Your Home's Value - It Is What It Is
Probably the toughest thing that I ultimately have to tell somebody who is trying to sell a home today is that "it is what it is."
Of course, I am referring to the value of the home. There is quite a bit a home seller can do to ensure that they get top dollar when trying to sell a home, but ultimately they cannot make their home more valuable just because they want it to be.
So knowing that it is what it is, you have a tough decision to make.
Your Home's Value - It Is What It Is
First of all, before you acknowledge that "it is what it is," you first need to ensure that you trust the real estate agent who is providing the valuation of your home.
Is this somebody who has pulled a weak CMA from the Tallahassee MLS, or is it somebody who has analyzed the entire market, who shows you a trend analysis for your section of town, and who has meticulously identified all the reasons that it is what it is?
I am not suggesting that you just take the valuation from any 'ol Realtor, but if you have taken the time to choose the best real estate professional in your market, then you have to accept that it is what it is. Your home has a true value range, you just need to decide what to do next.
What To Do Once You Understand That It Is What It Is
So once you have found the right agent and you have determined an accurate range of values for your home, you have to decide whether to stay or to go.
And I strongly recommend that you avoid following the advice of that little voice in your head which will be saying:
Couldn't we just try it at "X" for a few weeks, we can always lower it later!
That voice has cost homeowners a lot of money lately. With home values still falling, later most likely means less money.
Starting high and lowering later is also a poor strategy. You lose the ability to take advantage of a very strong emotion that could compel a buyer to pay you top dollar for your home (fear of loss).
When a newly listed property is priced aggressively, the "ready to buy" homebuyers in the market know it and they often are willing to offer above asking price to ensure that they do not lose it. They know there is competition for good deals.
But when you start high and then lower your price, you actually create the opposite effect.
Buyers looking at more valuable homes will see yours and it will not compare favorably to those homes (that's why they are more valuable :)).
Your home has a value and you can sell a home right away if you market it and price it correctly (in most price ranges).
So remember, it is what it is and if you want to know what it is in Tallahassee, just drop me a note and I'll help you figure it out.
Joe Manausa Real Estate is a brokerage company headquartered in Tallahassee, Florida. Its unique business model provides specialists to both home sellers and home buyers, and the results speak for themselves. JMRE has significantly more 5-star reviews on google than any other local competitor. Joe Manausa Real Estate is a leader in internet marketing and utilizes search engine optimization, email marketing, social media and data analytics to get their clients’ home sold faster and for more money than any other Tallahassee brokerage firm. For more information, visit www.manausa.com or call us at (850) 366-8917.
You hit the nail on the head. I have provided marketing appraisals to homeowners to help them set the list price and then they may not use it because they cannot accept "what it is". It's tough but if you want to sell your home it has to be price with the market and not based on emotions. Thanks for another great post!
Thanks Tom. I guess it's the same issue in most markets across the US. Either swallow the tough medicine or just wait the necessary time (years) for values to come back to where you want them.
Post a Comment