Given the current real estate market dynamics in Kitsap County WA, and the prevalent number of short sale and foreclosure properties being listed (about 30% of all properties), it's rather challenging for traditional Sellers who aren't upside down on their mortgage or facing imminent foreclosure to effectively sell their homes.
As a result, many Buyers (and some agents/brokers) assume that every Seller is equally desperate and willing to make huge pricing concessions in order to attract a viable Buyer.
Such was the case recently with one of my listed properties.
I have the good pleasure of marketing a beautiful home in Central Kitsap. My Sellers take the term 'Pride of Ownership' to a whole different level. To say the home and yard are immaculate does it a disservice. It's one of those homes we all dream of listing, and it's worth every penny of the current offering price.
I received a phone message from an agent who showed the home. The message went something like this:
"I just took my Buyers through your listing and it shows beautifully! My folks are REALLY interested, even though we think it's a bit small for the price. I see that your Sellers paid $XXX for it back when they bought it. Unless they put a sizeable amount down, they probably owe more than it's worth. It's obviously priced a lot higher than other homes in that area. How realistic and flexible are your Sellers with the price? I think my Buyers would like to write up an offer, but they need to stay within a certain budget."
For Real Estate Professionals, we owe it to our Buyers and Sellers to provide them with honest and realistic local market information. We need to properly counsel them on the harsh realities of what they can expect when buying or selling a home. And we need to show our Buyers homes that are clearly within their budget.
For Buyers, they need to be told that every Seller is different, and the motivating factor for selling their home may be just as varied. They need to be counseled against making broad assumptions.
For Sellers, they need to realize that competing against short sales and foreclosure properties can be a somewhat daunting task, and requires you to pull out all the stops when it comes to preparing your home for market, as well as pricing it as aggressively as possible.
Now more than ever, today's Buyers and Sellers need the expert advice of a seasoned, experienced real estate broker to help them effectively navigate the challenges of buying or selling a home in Kitsap County WA.
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Rich Jacobson is a licensed real estate professional with Windermere Real Estate, providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, SoundBiteBLog, and Crabbing in the Hood, or e-mail: kitsapagent@gmail.com
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