It's a Price War and a Beauty Contest
The Atlanta real estate market is nasty right now....if you are a seller. My associate Tom Branch correctly identifies the situation as both a "price war" and a "beauty contest". The casualties are sellers who fail to recognize the market has changed dramatically in the past few years. If you are an Atlanta home seller, you need to wise up or your house will be sitting on the market and waiting....and waiting....and waiting....for an offer to buy. Home buyers in today's market are savvy and smart. Home sellers have to be on their toes to make things happen.
If your home is listed or you are thinking about listing, you need to realize that selling in today's market is a price war and a beauty contest. Even worse is that you often have to win both!
In many areas there are far more homes available than there are buyers looking. Add short sales and foreclosures to the mix and you will quickly see that you are in the midst of a price war. For buyers, that's great news. We're having sale on real estate! For sellers, it means you really have to look at the prices of competing homes and price your home accordingly. I'm not saying that you have to give it away, but if you truly want to sell, you have to be in the ballpark. The good news for sellers is that many are also buyers so the "loss" on the sale can be made up with the purchase of a new home.
Unless you're an investor, a home purchase is still an emotional decision. Homes that create emotion not only sell, they sell for more. If you're selling, you and your agent need to create that emotion. Homes that are in good condition, properly staged, always ready for showings, and properly marketed do sell. Want to know the good news? They sell quicker and for more money!
I alway tell sellers if nobody walks in the front door, the home is either overpriced or poorly marketed. If buyers walk in the front door and will not make an offer, it's because they don't see the value for the price. There are two ways to fix it--put some make-up on the home or lower the price!
My advice is to take the time to get your home ready prior to putting it on the market. It's a price war and a beauty contest out there.
Photo licensed from ShutterStock
Originally posted at http://www.thebranchteam.com/wordpress/2012/02/13/its-a-price-war-and-a-beauty-contest/
Tom Branch and Gina Branch, The Branch Team with RE/MAX Dallas Suburbs, service the greater North Dallas suburbs including Dallas, Plano, Allen, McKinney, Frisco, Lewisville, and Carrollton. While Gina concentrates on traditional listings and buyer/tenant representation, Tom specializes in assisting distressed homeowners to avoid foreclosure. Tom and Gina have published two books (Achieving Rock Star Status and The Field Guide to Short Sales) and are available for speaking engagements in the greater Dallas - Fort Worth Metroplex. Subscribe to The Branch Team Blog.
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