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Home Selling Secrets- Sellers; PRICE Your Home RIGHT, Buyers Are Out There To Buy Your Home.

By Racheli | May 13, 2008

Are you a seller that had the agonizing conversation with your realtor about price cutting several times over?  This is a real case study we had a couple of months ago.
A team of Realtor Lender helped a home sell in under a week, after being on the market for 8 months. Before we start let me make sure you understand one VERY IMPORTANT FACT. If you continue to TRAIL THE MARKET, i.e. reducing your price as the market goes down; you have LITTLE or NO CHANCE to sell any time soon. Sorry I have to be so blunt.Position yourself A HEAD of the market to get a buyer interested to come and preview your home.Got it? Great. Here are 5 actions we took and the home IS SOLD. Follow them to increase your chances for a “SOLD” sign.
The facts.

  1. Home 1st on the market August 2007 for $369,000
    On Mach 2008, the price wad down to $319,000 down 14% and still no sale
  2. If the down trend continues by August 2008 it will go down to $240,000-$250,000 range.
  3. Homes sold were in the range of $320,000-$260,000
  4. The longer the home is on the market the more stale it tastes to a buyer.

We discussed those facts with the seller and they understood they needed to act fast.  So here is what we did.

  1. Be very clear
    Be very clear on WHY you are selling, WHAT are your goals. WHERE you want to be and by WHEN. Our buyer has already moved they were carrying 2 mortgages
  2. We got the stats in the neighborhood.
    What are the prices of the closed sales, and the homes prices of the for sale prices that were in the neighborhood. We compared them to our home. The sold ranged from $340,000-$260,000. The last one was a     short sale.
  3. Lower sales are making the new base
    If you don’t make the market, be assured someone else will create for you. The new $260,000 short sale created a new base in this neighborhood.
    We came up with a price of $289,000 with 3% (about $10,000) towards the buyer closing costs and buy downs. This tactic placed the home a head of the market.
  4. If your home has been for sale for a while,
    The Market     is telling you your home is over priced, its not your realtor or me that are telling you that.
    Sunday, we reduced the home price to $299,000
    Tuesday an offer came at $270,000
    Thursday it was negotiated and signed for $285,000 with $10,000 for the buyer closing costs.
    The home was sold in under a week when it was priced RIGHT. The seller who was waiting for 8 months to sell was ecstatic.

 

  1. Position your home RIGHT for this market.
    Location, Location, Location was the motto in Real Estate. These days in my opinion the motto has changed to Price, Price and yes PRICE.

 Now you can see how pricing your home right in this market means the difference between Selling and Listing your home.


I would like to offer you a free access to the weekly video news Channel so you can stay informed and up to date, also you will get the free guide “10 biggest mistakes people make when Selling a home” by going up on the top right of this page to sign up.
When you need a referral to a professional realtor in your area please Email me at info@loans-4-u.com  I’ll gladly refer you one.

Please post a comment right below with your opinion, or how you used this tip to assist you in selling your home.

Thanks  
 

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Topics: Articles, Home Sellers | 2 Comments »

2 Responses to “Home Selling Secrets- Sellers; PRICE Your Home RIGHT, Buyers Are Out There To Buy Your Home.”

  1. KrisBelucci Says:
    June 2nd, 2009 at 11:51 pm

    Hi, good post. I have been wondering about this issue,so thanks for posting. I’ll definitely be coming back to your site.

  2. Racheli Says:
    June 3rd, 2009 at 7:07 pm

    Kris,

    Are you currently in the market to sell a home?
    just curious where did you stumbled on the post?

    Warm regards
    Racheli Smilovits

    http://www.loans-4-u.com
    Bio http://www.MeetRacheli.com

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