PRICE, CONDITION AND LOCATION
These words have always been the mantra in the real estate business but they are not universally understood and have been used in many situations very much out of context. Their use and application are strong reasons why experience does matter and an experienced real estate agent in your corner is the best investment you can make.
Price is the largest factor in this mantra.
Price trumps all. The market is the judge of a well priced home. If it sits on the market for an extended period of time, the property is not priced well. An extended period of time is defined as being above the market average days on market as adjusted for those white elephants that are present in every ones areas. If the property falls short in any of the following categories, this short fall can be adjusted with the price. This is definitely when you need to pull out your crystal ball and work your majic.
It is not fun telling an owner that their home is ugly but that is what we should be doing in our daily business lives. It is not fun having the conversation with the owners that the price they are thinking will not be supported by the market. There are ways to sway their opinions but it will take a smooth conversation buttressed by facts and their recognition of you as being an expert in this business.
Condition is what YOU are faced with when you first view the property and what you can do to sell the home at the PRICE you have determined that the market will support. The home and property should be in the best condition possible for today’s buyers who are looking for move-in-ready (updated and no work required). Starting at the curb and working towards the home. You need to put on the eyes of a buyer and identify items that should be changed. Build a big list first, prioritize the list, then assign costs, then determine what are withing the budget and capabilities of the owners. If these items are not addressed we go back to the PRICE.
Location is what it is and is the one thing you can not change. You can not pick up the home and move it. You can not change the homes in the neighborhood. But there is more. Starting at the subject home and moving outward, you as the expert, need to evaluate the neighborhood. What are the plus items and what are the negative factors which affect the PRICE. What does the present owner feel about the location? Who lives in this neighborhood? Those folks are the people who will know who will be a buyer for that home at the right price. Is it investment heavy, i.e. rentals? is a working class population who are doing the best they can to provide shelter for their families? Are they professionals who work afar? Where do you see this neighborhooe going in thre to five years? Is it tfully built out? Are there vacant lots? This is jut a short list of queston that you need to ask and get answers for. Believe me, a trailor home subdivision next to a local hospital will not attrat the folks who work at that hospital. It just wont work. A double wide next to a million dollar home does not make it a million dollar double wide. Don't get me wrong about manufactured homes. They do suit a very improtant part of afordable housng in some areas. But they are a class inand amongst them selves and some folks do not really consider them as real realestate. but I do digress.
This has been a very quick expose regarding my thoughts on P. C. L. and I do appreciate your comments and thoughts as well. I live at the beach but my roots are away from the coast and I love helping everyone find their dream home. Thanks for reading this to the end.