Meaningful Considerations for the Home Seller…

By
Real Estate Sales Representative with for real estate results in the Tri-Cities.

Meaningful Considerations for the Home Seller…

1. What you paid for your home has nothing to do with what someone else is willing to pay.

2. The improvements you made to your home you did for your own enjoyment.

3. Home improvements will rarely provide an equitable return on your investment.

4. Renovations you made two or three years ago aren't considered "newly renovated".

5. The listing price of a neighbour’s home for sale does not represent market value.

6. Listings in the immediate area can only be viewed as your competition.

7. A comparable home is most likely to be a neighbour’s home that sold recently.

8. Expect overpriced homes to sell much slower (unless it’s a Seller’s market), or not at all.

9. The longer your overpriced home is on the market, the lower its final selling price is likely to be.

10. The higher your list price, the fewer times it will produce an MLS search result.

11. The Seller wants room to negotiate while the REALTOR® needs someone to negotiate with.

12. “Special” Buyers are the figment of the greedy imagination of a Seller.

13. If by chance a “Special” Buyer does come along, the deal had better be cash because financing approval will only be received if the lender appraisal is at or below market value.

14. An expired listing represents a failure to sell, so make sure you don’t enlist the help of a top producing REALTOR® who frequently fails to sell because of their "volume" business model.

15.  The appraisal you had done three years ago in order to refinance your home and take money out does not reflect what your house is worth today.

16. Rarely does the Seller know better than the Buyer, REALTOR® and the appraiser.

17. Knowing full well that an overpriced listing is unlikely to sell find out if the REALTOR® you are considering has received training in price reduction strategies to use on you the Seller. 

Please leave a comment and add your own considerations for the Home Seller.

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Jim Frimmer 09/05/2010 05:57 AM
  2. Jim Frimmer 09/05/2010 05:57 AM
Topic:
Home Selling
Location:
British Columbia Greater Vancouver
Groups:
ETHICS and the REALTOR
Real Estate Risk Managment
Posts to Localism
Building Your Niche
Local Expert
Tags:
market value
mls search
sellers market
listing price
expired listing
fiduciary duty
listing realtor
overpriced homes
comparable home

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Show All Comments
Rainmaker
810,988
Dan Edward Phillips
Dan Edward Phillips - Eureka, CA
Realtor and Broker/Owner

Good Morning John, a good list for the home owner to review before listing their home.

Sep 04, 2010 10:40 PM #1
Rainmaker
259,661
Kathy Denworth
Century 21 Schwartz Realty - Islamorada, FL
Realtor in the Florida Keys, Islamorada, Key Largo

This is great, John. I am adding it to my listing presentation.

 

Now if I can just get some of my listings to drop there price OR something in this area to sell.

Sep 04, 2010 10:53 PM #2
Rainmaker
3,330,353
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

 If you think that giving an allowance for the ____________-carpet, paint, etc. will tweak the imagination of a seller..think again...no onw can hate neutral.

Sep 04, 2010 11:16 PM #3
Rainmaker
114,299
Laurie C. Bailey-Gates
Robert Paul Properties - Barnstable, MA
ABR, SFR

15.  The appraisal you had done three years ago in order to refinance your home and take money out does not reflect what your house is worth today.

 

Very meaningful!!!

 

Laurie

Sep 04, 2010 11:56 PM #4
Rainmaker
179,718
John Grasty
for real estate results in the Tri-Cities. - Port Moody, BC
Your Tri-cities REALTOR, neighbour and volunteer.

Dan: Good morning. I hope you find it useful for your sellers.

Kathy: Meeting 3 conditions should help the chances of your listings being sold: 1. Move-in ready (no repairs required); 2. Featuring the benefits (view, etc) of the listing (in the marketing) that will add value for the buyer; and, 3. The best comparable priced listing in the area. If your listing doesn't sell after all of that then perhaps there is no appeal or no demand.

Sally and David: That can often be a challenge.

Laurie: You've obviously had an experience involving an older appraisal. Please share it with us.

Don: You are welcome; so what exactly did you find informative?

Enjoy the Labor (Labour in Canada) Day weekend everyone!

Sep 05, 2010 05:14 AM #6
Rainmaker
1,116,634
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

Part of the problem down here is the broker who provides benefits and perks to the top listing agent, regardless of whether or not the top listing agent ever sells any of those listings. Perks include prime parking spot, free tickets to the Zoo and SeaWorld, free dinners at fancy restaurants, and even cash bonuses. In some cases, one can make a very good listing just off of the perks and benefits if one just keeps on listing everything that smells like real estate.

Sep 05, 2010 05:55 AM #7
Rainmaker
179,718
John Grasty
for real estate results in the Tri-Cities. - Port Moody, BC
Your Tri-cities REALTOR, neighbour and volunteer.

Jim: Don't you love #14?

The top listing agent is probably also the one with the most listings that didn't sell; hardly the type of performance that merits a reward, and all brokers should know better.

I'm an advocate of a "listing vs sold" ratio being the metric against which all of us should be benchmarked. Thanks for REBLOG Jim.

Sep 05, 2010 06:11 AM #8
Rainer
321,503
Jack Mossman - The Nines Team at Keller Williams in Lodi
The Nines Team at Keller Williams in Lodi - Lodi, CA
The Nines Team in Lodi

The ratios of performance are to hard to interpret between property types, seller circumstances and seller types.  I'd prefer to base my listing proposals on attracting market impact - for me that means marketing to buyers' agents ... time on market and closing ratios are misleading today and frequently misquoted for the purpose of a competitive edge. 

Sep 05, 2010 09:06 AM #9
Rainmaker
179,718
John Grasty
for real estate results in the Tri-Cities. - Port Moody, BC
Your Tri-cities REALTOR, neighbour and volunteer.

Jack: Your comments about misleading ratios is a breath of fresh air. I feel exactly the same way about time on market, and sell price versus original list price.

This is a topic (meaningful metrics) which needs a lot more ink, so to speak.

Thanks for sharing your comments Jack.

Sep 05, 2010 02:47 PM #10
Rainer
437,789
Terry Chenier
Homelife Glenayre Realty - Mission, BC

John,

I like #14. We have a couple of these here too. They work on the assumption that if you throw enough at the wall, some will stick.

Sep 05, 2010 05:44 PM #11
Rainmaker
179,718
John Grasty
for real estate results in the Tri-Cities. - Port Moody, BC
Your Tri-cities REALTOR, neighbour and volunteer.

Terry: I remember talking with you about this a few times so I know of your frustration, which is widely held amongst the true industry professionals.

It's very disappointing that in this day and age unsold listings aren't monitored much closer; an unsold listing is a failure!

As I've said before, this one metric would go a long way in preventing upset Sellers and improving the image of our industry if it was dealt with properly.

NAR and CREA need to get serious about this type of stuff.

Sep 05, 2010 05:57 PM #12
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Rainmaker
179,718

John Grasty

Your Tri-cities REALTOR, neighbour and volunteer.
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