To sell or not to sell that is the question?
Welcome to the initial entry of talk2foss the real estate blog for themarkfossbrownteam.There are so many burning issues, so much I have to say that it is hard to figure out where to start - so how about the plight of the home seller:
During the course of the last several weeks we have been having numerous conversations with home owners who are determining whether or not to sell a home.Whether corporate relocation, school re-districting, lifestyle change, or the need for more or less space these inquiries reveal the dilemna of the current market.
Make no mistake our personal residences are not the ATM/Piggy Banks/appreciating assets they once were. Most home owners realize that in most situations their home values have decreased - some drastically. For over a year now we have been telling home owners if you don't have a good reason to sell - don't. If you do have a good reason sell first then buy.
As the market depreciated over the last 12-18 months in the Central Virginia area; owners who properly priced their homes sold them and minimized their losses. Those who priced too aggressively have seen their equity disappear although at a slower rate than other investments. These unfortunate owners have chased the market down meaning they were too slow to lower their price and only lowered to where the market was previously - hence the chasing.
In the current market pricing is more challenging than ever. It is clear that whatever the price you put on a home when you do get an offer the price is always negotiated. So you have 2 options - price at the market or below and hold the line or price slightly above market and allow for some negotiating room. The risk of option one is lose a buyer or two by holding the line and the risk of option two is losing a buyer or two that wont look at the higher price.
So whats the best approach. Well you can't control when the best buyer for your home will be in the market. We are recommending that our sellers set what we determine to be a fair price and hold the line. Our extensive and pro-active marketing will find our clients the best buyer - its just a matter of time. So we hold the line on price for as long as possible or until their is a measurable shift inthe market. We can't control that obviously.
So remember you are selling a commodity - lose the emotion - buyers in the marketplace determine the value of your home - not agents - not professional open house attendees. But lets find someone who actually wants the home. at some point we will all begin to remember that buying a home at a great price that we hate living in is not a victory. This might be a hard concept to grasp at first; but sellers and buyers both win in the current market when the buyer purchasers a great home for a fair price.
Home sellers remember - In most cases it will be your turn when its time to buy - which we will discuss in our next entry.
Go Steelers!!!
Posted at 10:53AM Jan 25, 2009 by Mark Foss Brown in Real Estate | Comments[0]