This is a phrase that is heard repeatedly as of late in Real Estate - "I don't want to give my house away". Trust us, we don't want you to give your house away either but as Betty so aptly puts it, we, as REALTORS, do not control the market.
Please take a moment to read Betty's post - it might just help you to understand the real estate market and ask yourself some really in-depth questions that may provide some needed answers.
Thanks, Betty, for the post and the opportunity to reblog!
This is what is now becoming a common statement during a listing presentation. It can also be followed by:
- I paid this amount for this home and I won't accept less!!
- My friend, who watches houses all the time, looked up my home on Zillow* and they said it was worth much more than that!
*You can change that from Zillow to Trulia, or facebook, or any other social media sites out there
- I don't care what the market says, I won't sell for less than I think it is worth !!!
- I am waiting for the value of my house to go back to where it was before I sell.
Before you get angry with your Realtor, remember the price at which your house will sell is driven by what a buyer will pay. So here are some thoughts to consider :
- Why are you selling in the first place? Do you have to move to a new location for a job, downsize so you have more time to pursue other interests, do you need more room? Ask yourself the following: Is selling at market value better for you, your family, your life?
- Look at your monthly expenses. How much does it cost you to maintain your house? Figure out your monthly expense for your mortgage, insurance, real estate taxes, utilities, Homeowners association fees, lawn care, etc. The higher your house is priced over market value the longer it will be on the market. Can you afford to wait and continue to pay these expenses or is it better to sell by bringing the price in line with the market?
What can you do to get the most money possible for your home?
- The appearance of your home makes a huge difference in whether a buyer wants to see the inside of your home. The exterior "curb appeal" is the first impression a buyer has of your home. Are you willing to put the time, energy, and expense that may be necessary to get your house sold for the best price possible?
- Listen to what your Realtor tells you about the market. If your neighborhood has a lot of houses on the market that are similar to yours, you have to price it to be the best house at the best price.
- Make sure you and your Realtor understand what type of buyer will be purchasing your home and target the marketing to future buyers. With over 90% of all buyers researching homes online your Realtor needs to have a major web presence with a dedicated page to showcase your home above and beyond the MLS listing.
Realtors do not control market values. We can only report what is currently happening in the market. The price of your home is determined by what other homes in your neighborhood have sold for, how many houses are on the market that are like yours, and how prepared is your home for the market. With that knowledge you have to decide if now is the right time to sell for you and your family.
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Leesa - Excellent re-blog, I missed it the first time around. I've definitely heard these words before and I once told a seller it's impossible to give it away unless the buyer is willing to pay their closing costs too, she then accepted the offer.
Leesa ~ Thanks for re-blogging this post I may have missed it. Right in line what I was doing this week. If the seller is not willing to move on their price in today's market and its a high end home I am asking them to take it off the market because they really do not want to sell and move on to the next phase of their life.
It cost me time, money, energy to service these listings and I just can't do that anymore and I am not doing them any good by keeping them on the market.
Thanks for reblogging this one, I missed it the first time around.
Me Four....I missed this one too!
What do you know nowdays that you can get for the same price you paid 3 years ago? It might have gone up, it might have gone done, but it sure ain't the same!
Leesa: This was definitely worth the read -- missed it and am delighted you took the time to re-blog.
Leesa, great reblog and right on the mark. I haven't been in real estate (3 yrs) long enough to see the upside but this downside has sure been a good teacher in economics.
Thanks everyone for your comments - Betty did a wonderful job on this post!