If you're home is on the market, or if you are a real estate agent, then you know how difficult it can be to sell a home in most areas of the country. Real estate agents are constantly advising sellers to SELL LOW. After all, you'll make it up on the buy side in this Buyer's market. Right? RIGHT!
In mid-May, I met my clients for the first time to show them one of our listings they'd seen online. After showing them that home, and a few others, they indicated that they would like to work with me as their agent. I set them up with my sales partner, who handles listings for our team. She prepared the CMA for their home and discussed sales conditions in their subdivision - which included active foreclosure listings. They were not completely happy with the recommended price range for listing their home, but they agreed and we listed their home at the end of May.
A few days went by and we had our first showing. We had quite a few more showings in the days that followed. By mid-June, we had an accepted contract from the first buyers to see the home. Since our sellers were motivated, we hadn't waited to find them a home, and were ready to put in an offer on the house they wanted. They made an offer for almost $60K under list price on a new construction foreclosure. After counter offering once, we submitted a "take it or leave it" offer for $45,000 less than asking price and it was accepted - with substantial seller contributions to our buyers' closing costs and a home warranty. To make the deal even sweeter, the seller (bank) made repairs that we requested, and some we didn't but very much appreciated!
It's now mid-July and our clients have sold their home to happy buyers and have moved their family into their dream house. Our sellers were realistic about the current value of their home and adjusted their mindset accordingly. We were thorough in our research, both on the selling and buying side, and assisted them through two very smooth closings.
As our current listings come up for renewal, we will be firm in recommending that our sellers change their mindsets to align with current home values. The market will turnaround...we're making slow progress in many areas. But the key to a successful sale today is positioning a home correctly. If you want to hold out for top dollar, settle in and make yourself comfortable. It's going to be a long ride.
ps. Our clients have already recommended our services to some friends...
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