The real estate market is about advantage and concession. There is good product and there is bad product regardless of where we stand, in the shoes of the buyer, or in the shoes of the seller. The real estate market is also, in spite of the level of investment involved, one of the most inefficient markets within our economy today. And it has nothing to do with the recent bust or with any perceived forthcoming bounce (dead cats or not). Real estate is a market of perception and deception, perceived advantage, and perceived concession. Kudos to the Agent advocates who work hard to demystify the process for their client, be they buyer or seller. These agent advocates are seasoned professionals who seek the truth. Thank god I've worked with many here in New Haven county that understand equity both from a financial standpoint as well as from a philosophical standpoint. US NEWS and World Report recently felt a need to publish an article about the 7 top mistakes people make when marketing their homes. Their contribution no doubt to the current crisis faced by many sellers across the country. The basic thesis was with regard to the importance of due diligence and the dangers of emotional involvement in the process. I'm sure someone thought the article was meaningful but in truth it's nothing but superficial rubbish. Like the Buyer a mere five years ago, the Seller today appears to be at a disadvantage due to falling home prices and an unprecedented inventory glut. Booms and Busts exist because the true economic value of real estate is never (rarely) in sync between buyers and sellers perceptions. This is hype, capitalists will invent it and run with it until the cycle turns, and then they run with it again. Know your product. Know the true value of the systems and features of each individual home you market. Have a professional perform a pre-sale/pre-listing inspection for the benefit of the seller to even the playing field. One of the few buyer contingencies is the Home Inspection and they are pounding it. Buyers today are unafraid to walk at the first sign of problems. I've seen it happen weekly. If you don't know the economic cost of needed but unanticipated repairs before you market, your client is economically disadvantaged and expectations based on the sales agreement are left unmet. I'll explain in no uncertain terms the benefits and concerns of found issues to every buyer I work for, but it would be much more economically efficient if I were explaining the same to the Seller.
Know your product. Don't get stung.
Comments(0)