Monday, April 11, 2011

Just signed up a deal on one of my listings at 98.42% of the asking price!


I just signed up a deal on one of my listings at 98.42% of the asking price! This is an important lesson to Sellers. When there is so much inventory on the market it is wise to price your home aggressively. That could even translate to just under the 'fair market value.' I know when you hear things like that as a Seller you want to PUNCH your agent in the face but I am speaking from experience. I have seen hundreds of thousands of dollars slip through sellers hands as they rode the market down down down. Sellers often say things like 'I know it is a little high but the Buyers can always make us an offer." or "We don't want to list at the price you suggest because we don't want to deal with 'low ball' offers." Well a low ball offer is better then no offer as you could always find the person who loves the home enough to play the game. As far as Buyers 'making you an offer'....good luck with that. It just never happens. The reason is that your home will not even show up in their search as they are not looking at properties in the price range you are listed in...and by the time you are listed at the price your agent originally suggested it is no longer 'the right price' and find yourself in a position where you now MUST sell quickly and have to lower your price to the brink of silliness to get the job done.

I don't like to tell Sellers that they need to lower their price...hey it means less money for me too! The reality is that if you price your home aggressively out to the gate you stand a chance of getting an offer quickly. Stats show the first 2 weeks are the best weeks for you to sell and get a good offer...after that it is a steady decline. Keep in mind that YOU the Seller are in control of the offer and whether you accept it or not. If the offer is too low say "take a hike" but if you don't get any offers or many showings you give control to the Buyers....tisk tisk. 

As your agent it is my job to tell you what to list your home for...what the market will allow for and what you stand a chance of selling for. I am the one out there every day and working with buyers, sellers and other agents. Going to seminars and classes and reading books on real estate. I weed through hundreds of homes a day and I see the prices, reductions, solds and new listings....this is my field and my profession and I take it very seriously. I hear many times 'I know what my house is worth' and I hear nearly as often 'Trever...I wish I had listened to you in the beginning.' Believe me or my past client testimonials and see what people have said. You will see that there are many "thank you Trever" notes.

Anyhow back to the great deal I negotiated for my sellers. Yes like all sellers I am sure they would have liked more money for their home...who wouldn't. The reality is that time and money are the two things that balance the scale...more money equals more time and visa versa. The beauty is that these sellers priced their home aggressively and got what they were asking for. The offer was not a low ball it was a real offer. The Buyers agent said "they priced the home well so lets be real about our offer." That means that the Buyers agent was working for my SELLERS! WOW. Then with a little back and forth we have a deal that makes all parties happy. The Sellers feel good because they got what they asked for and the Buyers feel good because they found a home they love and don't feel like they got beat up to get it.

Thanks for listing and let me know if you want to sell your home or buy a new one!!

Century 21 Assurance Realty (Kelowna)
Cell: (250) 859-5990
Office: (250) 869-0101
Fax: (250) 869-0105
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Posted via email from Trever Florko’s Posterous

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