Location. Location. Location. Well, not exactly. Although neighborhoods, views, close proximity to all that is important to you are considering factors while purchasing a home, that’s not all. I’ve always said, “There is a lid for every pot,” which in real estate terms, translates to “There is a buyer for every listing.” And that is completely true. While location is extremely important, as is the condition of the home, there is one main factor that seems to win out almost ALL the time when homes move quickly. Price. When a home is priced right or priced to sell, it will.
When a realtor gives an opinion on what the asking price should be for your home, there are many factors that go into that opinion. Comparable sales in the neighborhood are an obvious source of information. What did the house with the same floorplan sell for right down the street? That is a good indication of what your home may be worth. Upgrades to appliances, flooring and countertops will all factor into the decision on what to list your house for, as will views, location and general upkeep of the property. A common misconception is that a realtor will suggest a lower price simply to move the home quickly, sell it faster and move on to the next one. That is not the case. Realtors want to exceed the expectations of their clients. They don’t want to take an overpriced home/listing and then have upset sellers when the property doesn’t move as quickly as the sellers would like. Realtors don’t want to underprice a home simply to sell more; they are being realistic in what the property is actually worth.
I believe that being upfront and honest is the best way to handle everything in real estate. Be completely honest with your realtor and let them know your expectations. Also, listen when they tell you theirs. This will make for a smooth(er) transaction when everyone is on the same page.
Fair is a word I love to use in real estate transactions. A completely one-sided transaction where a buyer or a seller feels as though they’ve given too much won’t make for a happy ending. As a seller, you don’t want to take an unfair hit to sell your home. As a buyer, you don’t want to overpay simply to own your home. It needs to be fair for all parties involved. We all know this doesn’t always happen, as there are circumstances beyond everyone’s control. Put yourself in the other person’s place because you’ll be there eventually. If you are a seller in this transaction, you’ll be a buyer in the next one.
Other factors that will come into play are exposure, phenomenal photography and a great write-up about the benefits of each particular property. But, those only go so far. At the end of the day, price is what is going to move your home. FBN
Sherri Monteith, Russ Lyon Sotheby’s
http://www.russlyon.com/