Mr. and Mrs. Seller, I wish you could price your home for what you need to get out of it but...

Reblogger Katrina Cole
Real Estate Mortgage Broker with The Turning Point- Marketing Automation at It's Best

Original content by Therese VanderMeer



This past weekend I was at a soccer tournament and was having a nice time chatting with a number of other parent's there.  One of them suddenly mentioned she had given my name and phone number to a friend of hers who needed to sell her home.  She had the home listed previously for $170,000.00 and couldn't understand why she had received no offers or even one showing during the time it had been listed.

Her friend had spoken to another Realtor just this past week and he had told her that she would not be able to sell her home in her requested price range...that even last year this would have been very difficult and the market has continued to dip in pricing over time, so she is now looking for another REALTOR opinion as to the value of her home.

As we continued to talk I learned this lady owed more money on the home that what this agent had suggested she list it for and that
she also had some other debt she was trying to pay off with the sale.  This lady is hoping to sell her home for enough to get out from under not only her mortgage but also some added debt she has accumulated.

The above scenario is unfortunately becoming more and more common during these difficult times and I can certainly understand why Seller's are looking and hoping to be able to accomplish this.

The cold hard reality however is...If you really need to sell your home you cannot price it by what you need to get out of it.  Whether it is only what you currently owe on the Mortgage or if you are looking to also get rid of added debt you have accumulated on top of this. 

Home Seller's need to understand that home values are determined by the current housing market and what comparable homes to yours in your area are now selling for.  If there are other homes in your area considered comparable to yours and they are listed at prices below where you want to be, you need to take this information into careful consideration for this is the price range your home should fall in. 

If your home is priced much above this comparable range your home will very likely sit on the market without showings or offers because you are now helping to sell all those other comparable homes.  Your home is now making all these other homes look like really great deals when compared to yours.

I know this is a hard pill to swallow and you can of course contact REALTOR after REALTOR if you like and you will eventually find one who will list your home for what you want to sell it for but please understand this...you will continue to put yourself through added stress and waste additional, valuable time that could have been spent aggressively marke-
ting your home to get the best possible price you can for it. 

The best REALTOR in the world can't help you if you won't let them and there are other options out there available to you!  Please do not ignore the advice your REALTOR is giving you if this is someone you feel you can trust, for as time goes by things will continue to get more and more difficult and much more stressful. 

 *Please be sure to contact a reputable REALTOR in your area and learn what options are available that can help you.

 

***************************************************************************************

All content is original, courtesy of Therese VanderMeer - Realtor - FlexIt Realty

My Photo

Therese is selling and marketing properties in the Greater Grand Rapids, MI Area and surrounding communities while specializing in Jenison, Hudsonville and Grandville.

Contact Therese directly at 616-780-0786 or by email at tvmhomes@sbcglobal.net 

Happy to be Providing Buyers and Sellers a Higher Standard of Personalized Service

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the folder to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Comments 3 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the leaf to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
1,293,553
Andrew Mooers
Northern Maine Real Estate-Aroostook County Broker
MOOERS REALTY

Can you say upside down..many people because of the handcuffs of gold spending habits and not because of the market. What they need, want ignores the market value that rules all. Ignore the market, watch your sign rust, go thru four seasons of change with shelf life mold starting to grow, sprout all over your never going to sell with the I'm not going to budge listing. Short sale..did someone say forget making a profit or anything from the sale?

June 02, 2010 05:21 PM
Rainmaker
174,582
DEBORAH STONE
Hogue and Belong Bankers Hill- San Diego, CA

Katrina

it is a hard pill to swallow knowing that the house you thought was the best investment of your life, is now a "short-sale" or worse, foreclosure. I do not like to bear the bad news but have had to on many occasions. I know that some Sellers get angry with me and don't hire me, but your post made it very clear:

Cut your losses and move on.

June 02, 2010 05:23 PM
Rainer
116,597
Katrina Cole
Katrina Cole, Marketing Manager
The Turning Point- Marketing Automation at It's Best

Andrew you are right, people need to understand where the market is at today and make the transaction work with it if possible.  Shorts sales have there negatives as well since they further the decrease in overall market conditions in some ways....but yet it is another sale.  There is always a catch somewhere.

June 02, 2010 05:26 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the camera to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainer
116,597

Katrina Cole

Katrina Cole, Marketing Manager
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the eye to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

Bringing the important financial news to you in words that we can all understand from the professionals you trust. Throw out the lingo and know the facts. Take some time to learn some new marketing strategies and new technology with our featured posts. It is not about what and how much you know, it is how you choose to share and utilize that knowledge. Katrina Cole; taking your from invisible to Visible!
Enter your email address to receive
a free subscription to YOU Magazine!
View Katrina Alexander (LION)'s profile on LinkedIn Follow RealEstateHub on Twitter Jigsaw