Supply and demand. We hear those words every day, and yet we often ignore them when it comes to selling real estate.
That is because many sellers still think of a real estate sale as an emotional rather than a business decision. The assumption is that a buyer will “fall in love” with their house and pay any price that is demanded.
However the majority of today’s home buyers are more interested in taking advantage of the soft market and getting a great deal. The new status symbol is how LITTLE you paid for your home.
Selling any home in today environment is as easy as pricing it correctly from the start. The window of opportunity for success is typically only thirty days and it is essential to get off and running in pace with the market. A house that lingers will lose value every day that it is listed for sale.
Selling an overpriced home is like trying to sell an ice-cold beverage in a snowstorm.
It might happen, but it probably won’t!
We Need Listings! Call 770-827-6225
All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate Better Homes and Gardens Metro Brokers, Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser REOS, E-Pro. licensed Auctioneer. 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required. Visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park. North Georgia Photos.
You make a good point in your post, price seems to be the key, especially these days.
Your Friend in Charlottesville
Great example! Those first thirty days are critical and I always remind sellers of this when they say "Let's just put it out at that price and see what happens." The facts are the facts...no changing that!
Love that little photoshop Richard...Pepsi won't, lol! It is so true...no matter what you tell sellers the proof is in the wait & finally realization- the price is not palatable to buyers...best
Excellent message, Richard and I adore the illustration. The new status symbol-that is so true.
Good morning, Richard....hey, I thought that listing was ours....how'd you get that???? but you're right about pricing....the first few weeks are critical and if not much happens, you're dead in the water....
Richard, the same is true in our market with a sever housing shortage. Some homes have been on the market for months even though demand is over the top.
Richard, I often think the planets have to align - and when they do, it all comes together right time, place and property just feels right. Then we look like magicians but really we can't take all the credit, there is something else at work when this happens.
Selling an overpriced product to a kid who "just has to have it" is one thing but selling an overpriced house....not likely!
Charles...
Indeed it is ... thanks!
Kathryn...
Facts are facts ... you are so right! thanks so much.
Ginny...
This photo is the real McCoy, no photo tricks involved! That's why I picked it, it looks surreal! lol Thanks so much!
Richard,
Just got a buyer under contract in a home that was on the market 2 days.
The same model is around the corner at a 14% higher price, and we didn't even look at it.
There's a message in that to that Seller, I think.
Nice listing! The right product at the right price at the right time. Now there is a novel ideal. You have just given me an idea for another post. Thanks.
Margaret
Great point and analogy here Richard. Price it right and it will sell. Otherwise you're just wasting time. And in this business, time can be very costly.
Richard, Folks are looking at homebuying like car buying. What can I get this for....really.
I love your photo! What a great shot...you take beautiful pictures. Love the analogy, too!
So true
No matter how thirsty someone is ,they will only buy what monies are in there pocket and most want to leave with a quarter.
Business is business.
Enjoy the day
Buyers .. I have asked that very question when I have seen them turn away from a lovely home that met all criteria .. they couldn't find a thing wrong except ... it wasn't a "deal". I would ask them if they wanted a home for the family or an investment. There answer helps direct either me on what to show or centers them back on what is important. Great post for thought.
Unless that beverage is a COLD beer at the Super Bowl! But, otherwiseyou are right. The offer I wrote 2 days ago was more emotion than business.
This concept is so hard for most sellers to accept AND they really are shocked when I would rather not take the listing than price it like they insist.
I especially like the line "the new status symbol" is how little you paid.
Frugality and responsibility are definitely in....now if we can just convince government at all levels as well.
Yu just perfectly defined Internet marketing my friend.
Good point. When I'm working with a buyer the key is finding something that is priced right and available. Sounds easy but in today's market it can get complicated. Sellers that are sharp enough to price their home correctly will get the proper attention immediately.
It's all about getting the client to understand the importance of what you are saying. Which is sometimes easier said than done.
Price is King - price it right for location and condition and it will sell........
Never a truer word/phrase spoken. With permission, I would like to re-blog this on my blog too as it's so relevant in my business in Spain too.
I like what you said about selling an over priced house is like selling an ice-cold beverage in a snowstorm.
I can always drink a Coke, but I never want a Pepsi. But I know what you mean. People are very practicle these days.
Richard. great blog. well said. when I was in retail, that was always the case. by tmes we think we've got a great product to sell but sometimes the price or location does not always fit the bill. That's why we always have to have more homes to sell in a specific area or at least know them by prior inspection. Knowledge is awesome and will pay great dividends.
Richard,
You are almost at your 1,000,000! I am approaching my first "points" target this week.
Lots of dedication and work at AR! As you are listed as an AMBASSADOR, I guess I may contact you if I have questions!
My experience is that the Buyers with cash want a REALLY great deal - however they themselves define it! I gree with your statement above.
Have a happy day -
Lynn
Great point. The price is the key, price it right when you list, (that's if the Seller will listen).
This is a great point. I'm going to use it for my next class for sellers.
Great points about correct pricing in this 'plump' market. Too much inventory with too much fat.
Study after study proves that people buy from emotion and justify the decision with logic.
But perhaps in today's market, with some buyers, the dominant emotion is to attain the status of having gotten a "real steal" in the purchase of a home.