Sustainable Land Development Today - September 2007 - (Page 54)

THE LAST WORD Some Myths on Pricing & Timing When selling a house these days, rather than asking “what’s the maximum price I can get for my house?” the smarter question may be, “what fair price can I live with that makes the house competitive enough to sell?” Ellen James Martin, who authors the nationally syndicated real estate column, “Smart Moves,” dispels a common myth that sellers should price high and negotiate downward. “In the end, many over-pricers are humbled into accepting a below-market-value offer,” Martin says. “Buyers are much better informed on market values than sellers imagine.” Overpriced houses can offend buyers, driving them away from the property altogether. These homes will undoubtedly stick out to them as unfairly priced. “The market doesn’t talk, it screams,” explains Martin. “Buyers are insulted by an overpriced house; their attitude is, ‘who do these people think they are? I know what that house is worth!’” Buyers today are equipped with a very important tool: the internet. People can conduct research online, as well as shop around and get an idea of what’s selling in their area. While the buyers may have done their homework, Martin explains that sellers are frequently far behind: “Sellers tend to only know their place. They should look around their area and get a feel for the competition.” Some sellers may be tempted to price their homes above market value, perhaps to compensate for being in a highly desirable location, but Martin warns that this is a critical error. “Even in the strongest market, don’t go above market value. Pricing at or slightly below market value sets off an auction effect—buyers will stream in.” While this information certainly seems most beneficial to buyers, sellers the ones forced to move should not be discouraged. because of some job change Martin assures readers that or family crisis, although smart selling involves askthis does factor into the deciing buyers to pay only sion sometimes, Martin says. what the house is worth “But a lot of people sell in — a strategy that certainthe winter to move to a better ly seems fair to both parpart of town or perhaps ties. they’ve received a promotion. “You don’t need to People move because they plan give your home away Ellen Ja on raising a family, or because due to buyer fears. mes M artin they plan to retire,” she says. Setting below market Martin also advises off-season doesn’t mean a high percentsellers on what they can do to age — just a notch — maybe $1,000. increase the attention from potential This creates competition,” she adds. buyers. If the seller celebrates In addition, have you ever passed by Christmas, the house can be set off by an “open house” sign during a blizzard pretty lights and tasteful decorations. and wondered who in the world would Much of the advice given to those be crazy enough to sell or buy a home who choose to sell in the off season is in the dead of winter? What used to be the same for any seller, Martin says. thought of as a fatal real estate mistake “Don’t do major surgery on your of listing a house beyond spring and house, but don’t put it out as a fixersummer can actually produce positive upper. Buyers will overestimate the results. cost of projects and be put off. There are Martin admits that putting a house two things that are essential for sellers on the market in the spring and sumto take care of: cosmetic issues and funmer will bring in more potential buyers, damental problems that need to be but selling in the fall and winter does fixed.” have its advantages. While the warmer months may “Buyers who are active during these attract more buyers, this does not necperiods are highly motivated to make a essarily ensure a quick and easy sell. purchase…And those who seek to sell Martin implores her readers to consider during ‘off times’ face less competition their own situations and act accordingbecause there are fewer available proply. “Bottom line: the best time to sell is erties,” she says. when you are ready.” SLDT Contrary to popular belief, those who sell during the slow months are not necessarily more desperate than “Smart Moves” is distributed by Universal Press Syndicate and can also be viewed those who sell at peak times. “People online at www.uexpress.com. The column can be desperate anytime,” Martin provides readers with straightforward, practiexplains. “If they are selling in the off cal advice and information about the comseason, it’s probably because they overplicated field of real estate. Martin is a forpriced and are now having to reckon mer real estate editor and reporter, and has with reality,” she adds. been published in a variety of newspapers and magazines. Real estate has become quite unpredictable; the market depends on the particular year, the state of the economy, as well as a number of inexplicable factors. Out of season sellers aren’t just 54 September 2007 Sustainable Land Development Today http://www.uexpress.com

Table of Contents Feed for the Digital Edition of Sustainable Land Development Today - September 2007

Sustainable Land Development Today - September 2007 Contents Our Voice: Teaching and Learning Your Voice: Reader Response Editorial Board A 52-Mile Taking Fiber to the Front Doors of America Educators Incorporating Sustainability Land Planning: The Truth about Sprawl Irrigation: Communication Key Wastewater: Many Challenges Determine Sewer Options Regulation: Changing by State, Region, and Municipality Risk Management: Construction Defect Claims Recommended Reading Products/Services Showcase Advertiser Index Calendar Classifieds The Last Word

Sustainable Land Development Today - September 2007

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