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"As a first-time homebuyer, I was nervous about the entire process. Step by step, Joe made it easy and fun. His expertise in the Columbus real estate market is a tremendous asset. He is highly recommended!" - Nicolette Horan
"I wanted to say thank you again, so much, for all your hard work. I know that you really put a lot of time into this transaction and I really, really appreciate it. I'm so happy I got the house and it all worked out and I just wanted to say thanks again, you did a great job and i really appreciate it. I will put that on the survey when they send it to me.
If there is ever anything I can do for you, please don't hesitate to give me a call. I will refer every single person I know to you. I'm going to go get my dog and we're going to sit on the floor of our new house and have a glass of champaign. Thanks a lot Joe" -- Michael Mamp
If you want to sell your location, location, location, you may have to adjust your price, price, price.
June 11th, 2008 categories: For Home Buyers, For Home Sellers, Real Estate News
I often think that sellers get tired of their own Realtors telling them that the price is too high. They feel like the Realtor isn’t looking out for their best interests, only wants the commission so she can move on to the next seller or has no cares about the sellers’ future plans.
The truth is, the Seller probably should have listened to that other Realtor (often me)who told them where to price the house so it’d actually sell and not the one who promised the sun and moon only to beat them up on price drops and sell the house 6 months later. Sometimes, though, the market is slow or the market changes. The bold faced truth that sellers have a hard time internalizing is that they can’t set the dollar amount the house will sell for, only the market can do that.
These days there are a generous amount of homes for sale in Columbus, Ohio and buyers do have the ability to pick and chose a little more than the hey-days of 2002–2206. Sellers who understand that, understand that they too are saving money en route their next home, and are able to put together a win-win solution for their particular predicament are selling their homes.
I have a couple looking for a home in Clintonville and we’ve seen everything appealing in their price range. They understood the market based on the showings we’ve had and the web site I set up for them detailed to their likes, my counsel and the condition of the homes we’ve seen together. When a new listing came on the market last Friday, seemingly about $20,000 under the competition and brick to boot, they knew it was a deal. It turned out to be a great home too. The street is a little busier than some so they lose a little of that neighborhood feel that makes Clintonville so great, but it’s a screamin deal and they knew it.
The Sellers, it turned out, knew it too. The plan was to go in to contract within the first week or two so they could move on with their lives. If you want to move on with your life, Mr and Mrs Seller, you want to heed the Wall Street Journal’s article from Sunday (I love it when an outside authority tells you the same thing I would!) with five reasons why you might find out your home is priced too high:
1. Not enough showings. A home is likely overpriced if it doesn’t get any showings in the first couple of weeks it’s on the market.
Even more proof a price cut is needed: people are interested enough to take information from brochure boxes in front of the home, and there have been a substantial number of hits on its Web site listings, but buyers still aren’t scheduling showings…
2. Some showings, but no contract. Perhaps the number of showings isn’t a problem, yet there still have been no offers. Something is wrong, it might not just be price, it may be condition, proximity to something else or the weird smell inside.
3. Similar homes are now selling for less. When looking at historical data and determining where to price your house in this market, don’t go back further than you must. In fact, look at in contracts or pending sales first. Again, it may be something else, but it’s usually price.
4. Repeated negative feedback. If buyers who do walk through the home have the same negative reactions to it, that could be another red flag that the price needs to be dropped.
Buyer feedback, collected from a real-estate agent, may reveal that other houses in the same price range have updated kitchens or bathrooms and the home in question hasn’t kept up with the times. To address the disparity, sellers can either remodel or cut the price.
Everything sells at the right price—it’s just true.
5. You’ve cut the price, but not enough. If a price cut is in order, don’t cut by small increments. Several smaller decreases could make a seller look desperate, but a larger decrease will generate more interest. If you can’t afford it, reconsider the idea of selling your home all together.
Susan Hilton - Texas Aggie Realtor in College Station Home Sales
June 11th, 2008
Oh so true! Wish the seller would listen to me the FIRST time rather than “trying the market” and reducing the price little at a time until the are chasing the market down and scare off the ready, willing and able buyers.
And LOVED your post title!
Columbus Real Estate News - Helping You Buy Homes and Sell Homes in Columbus, Ohio » Do Sellers Have to Accept Full Price Offers?
August 7th, 2008
[...] If you want to sell your location, location, location, you may have to adjust your price, price, pri… [...]