You Cannot Charge Extra for the Memories

By
Real Estate Agent with Charles Rutenberg Realty Inc. 516-575-7500 NRDS ID#641625055
https://activerain.com/droplet/4P8m

In response to all the homeowners who routinely overprice their homes, refusing to give weight to carefully prepared market reports and hoping to be paid extra for all the good times that transpired between their four walls, I say this:

 

As you already know or may have heard, moving is one of the big stressors in life; right up there with marriage, divorce, loss of job and death.   the golden years

 

No one can completely take away all the stress associated with a move but, a good agent will try really hard to make things go as smoothly as can realistically be expected. She can do this by informing you upfront of all the steps necessary in a real estate transaction (especially if you've never done it before or, maybe, not in a long time) and alert you to all the potential difficulties for your particular residence. By explaining, very well, the options available to you in different scenarios, you will be forewarned and forearmed.


No agent is licensed to pick a number out of a hat. All listing/sales prices are a direct result of comps in the area. For jam-packed Long Island, that means homes sold in the last 3-6 months, and within 1/2 to 1 mile away. That is what an appraiser will look for and if you haven't satisfied the appraiser, you will not have a deal without further negotiation.


Ultimately, it's not me or you who gets to say how much the house is worth. It's what the market is willing to bear. If your house doesn't sell, it means that buyers have rejected the house at the price for which it has been offered. Just, like the stock market, that price may go up and down. As soon as you decide to put your house on the market, it ceases to be your home and instantly turns into a commodity.


Believe me when I tell you I understand that you raised your children in this home and you have the most wonderful memories. Unfortunately, buyers don't care about that. They care about value and you will only get an offer when that value is recognized.


You cannot charge extra for the memories.


 

 

Posted by

No matter how you spend your day, come home to this

 


 

Long Island Real Estate Needs? 

Reach me @516.395.8376

 

Long Beach is a diverse community that is never short on entertainment. Interested in moving to Long Beach?

Don't hesitate to call me and we can begin our tour.

 

 

CHARLES RUTENBERG REALTY INC.  *****  516-575-7500  *****

ABOUT THE AUTHOR: Graduate REALTOR Institute 

Jill Sackler, NYS Real Estate Broker Associate based on Long Island's South Shore
 
 

Sunny Isles, Fl 

 

  

     Specializing in Lifecycle Real Estate Transitions

"When your family doesn't fit your family home, I can help."
 
 
 
 
 
   
   

   

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©Jill Sackler 2010
 

 

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Rainmaker
2,396,155
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

You did a great job Jill, and it is so true.  The buyers will make their own memories there, if they buy it.

Feb 14, 2016 06:43 AM #37
Rainmaker
1,579,146
Mike Cooper, GRI
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Jill, I was just having this conversation with a seller of mine the other day. He has his house priced very well and is getting a lot of attention, but we were looking for a new house for him, and some were so overpriced it was insane. 

Feb 14, 2016 09:44 AM #38
Rainmaker
3,873,806
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good evening Jill Sackler ,

You are so right! You cannot charge for extra memories!! If buyers don't see the value they aren't going to make an offer!!

Feb 14, 2016 10:19 AM #39
Rainmaker
844,849
Barbara Altieri
Kinard Realty Group - RealtyQuest Team, Fairfield and New Haven County CT Real Estate - Shelton, CT
REALTOR-Fairfield County CT Homes/Condos For Sale

Exactly. Jill Sackler . The property is worth what a buyer is willing to pay. I always tell my clients they are selling their house not their home.  Pack up the pictures..... and the memories.

Feb 14, 2016 10:36 AM #40
Ambassador
1,723,639
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

I am not sure they are charging for the memories... but it is a very nice way to put it. Well done

Feb 14, 2016 01:16 PM #41
Rainmaker
545,603
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

And it's not just the memories...it's the condition!  So many sellers (esp older ones say) 'welll, the new buyer can update to their personal taste'. True, but that means you have to adjust the price accordingly after reviewing the comps!  And the sellers that say 'I'm not in a hurry" or "this is the price I want"--buyers will just move on while seller often stays in denial mode about overpricing.

Feb 14, 2016 09:40 PM #42
Rainmaker
35,651
Bob Brown
Palmetto Elite Realty, LLC - Camden, SC
Your Lake Wateree Connection

Great title, & such a true statement!

Feb 14, 2016 10:28 PM #43
Rainmaker
2,139,209
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

What a great line!  It's something home stagers advise all the time....prepack those memories and take them with you.  Your house is only worth what buyers perceive it to be worth. The less of you they see in it, the more valuable they will believe it is!

