Deals work best when price is right for both parties
Homeowners who are about to put their homes on the market for sale have some soul searching to do in order to realize the goals they are looking for in selling. This is important even in the “hot” housing market we are experiencing.
The very first item that is a major factor in selling the place is the price. And, one of the major questions owners should ask themselves is whether they are serious about selling or are just playing a game of hope. The price of the home will have a big impact on the very sale itself.
If an owner’s price is too high as determined by sales of homes in the area that are similar to their home for sale, you can be certain that the home will probably have a “For Sale” sign in the front yard for some time to come.
Why? People who are in the market for a home make it a habit to go to Open Houses to see if they can find just what they are looking for. What this simple act does is help the prospective buyer begin, after a few homes viewed, to establish a true value for these homes.
If the price is too high, they will probably say “thank you” to the person holding the Open House and head out the door.
On the other hand, if the price is too low, the owner has a problem by leaving cash value on the table. The owners can attract potential buyers to the site this way, but they will lose out on receiving the true value of the home. And, this is entirely their business if they do so.
Getting back to reality, owners deserve to receive a true market price for their home.
Coming back to the trips to Open Houses around town — there isn’t a better way to check the housing price barometer than this.
Here again, is where a REALTOR® can save time and narrow the time needed to view homes that fit the buyer’s needs. Through the Multiple Listing Service of the Spokane Association of REALTORS®, your agent can give you the number of homes sold in the area and the prices of each one of them. These are homes that have SOLD, not just those which have had people wander through them.
If the price is too high for the home, some sellers may think that the potential buyer can offer a lower price. However, people usually don’t bid on an overpriced home. In fact, the high price may turn people’s interest into a “They want way too much for this place” comment after they get back in their car and take a look at other offerings for sale.
Somewhere between a high price that will have potential customers passing on the home and a price that is too low for the owners to come out well on the sale, there is a proper asking price.