The number one reason for a property not selling is the property is priced too high. An asking price must meet three basic criteria:
1. The asking price must be competitive with the price of similar homes
2. It must allow for some negotiation
3.The final negotiated price must give the seller the highest possible return considering the condition of the property and the marketplace.
If your home is overpriced, you can expect:
1. Agents will not show your home, knowing that it is overpriced
2. Your home will sit on the market while others around you are selling
3. Prospective buyers, seeing that your home has been on the market for a long time, will begin to feel that there is something wrong with your home
4. You will begin to get anxious and lose patience
5. Because of the time restraints you are under, you will reduce the price below the asking price of competing property
6. Most importantly, your property will sell for a lower price that it is worth
Sellers who ignore the market facts in order to try to get top dollar will often end up getting less that fair market value for their property
Many people think to sell a home you place and ad in the paper and wait for a person to call and buy the home. Not So!!! If that were true, real estate professionals would be out of work. The basic law of real estate is this:
ADS DON'T SELL HOMES…PEOPLE DO!!!
A recent study by the National Association of Realtors uncovered some interesting statistics about where buyers come from
40% Purchased because they recognized a firm name or salesperson and were serviced by them
20% Purchased because they saw a sign in the lawn and approved of the homes exterior and location
18% Direct and indirect referrals
8% Responded to an open house but purchased different homes
7% Were referred through a relocation service
3% Bought the home they saw advertised
3% Bought for a combination of reasons
1% Bought the home they saw at open house
ABOUT PRICE…
The way to insure a quick sale is to price your home COMPETITIVELY. Buyers purchase homes by comparison and will usually make an offer on a fairly priced property before making a low offer on an over priced listing. Price and possible terms are important buyer motivators.
Show Low Office Randolph Tenney, Broker 60 South White Mountain Rd. Show Low, Arizona 85901 Office: (928) 532-1111 Toll Free: (800) 237-6230 Email: info@gmactenney.com |
Pinetop/Lakeside Office Mark Rodenborn, Branch Manager 1413 E. White Mountain Blvd. Pinetop, Arizona 85935 Office: (928) 367-3100 Toll Free: (800) 422-6812 Email: info@gmactenney.com |
Snowflake/Taylor Office Troy Goodwin, Manager 1300 S. Main St. Snowflake, Arizona 85937 Office: (928) 536-5600 Toll Free: (866) 297-0143 Email: info@gmactenney.com |
Holbrook Office Yvonne Larson, Branch Manager 1100 W. Hopi Dr. Holbrook, Arizona 86025 Office: (928) 241-1229 Email: info@gmactenney.com |