How not to sell your own home… In a Tough Market.
In today’s market the value of a good Real Estate Agent is even more apparent as we struggle with the demands of finding that right buyer in order to sell your home for top dollar - let alone sell it at all. A recent article in The Charlotte Observer “Real Estate Today” talks about why the owner of a home hasn’t been able to sell his home. This is an exceptional article that deals with the very frustartion we, as REALTORS, deal with day in and day out! This particular seller has had his home on the market since 2005. Sure the market was better then than now. However real estate is and always will be localized in how it performs. With in a week ot two after placing his home on the market an offer came in. It was for 5.7% less than asking price. The owner turned down the offer convinced that they could do better. Of course they did because SELLERS KNOW IT ALL!
The seller, a house painter, knows more about selling their home than that of an experienced professional. OF COURSE HE DOES BECAUSE SELLERS KNOW IT ALL! Lets assume that their carrying cost for their mortgage is a mere $1500 per month. That equates to $54,000 of payments for this period vs. taking the offer that was $30,000 less than the asking price.
Here are some things to remember:
1. Real Estate is no longer recession proof.
2. Greed, not intelligence, is often the factor for loosing a qualified buyer.
3. Good realtors® fire their sellers when they don’t listen to them.
4. The seller may set the asking price but the MARKET SETS THE VALUE. This one bears repeating - the seller may set the asking price, but the market sets the value!
I’d like to hear your opinion on this or any related topic.
Comments
2 Responses to “ How not to sell your own home… In a Tough Market. ”
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Irv, I just wanted to say thank you for your comments in the Charlotte Observer today regarding the opportunities that may be created with the Wachovia buy-out. Almost without exception what seems like terrible news can have an upside and create unique opportunities. When listening to the news or reading an article in the paper one needs to remember that people don’t tune in or buy papers to hear about how great things are. Gloom, doom, and fear sell papers. Particularly in my industry, mortgage lending, one would think that there is no money to buy a home. The truth however is far from that. If you are credit worthy then you can buy a home. In fact, it is a great time to do just that. Interest rates at some of the lowest historical levels, home prices are very reasonable, financing is abundant, and the qualifications are still very reasonable. The only difference these days is that if you can not afford to buy a house then you won’t be able to buy. Imagine that. This correction in the lending and real estate market will, in time, make us all stronger, smarter and better prepared to meet our obligations.
Thanks Irv for being a ray of light and your positive attitude in a forest kept dark by those that just want to sell newspapers!
Steve McCabe
McCabe Mortgage & Financial Services
Steve,
Thanks for your positive comments as well. I have always believed that it’s far easier to fail than succeed. So I guess that’s why some of us are more successful than others. The Observer continues to go outside Charlotte for articles and stories when all the have to do is call us. This is a wonderful city that may feel and deal with some of the issues that many other cities have endured for a while. I’m very confident that we will rise above the issues and continue to provide opportunities in both housing and lending. The difference now is that purchasing a home and borrowing money is more of a privilege than a right. Irv