Want to Sell Your Home « Prescott Real Estate Cafe

Want to Sell Your Home

09Sep08

I don’t want to belabor the obvious but the past two years have not been easy in Real Estate. Understanding where the market was going, how to get financing, setting prices were just a few of the challenges we faced. We now have some price trend history, financing has stabilized and buyers are more confident. So it comes down to the two pillars of real estate investment, Location and Price.

Here is what happened last week. A closing of one property without a glitch and a sale on a property that I have had on the market for only a week. At one time this was the norm but now is the exception. How did these homes sell while thousands of others languish on the market? Same thing in both instances, the homes were priced fairly for the market and area in which they were located. It really isn’t any different than in 2005, when if a house was priced properly for THAT market and was in a desirable location it had solid buyers ready to make offers. Yes, when the market down-turned even homes that were priced fairly (or to the best of our ability) still sat while lenders and buyers tried to get their bearings but that seems to have passed.

The problem is that many sellers have not come to terms with the market and the price adjustment. Many can’t, they bought at the high time and to sell means they will have to take a loss or not make a profit. They become frustrated when they get no action, blame agents, and in general refuse to listen to reason. If it were a stock that took a downturn they would cut their losses or hold until the price was where they needed it to be. If you look at your home as an investment (which most people do these days) then you need to look at it with the same critical eye you would if it were a stock. Listen to your agent and study the recent sales data that they provide. Price at current market value, prepare your asset to be shown in the best light and you will have success.