Wherever I go, people ask me the same question,
“How’s the Real Estate Market?”
I’m sure you get asked the same question too.
The question is very general...but the answer most people are looking for is specific to their home and their situation.
If they would have asked the question they really wanted me to answer, they would have asked,
“How much can I expect to sell my home for today?”
Sellers want you to provide an instant CMA, analysis and prediction about how the market will react to their home…which you have not even seen.
Their question is sincere and your answer should be sincere.
But most of all, your answer should be truthful.
A few years ago, I read an article about the general rules of evaluating and pricing a property.
The article was titled: “The Ten Truths of Selling a Home (that most agents don’t want to say because sellers don’t want to hear).”
Listed below are the ten points included in the article:
- The price the seller wants or needs has no bearing on Market Value.
- An upgrade is usually not worth as much as it cost – hope the seller enjoyed it!
- Home buying is emotional however financing is based on facts, not feelings.
- Pricing above market discourages offers.
- Pricing below market encourages offers.
- Market Value is determined by buyers.
- Neat & clean is King and Queen of sell-ability.
- The #1 thing an agent provides a home seller is exposure to a large pool of buyers.
- The first 30 days is “prime time” for market visibility.
- PRICING is the primary factor of whether or not a property sells.
There is not much I can add to this list.
This advice to sellers is simple, honest and direct. Best of all, this advice is the truth.
And like everything that is true, it was true when it was originally written, and it’s still true today.
The truth holds up in buyer’s markets, seller’s markets and difficult markets.
