I would disagree with paragraph 5 based on my personal experience of selling 3 "baby"s over the years for well over market value because of the care my wife gave the inside and I gave the outside.
You just need to know how to do it and how to find the buyers hot buttons. Never had a problem with appraisers either...although I admit I have not sold a home since this last bust. I do think we will see a significant increase in value though when we do sell and I expect us to get more for our home than any others in the area...
The old "pride of ownership" looks OK on the marketing pieces but sometimes the Seller's pride is bruised by market realities.
I have reminded buyers as well..you are buying a house, not having a baby. Emotions can run wampant on buyer and seller side!
So true! I'm dealing with this situation right now. The owners are great people just not very realistic.
Thanks for the post!
We explain to a seller this place is where your kids grew up, you inherited it from Dad and Mom who worked like dogs to preserve, respect it. But after all the photos are removed from the walls, the memories tucked away, the family home is just a house. Sorry but we have to look at it Spock like objective. It is a commodity, like a car, watch, garden hose. And the real market value is not going to come close to the sentimental value. Or insurance replacement cost value either.
Holly,
Great post!!! Sellers have a very hard time detaching and being objective...our job is to overcome and show cold hard stats to prove our points!
Have a great day!
Betsy
I usually push the buttons a little when pricing if I do believe the seller can get a little more. I have had good success so far. Once an appraiser asked the seller how much they had done to the property and then they increased the price above others in the area - not for what we wanted, but enough. I told the seller in the beginning we won't be able to get more than what it will appraise for. She was happy with what she got. I know there are times when there is such a high price you want to walk away. Our market is changing so drastically here because of a waterpark coming to town that the over priced homes are now - right in line with current values. Great post!
Good morning Holly - great post! We often ask for a pre-appraisal if the seller is genuinely deluded.
Really good point Holly. I never thought of pride of ownership to the extreme of not wanting to slight the baby in any way. Good post.
Well said. I made some of the same points in a comment the other day. Emotional often plays too much of a role in determining price.
Most of the times( in my experience) sellers believe that their house worth more. It is perfectly understandable: it is their 'baby':) and it is often the biggest asset they have.
I don't think buyers are very well educated on pricing, etc. We have problems when they want to put pen to paper. The point is that all have a movtivation and it's up to us to bring them to a meeting of the minds, despite where we might find them
Had to turn down a listing a couple of months ago because the owner had bought a HUD home and was convinced that he deserved 100% return on fixing it up. His perception of his fix ups were a little overrated. He believed his home was worth about 30k more than the market was allowing.
Hey Holly. I came over from Patricia Kennedy's re-blog. Very fun post. I've only been around Active Rain for a year so I definitely missed this the first time around.
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