One of the challenges when it comes to buying or selling property, is everyone has a different perception of it’s value!
Generally, buyers under-value a potential purchase, often seeking a lower than realistic offering price. Sellers behave quite to the contrary, often over-valuing what they own! While real estate agents should be the level-headed guides throughout this process. Unfortunately, the competition and search for commissions can skew their behaviour.
In the end, it’s the marketplace that determines the selling price.
It’s important to recognise there’s a difference between the listing and selling price, and only the latter translates to actual money in your pocket. With that in mind, this article will attempt to briefly examine each of these, and the need to create an attitude adjustment to obtain a desirable deal and transaction.
1. Buyer: In many cases, buyers believe they must offer below asking price for a property! Perhaps this is because traditionally, some agents addressed this by pricing a house artificially high at the start.
Instead of going this route, a buyer should carry out a Market Analysis of similar properties, to establish a price range for the particular property.
2. Seller: Sellers generally have an artificially-high estimate of the value of their home. This is based on observing asking prices (without checking selling prices), and becoming overly emotional. They often think their house should be priced higher than it should.
This is generally not beneficial because in most instances, houses priced correctly from the start receive the best offers!
3. Agent: All real estate agents are not created equal!
Since for most people, the value of their house represents their single – biggest financial asset, wouldn’t it make sense to carefully interview and thoroughly consider which agent might be best for you!
Whether, buying or selling, it’s important to hire the right person! The agent should provide you with a sense of reality, and tell you what you need to know, NOT what you want to hear.
4. Market: The market will be the reality!
Remember, in most cases the best offer will come within a few weeks after the house is listed, so it’s crucial to price it right.
Article by Richard Brody
Richard has owned businesses, been a COO, CEO, Director of Development, consultant, professionally run events, consulted to thousands, conducted personal development seminars, for 4 decades, and a RE Licensed Salesperson, for a decade+. Rich has written three books and thousands of articles. Website: http://PortWashingtonLongIslandHouses.com and LIKE the Facebook page for real estate: http://facebook.com/PortWashRE
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