WE ARE DESPERATE TO SELL OUR HOME, WHAT DO WE DO????
This has become a daily challenge to many Americans across our country. We are very use to the
normal process of people selling their homes so that they can move up and buy a new home, just
because they want one. Today, we have families faced with the challenge of loosing their homes
not only because of changing mortgage interest rates which make it prohibitive for the homeowner
to pay the mortgage, but now we have job lay-offs, severe unemployment and many other factors
facing homeowners causing the feeling "we are desperate to sell our home, what do we do?"
Today we are experiencing the real estate market of "effective pricing". Many neighborhoods are
having foreclosed properties pop up all around them and these are the only properties selling, which
are causing the prices to decline all around them. Price Reductions are an urgent factor of successful
selling in 2008-2009.
I had the pleasure of spending some time with David Knox, an international sales trainer in the real estate industry at the National Association of Realtors convention this month in Orlando, Fl . He is a top authority on Pricing, Negotiating, and Selling Real estate and has trained for the Certified Residential Specialist cadre as a top instructor since 1979 and writes the courses for successful real estate agents all over the
Knox has long been teaching the effectiveness of pricing the property correctly from the beginning.
He encourages sellers to review how many properties have expired this year as the competitions around
them have long sold while prices have been declining. What do you think would happen if the property
is priced great from the beginning? It would SELL!
We have long heard dialogue such as "Couldn't we just try it at a higher price?" "We can always come
down" and "they can always make an offer". Yes, all these things can happen but they do not today!
I have not heard one buyer say, "show me nice homes and then we can make an offer." The conversation
goes more like this, "I only want to look at foreclosures or short sales. My money has gone backwards
and I want a great buy or we won't buy!"
If you really need or want to sell, price it right from the beginning. Pricing is like the Electoral
College. It is fine tuned. Yes or no-sell or stay. There is no in between.
When you are pricing your property today, look beyond your personal needs and property. You have to
understand the Buyer is influenced by the media sharing stories of declining markets all over the
country. They do not discuss the area that has held its value. Look at the number of foreclosures in
your community and what you do not know, how many pending foreclosures that will come on the market
as your competition.
This is the time to focus on net gain. Not what your appraisal was in 2005. Price it in front of what
your appraisal would be today. Also, consider the absorption rate of sales in your market. Your local
Realtor can help you with this. You have to consider how many sales are taking place versus the inventory
Consider the end, what you buy today to replace your current property, hopefully will be purchased in the
same lower priced market you sell in. The value increase expected over the next 5-10 years will then be
available for a gain in your market price.
Further information needed, please feel free to contact me at Crystal@CrystalMcCall.com or visit http://www.CrystalMcCall.com