experience teaches that overpriced homes will be on the market a long time. See “How To Sell Your Home in This Market“.
- Buyers who pay higher prices expect more than overpriced homes can deliver.
- Buyers looking for that very home will be halted by the price.
- Once the price finally fits the market, the home may have been for sale a long time.
- Buyers think something is wrong when the days on the market is high; they’ll bid even lower.
In general, I decline listings priced much above market value. No amount of marketing will sell an overpriced home. When pricing your home, look at the comps. If the market won’t bear the price you want, consider not selling.
HINT: I will provide a detailed home analysis of the current market trends. Email me to get started.
You never know what a seller will say until you ask. The listing agent doesn’t know what the seller will say until it is presented (though they can guess.) Heck, even the seller may not realize what’s “acceptable” until it’s on paper!
- Avoid “pennies-on-the-dollar” lowball offers; your buyer’s agent should provide recently sold comps to help you make a realistic bid.
I was asked, about a property listed at $169,000, “Will they accept $50,000?” I could honestly say: “No.”
- It may be a buyer’s market, but don’t get carried away; sellers in the Lake Wallenpaupack region are generally not as distressed or desperate as in other areas of the country.
Don’t worry about “offending” the seller. Chances are you will never even meet the seller, and the worst a seller can do is say “no.”
There you have it.
Have a house to sell? Want to buy a home in Wayne or Pike County? Call or email me.