Beaufort South Carolina Real Estate Tidbits by Mary McClaskey

By
Real Estate Agent with ERA Evergreen Real Estate

How Sellers Set Their Asking Price

 For you to understand how much to offer for a home you're interested in, it's important for you to know how sellers price their homes.  Here are 4 common strategies you'll start to recognize when you begin to view homes.

Clearly Overpriced - Every seller wants to realize the most amount of money they can for their home, and real estate agents know this.  If more than one agent is competing for a listing, an easy way for some to win the battle is to over inflate the value of the home.  This is done far too often and not realistic in this market.

Sellers, this is not in your best interest because in most cases the market won't be fooled.  As a result, a home could languish on the market for months, leaving you with a couple of important drawbacks:

  • Your home is likely to be labeled as "overpriced" or "troubled" house by other agents, leading to a lower than fair market price when an offer is finally made.
  • You have been greatly inconvenienced with having to constantly have your home in "showing" condition...for nothing.  These homes often expire off the market, forcing you to go through the listing process all over again.

 

Somewhat Overpriced - These homes will also sit on the market longer than they should.  There is usually one of two factors at play here: either you believe in your heart that your home is really worth this much despite what the market has indicated (after all, there's a lot of emotion caught up in this issue), OR you've left some room for negotiating (and I won't go into reasons). Either way, this strategy can cost you both in terms of time on the market and ultimate price received.   

Priced Correctly at Market Value - Some sellers understand that real estate is part of the capitalistic system of supply and demand and will carefully and realistically price their homes based on a thorough analysis of other homes on the market.  These competitively priced homes can sell within a reasonable timeframe, depending on your competition.  Keep in mind buyers will be comparing one competitive priced home against the other.  You want your home to stand out.

Priced Below the Fair Market Value - Due to the current market conditions, some sellers are motivated by a quick sale.  If you must sell your home, these homes are attracting the buyers.

Make sure you know what you want....As simple as this sounds, many homebuyers don't have a firm idea in their heads before they go out searching for a home.  In fact, when you go shopping for a place to live, there are actually two homes competing for your attention:  the one that meets your needs and the one that fulfills your desires.  Obviously, your goal is to find one that does both.  But in the real world, this situation doesn't always occur. 

When you're looking at homes, you'll find that you fall in love with one or another for entirely different reasons.  Is it better to buy the 4-bedroom home with room for your family to grow, or the one with the big eat-in kitchen that romances you with thoughts of big weekend family brunches?  What's more important:  a big backyard or proximity to your child's school?

 Don't shop with stars in your eyes:  satisfy your needs first.  If you're lucky, you'll find a home that does this and also fulfills your desires.  The important thing is to understand the difference before you get caught up in the excitement of looking.

To help you develop your home buying strategy, make a list of five items you absolutely NEED in your next home and five items you would absolutely LOVE in your next home.     

 If you're looking to buy real estate in the Beaufort, South Carolina area contact Mary McClaskey. My Success in Real Estate is in the Details!

 

 

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Rainer
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Larry Isaacson
Bayside 81989 LP - Weston, FL

Mary:

Welcome to Active Rain. This is a great forum to exchange ideas in these economic times. I believe everyone should look at all income steams as we enter a new paradigm. I have multiple income streams that I would not have thought I would look at or could do!

Larry

Oct 14, 2008 12:10 PM #1
Rainmaker
559,168
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hello Mary,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to you!

-Keith

Oct 14, 2008 04:18 PM #2
Rainmaker
78,137
Kevin Wood,
Keller Williams Southern Arizona - Tucson, AZ
Tucson, AZ Realtor

Mary,

Welcome! Sharing your perspective makes Active Rain what it is, an unlimited educational resource. The more you express who you are and what makes you tick the more people will know, like, and trust you. And will probably refer you. Just like anything else in life the "Giver's will Gain".

 

 

 

Oct 14, 2008 04:50 PM #3
Rainer
301,220
Vicente A. Martinez
Prudential Douglas Elliman Licensed Real Estate Salesperson - Woodhaven, NY
Realtor, Brooklyn - Long Island - Queens Homes

Hi and welcome to active|rain. There are thousands of tips, tools, and tricks of the trade here. Be sure to check them out. Best of luck and see you around.

Oct 14, 2008 05:45 PM #4
Rainer
42,249
Ron Martin
Keller Williams Realty - Spartanburg, SC
Ron Martin Team

Good morning & welcome to Active Rain, You have joined an excellent site to receive free marketing, absorb more information from others, share ideas.  Be a blogger and have fun. If you have any clients moving to the Greenville, Spartanburg, & Anderson South Carolina area we are your team. We are on all three MLS. Great blog!  Keep it up. Again Welcome!!

