Welcome to this 2Tips4-2sDay. This edition has tips for both buyers & sellers! This is the "Lite Version" - the full version can be found on my outside blog, PikeWaynePABlog.com
1. SELLERS: Price it Right, Or You Will Wait. The Lake Wallenpaupack market is sure and steady. Not booming like it was but there are buyers out there (look at the page I just finished for the company website if you don't believe me.)
Others may whine, “The market is awful!” Maybe they list homes at prices not supported by The Market. Two of my listings are now under contract (one was snatched up in 14 days.)
In a nutshell, Market Value = The Price A Buyer Agrees To Pay. Some argue that it also includes the price the seller agrees to - but ultimately, if the buyers won’t buy, it’s priced too high.
Experience shows that overpriced homes will be on the market a long time.
- People paying higher prices expect more than overpriced homes can deliver.
- Buyers looking for what that home offers will be stopped by the price.
- Once the price is finally adjusted to the market, the home may now seem "stale."
- Buyers think something is wrong when homes have lots of "Days on the Market". (translate: LOWER BIDS)
When pricing your home, look at the comps. If the market won’t bear the price you want, do not try to sell at this time. I can provide a detailed home analysis showing the current market trends. Just email me and we can get started.
Further Reading: The Market Doesn't Care Pricing Your Home To Sell
2. BUYERS: Is The Home You Love Priced Too High? Offer Anyway!
Nobody knows what a seller will say until you ask. The listing agent doesn’t know what the seller will say until it is presented (though they can guess.) Heck, even the seller may not realize what’s “acceptable” until it’s on paper!
- Avoid “pennies-on-the-dollar” lowball offers; your agent should provide recently sold comps to help you make a realistic offer on the home.
I took a call on a property listed at $169,000, and the guy said “Think they’d accept $50,000?” I could honestly say: “No.” (I even kept a straight face!)
- Yes, it's buyer’s market, but let's not get carried away; most of the sellers in the Lake Wallenpaupack region are generally not distressed or desperate.
Don’t worry about “offending” the seller with a lower offer. Chances are you will never meet the seller, and the very that can happen is the seller will say “no.”
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