Feb 15, 2016 12:00 AM #44
Rainer
261,429
Anthony Vosilla
Tony's Appraisal Services - Centereach, NY

 

Patricia Kennedy,

 When I was confronted with the its #######’s house I turned to the a forum I belong to and started a discussion about it.  The appraisers Forum consist of not only appraisers from across the country but also State Appraisal Board members, some of the country’s most highly regarded USPAP instructors and highly placed Financial institution personnel. 

Members from the left coast have some movie, TV and sports stars homes and they came in and replied that they have never found that a name attached to a dwelling has increased the value of it, which reflects my experiences since on the east end of Long Island (Hamptons)..  From there other commentary included “How would an appraiser adjust for a name within a report””and “it’s just high profile, rich folks selling to other high profile, rich folks””.  

While a name may make an impact on the marketing of a dwelling and create more interest, it has no impact on the value of the house from the standpoint of an appraisal.  If appraisers down buy you are adjusting for a name, I would love to see how they are quantifying their adjustment and the secondary lenders reaction to it.

BTW, if anyone is interested the Appraisers Forum is a free site to join.  All you need to do is create an account.

 

 

Feb 15, 2016 01:48 AM #45
Rainmaker
389,081
M.C. Dwyer
Century 21 Showcase REALTORs - Felton, CA
MC Dwyer-Santa Cruz Mountains Property Specialist

From your title, I'm guessing you've been through a recent listing experience that inspired this post.    

A psychological shift begins to occur when sellers change the language from

"The home they live in."

to

"The house they are selling."    

I think the word "house" has a little less emotion attached to it.

Feb 15, 2016 06:42 AM #46
Rainmaker
990,308
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

So true!  I like your analogy of the stock market. Real estate is oftentimes someone's largest asset and as you mention, a good agent will make that sale a smooth one.  But it's up to the market to prove the real value.

Feb 15, 2016 07:20 AM #47
Rainer
140,415
Keith Whited
RE/MAX Gateway - Alexandria, VA

If only the ability to comprehend that message was as easy as giving it.

Feb 15, 2016 08:00 AM #48
Ambassador
2,575,161
Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Good post, sellers lose themselves in their memories and ignore the reality of a home that has never been updated

Feb 15, 2016 11:11 AM #49
Rainmaker
1,317,651
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Wish it was easier to get this point across

 

" If your house doesn't sell, it means that buyers have rejected the house at the price for which it has been offered. Just, like the stock market, that price may go up and down. As soon as you decide to put your house on the market, it ceases to be your home and instantly turns into a commodity. . It's what the market is willing to bear. If your house doesn't sell, it means that buyers have rejected the house at the price for which it has been offered. Just, like the stock market, that price may go up and down. As soon as you decide to put your house on the market, it ceases to be your home and instantly turns into a commodity. "

Feb 15, 2016 11:21 AM #50
Rainer
319,263
Peg Barcelo
Fluff My House! Home Staging Inc. 250.486.6369 - Summerland, BC
The FlufftasticStager from Summerland, BC

Great post Jill!

Stagers often talk about; once the decision to list has been made, the house is no longer the seller's. We also tell them to trust their Agent about the price.

Making the house a desirable product is the sole priority after that decision has been made & we will give them a to do list & recommendations to make it happen.

 

 

Feb 16, 2016 10:56 AM #51
Ambassador
886,032
Janna Scharf
Keller Williams Realty Coeur d'Alene - Coeur d'Alene, ID
Coeur d'Alene Idaho Real Estate Expert

It's so very hard for sellers to see the selling of their home as a business transaction, they are just plain too emotionally attached.

Feb 20, 2016 06:33 AM #52
Rainmaker
1,966,002
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Sellers don't over price homes on their own, listings of too high numbers on the price tag are taken, allowed by agents, brokers. You are not helping a seller, a buyer or yourself taking an overpriced listing. It sets the wrong expectations with no happy ending to the real estate life story.

Feb 24, 2016 10:00 AM #53
Rainmaker
4,207,388
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Jill, great post, and have heard this same comment when listing a home where the Seller has lived in the home for decades!  

Feb 28, 2016 11:19 PM #54
Rainmaker
1,676,131
Winston Heverly
Winston Realty, Inc. - Atlantis, FL
GRI, ABR, SFR, CDPE, CIAS, PA

I enjoyed your informative post, glad I came across it in the archives.

Mar 11, 2016 12:52 PM #55
Rainmaker
882,205
Elyse Berman, PA
Best Connections Realty, Inc. - Boca Raton, FL
Boca Raton FL (561) 716-7824 CRS, ABR, GRI,ePR

Jill Sackler You had me at "You Cannot Charge Extra for the Memories!"  Love the title and the wise words.  Congrats on the feature!

Mar 25, 2016 08:44 PM #56
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Jill Sackler

LI South Shore Real Estate - Broker Associate
Long Island Living - Where Memories Are Made
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