WHO SETS THE PRICE OF YOUR HOME TO SELL?
Contrary to popular belief, when selling your home its value is determined by one thing and one thing only - what a qualified buyer is willing to pay for it. No more and no less. Sure, many sellers will argue that their home has an insurance replacement value, or an appraised value, or a tax assessed value, but unless your insurance agent, your banker, or your tax assessor is willing to write you a check for the home - guess what? None of that matters. A home without a buyer has no value in the market place. It might have a value to you the seller, and it might have a value to your banker, to your insurance agent, and to your appraiser. But none of these people are buyers.
So here is the secret to pricing your home to sell - It's not what you think the home is worth that matters, it's what a reasonable buyer will think your home is worth that will ultimately determine if your home will sell.
Now you maybe thinking - "Hey wait, if I left it up to a buyer, they would pay me as little as possible for my home." True, they would. But in the real world every buyer knows that you, the seller, have no obligation to sell your home at any price. To purchase your home the buyer will have to make you an offer you can't or won't refuse. One that will motivate you to pack up your Ken and Barbie collection, hire a local mover, and wave good bye to a home full of memories.
But here-in lies the trap that many sellers fall into (myself included), which is the mistaken idea that we can hold out for an inflated price and eventually the market will come to us. Wrong! Buyers are under no obligation to buy any particular home, and no amount of marketing, open houses, websites, or signage will motivate a buyer to purchase an overpriced home.
Why? Because they can buy one of your neighbor’s homes for less! This reveals one of the most important considerations in pricing your home – Price Vs. Time.
Understanding Price VS Time
The age old dilemma that has faced buyers and sellers since the dawn of private property rights is a simple question: What is more important price or time? Believe it or not this conundrum underlies and controls every sellers decision to sell, and every buyers need to complete a purchase. For sellers this boils down to the need to sell within a set time frame or instead to hold out for the best possible price.
A seller who would like to sell for top dollar should be prepared to potentially wait longer for a buyer willing to pay a premium price. Like trying to sell ice during December, a seller might have to give the stuff away just to get rid of it, but if they wait long enough, say until mid-August when temperatures crest over 100 degrees suddenly that same ice can have real value. On the flip side, a seller who needs to sell quickly, and doesn't have time to wait, should expect to discount their price somewhat because of the limited time they have to expose their home to the market.
What's the difference? Timing! Buyers are in the same boat. A buyer who has the luxury of shopping for a home over a long period of time can probably wait to find a bargain, while another buyer who must buy a home in the next few weeks will probably be willing to pay a premium. Again it boils down to price vs time. So you might ask yourself what is your highest priority - Selling quickly or selling for a higher price?
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Ellen Mann, P.A.,
(239) 434-9021 (239) 571-4416-
Premiere Plus Realty
© 2017, The data relating to real estate for sale on this Website come in part from the Broker Reciprocity Program (BR Program) of M.L.S. of Naples, Inc. Properties listed with brokerage firms other than Premiere Plus Realty are marked with the BR Program Icon or the BR House Icon and detailed information about them includes the name of the Listing Brokers. The properties displayed may not be all the properties available through the BR Program. BR data on this website is provided by Premiere Plus Realty on behalf of Ellen Mann, P.A.. The source of this real property information is the copyrighted and proprietary database compilation of the M.L.S. of Naples, Inc. Copyright 2006 M.L.S. of Naples, Inc. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it.
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Copyright 2017 Multiple Listing Service of Greater Fort Myers and the Beach, Inc.; All rights reserved. The data relating to real estate for sale on this web site is the copyrighted and proprietary database of the Multiple Listing Service of Greater Fort Myers and the Beach, Inc. The properties displayed may not be all of the properties in the MLS\' database, or all of the properties listed with Brokers participating in the cooperative data exchange program. Properties listed by Brokers other than Premiere Plus Realty are marked with BR logo and include the name of the listing Brokers. Information provided is thought to be reliable but is not guaranteed to be accurate; buyers are advised to verify facts before making the decision to purchase a property. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. Information provided is for consumer\'s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This site will be monitored for \'scraping\' and any use of search facilities of data on the site other than by a consumer looking to purchase real estate, is prohibited. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2017-02-24.
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