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inflated ideas about their home value
Unrealistic Seller Pricing? My respected colleague Scott Levitt of Oakley Sign company inspired me to share this question -
Q: Often Sellers who will become buyers have inflated ideas about their home value, primarily because of "upgrades" they perceive to be high-value. How do I reason with them?
A: First, I make absolutely sure I'm willing to stand behind the price I've proposed. When I know I've done thorough research about the immediate market place, I'm confident I'm recommending the appropriate price for the home to be priced right, I give this response:
"I absolutely understand you want the maximum value for your home. My job is to do everything in my power to secure the best closing price possible. However, I have to be honest and tell you that I can only list a house with a price I can defend in the current market.
I refer back to the com-parables again and again if needed to help the Seller understand, even if I were to find a Buyer who were to agree to the Seller's price, if financing the purchase, the Buyer's financing would depend upon a successful appraisal.
While your recent cosmetic upgrades add considerable value and appeal in your estimation, they only do so if the Buyer feels the same ... more
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