Oct 14, 2008 11:37 PM #5
Rainer
340,663
Yvette Gardner
Keller Williams Realty, Spartanburg, SC - Spartanburg, SC

Welcome to the Active Rain community. This is a great site with lots of information.  Have fun with it and hope to see more of your blogs soon!  We have a team of four outstanding full time agents to assist your buyers and sellers in Spartanburg/Greenville, SC.  Again, welcome to AR!!

Oct 15, 2008 12:53 AM #6
Rainmaker
795,741
The Trumm Team Omaha Homes for Sale, Real Estate
Keller Williams Greater Omaha - Omaha, NE

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, please visit my blog Welcome to Active Rain.  It has a few simple steps of what to do now that you have joined.

If you ever have any questions, just let me know.

Troy Trumm

Oct 15, 2008 01:03 AM #7
Rainmaker
296,469
Cherimie Crane
Cherimie Crane & Associates - Beaufort, SC

Hi Mary,

Welcome to the rain. It is a wonderful tool for learning, laughing, and pushing your self to be the best you can  be!! I know you will love it.

Oct 15, 2008 01:15 AM #8
Rainer
74,375
Dan Magstadt
Paramount Residential Mortgage Group, Inc - Lake City, FL

Congrats on your first post - Welcome to ActiveRain!!

DM

Oct 15, 2008 03:24 AM #9
Rainer
141,876
Lorena Westervelt
Van West Realty - Greenville, SC
Co-Founder/Co-Owner

Hello, welcome to Active Rain! This seems like a wonderful environment to network as well as learn from others. I hope you enjoy yourself and participate often in the Active Rain environment!

Oct 15, 2008 03:36 AM #10
Ambassador
326,088
Kirk Westervelt
Van West Realty - Greenville, SC Realtor -Short Sale Expert! - Greenville, SC
Kirk Westervelt, Broker In Charge, Van West Realty - CDPE - Short Sale Agent - Home for Sale - Greenville, Simpsonvil...

Hello and welcome to Active Rain! I encourage you to learn from others, share your knowledge and experiences with all of us, enjoy yourself, and try to log in and join us in the Active Rain community as frequently as possible. I look forward to your future blogs and comments! Take care, --Kirk.

Oct 15, 2008 03:42 AM #11
Rainer
39,183
Lori Isaacson
Credit Restoration Consultants - Plantation, FL

Hi Mary,

On behalf of Credit Restoration Consultants and the over 114,600 members of AR I want to welcome you to the AR family. Please fee free to call or e-mail me if you have any questions regarding credit repair, credit scores or any credit related issue including identity theft. Have fun on AR and keep on Blogging....

Happy Wednesday!! Lori Isaacson

Oct 15, 2008 04:19 AM #12
Rainer
263,301
Jean Terry
Keller Williams Realty Spartanburg, S.C. - Spartanburg, SC

Hi and welcome to Active Rain, a great site to network, share, learn, and have fun. Good Luck...

Oct 15, 2008 05:07 AM #13
Rainer
34,552
Marcy Fedalei
Keller Williams Realty - Spartanburg, SC

Great start on ActiveRain! Welcome and thank you for sharing your thoughts and ideas.

Oct 15, 2008 01:40 PM #14
Rainmaker
508,367
Bill Kennedy
Keller Williams Realty - Greenville, SC
Homes For Sale Greenville SC

Welcome to Active Rain! This is a great website for building your business, as well as learning from others.  Pat yourself on the back, because you made a GREAT choice in joining the blogosphere!

Write often, and write whatever comes to mind.  Blogs about personal topics and non-real estate items are often the best.  It helps your readers to bond with you, and ends up bringing you a lot of business!

Good luck with your future blogging.  If you'd like more info on points in Active Rain, I wrote a blog about it (click here). Feel free to ask me any questions if you need a hand!

Oct 15, 2008 02:41 PM #15
Rainmaker
49,618
Nance Burdette
Keller Williams Realty Partners - Spartanburg, SC

Welcome and congrats on signing as a new member of ActiveRain. Being a new member myself and entering into my second month, I truly see the awsome advantage that blogging can be; (and it's fun). Seems to be the beginning of a healthy and wealthy relationship of abundant professionals. Everyone has been so very kind. And so much to read!!! Hope to see your blogs in the future.   Best of Luck,  Nance

Oct 15, 2008 03:24 PM #16
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