Luke Constantino April 11, 2009
I have a client who checks Zillow.com consistently. He calls me one day and tells me "Luke, do you know the price of houses is going up?" I answer him with a question: "Really, that's great, where did you get this information?" He starts to elaborate on where he got his results.
I have been in the business for quite a while and get this from time to time. If the prices in this market are going up, it would mean there is more buying and the inventory is going down. At the same time there are different price categories of properties which might not affect the owner at all. This is not what a client wants to hear, but sometimes giving them the definition of the market is the best thing instead of hurting them.
His property was in the mid to high range area for his location. Due to the market change, all the smaller, lower priced properties were selling quickly, bringing up the demand. The current market climate is perfect for first time home buyers at the time.
I made up a recently sold property package, sat down and showed him his property wasn't in this price category. If he was to raise the price of his property, he would help everyone sell theirs by using him as an example. He wasn't very happy about it, but was very appreciative. I had his property in contract 10 days later.
Luke Constantino
Commercial | Residential
RE/MAX @ THE SLOPE
Direct: (212) 300-3919 | Fax: (360) 368-0098
http://LukeConstantino.com
Comments(1)