There is an expression in the real estate industry that any
property can and will sell, if the owner is negotiable on price.
Obviously, we have all gone past properties and houses in undesirable
locations, yet someone lives there. Houses abut highways, water towers,
garbage dumps, cemeteries, etc., yet someone lives there.
Similarly, all houses are marketable in all market conditions. Obviously, that doesn't mean that they will sell for the same price, or at the same speed (days on market) in poor economic times as in stellar ones, but they will sell. However, when I say they will sell, that is assuming that the seller is realistic in his pricing, and prices his house correctly from the start. Whether it is an up - market, a steady one, or a down - market, these concepts apply.
Unfortunately for many homeowners who wish to sell, either greed, over-optimism, or lack of a firm grasp of reality, makes many owners select their listing real estate broker based on who tells them they will get them the best price. What that causes is an artificial inflating of their asking price, which, then, in effect, results in the house being shown very few times, and generally even fewer legitimate offers. There is only one way that the asking price of a home should be determined, and to the surprise of many homeowners, it is not at the whim or desire of their Realtor. Instead, houses should be based on a Comparative Analysis (also known as "Comps") of their house to very similar houses that have sold in the recent past. Especially in a "depressed" real estate market, sellers should not price their houses either on what it sold for a few years ago (which may have been the peak of the market), or on the Asking Price of houses. The only thing that really matters is the selling price, and what accurately priced houses presently on the market are being "listed" for. Real estate agents do not determine the price that a house sells for; only the marketplace and market conditions do. In most cases, housing prices are determined by a combination of factors, including market conditions, mortgage rates and availability, supply and demand, overall economic conditions, consumer confidence, etc.
If a homeowner really wants to sell his house, he should only deal and list his house with a reputable real estate agent, who justifies his recommended asking (listing) price, by using recent "Comps," present houses on market, etc. Houses priced in the mid-range of houses on market in comparable condition and locations will have the best chance of selling, because potential buyers will look at these more often. Sellers should realize that in today's internet savvy marketplace, most buyers do their homework, know how long a house has been on the market, and notices pricing of comparable houses. It is now, as it has always been, a fact of real estate reality that sellers will generally receive their best offer in the first few weeks after it goes on the market. Realistic sellers can and will sell their houses if they follow these few basic rules.
Similarly, all houses are marketable in all market conditions. Obviously, that doesn't mean that they will sell for the same price, or at the same speed (days on market) in poor economic times as in stellar ones, but they will sell. However, when I say they will sell, that is assuming that the seller is realistic in his pricing, and prices his house correctly from the start. Whether it is an up - market, a steady one, or a down - market, these concepts apply.
Unfortunately for many homeowners who wish to sell, either greed, over-optimism, or lack of a firm grasp of reality, makes many owners select their listing real estate broker based on who tells them they will get them the best price. What that causes is an artificial inflating of their asking price, which, then, in effect, results in the house being shown very few times, and generally even fewer legitimate offers. There is only one way that the asking price of a home should be determined, and to the surprise of many homeowners, it is not at the whim or desire of their Realtor. Instead, houses should be based on a Comparative Analysis (also known as "Comps") of their house to very similar houses that have sold in the recent past. Especially in a "depressed" real estate market, sellers should not price their houses either on what it sold for a few years ago (which may have been the peak of the market), or on the Asking Price of houses. The only thing that really matters is the selling price, and what accurately priced houses presently on the market are being "listed" for. Real estate agents do not determine the price that a house sells for; only the marketplace and market conditions do. In most cases, housing prices are determined by a combination of factors, including market conditions, mortgage rates and availability, supply and demand, overall economic conditions, consumer confidence, etc.
If a homeowner really wants to sell his house, he should only deal and list his house with a reputable real estate agent, who justifies his recommended asking (listing) price, by using recent "Comps," present houses on market, etc. Houses priced in the mid-range of houses on market in comparable condition and locations will have the best chance of selling, because potential buyers will look at these more often. Sellers should realize that in today's internet savvy marketplace, most buyers do their homework, know how long a house has been on the market, and notices pricing of comparable houses. It is now, as it has always been, a fact of real estate reality that sellers will generally receive their best offer in the first few weeks after it goes on the market. Realistic sellers can and will sell their houses if they follow these few basic rules.
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