Location, Type of Dwelling, Product, and Price

Yes, when selling your property, this is the ultimate set of criteria buyers are looking to satisfy when performing their search.

They will automatically gravitate to their desired geographic area(s), and then refine the search by only looking at the Dwelling type.

The above two criteria sets are completely beyond your (the seller) control. You cannot simply pick up your property and drop it into a more popular area, and you cannot convert your condo into a bungalow.

You, the seller, do, however, have all the control in the world over the last two sets of criteria. And, because the buyer has already arrived at the category where your listing resides, it is absolutely imperative that you have done your homework regarding your Product and Price.

I am a Professional Home Stager, and we all know by now that your property HAS to be showing flawlessly both in person and in photographs. But, I, for once, am not here to preach the importance of having your home Staged for Sale.

I am going to focus on PRICING.

Nothing is more heartbreaking to me than putting huge amounts of elbow grease into the Staging of a property, only to see that the listing price is unreasonable.

In these instances, not only did the seller or Realtor(R) invested wasted dollars into my services, the market simply dictates that the property will not sell.

I do completely appreciate that Pricing is probably one of the hardest parts of selling. I have been there myself. How does one put a price-tag on our "home"? And, the task becomes even tougher if we have done any upgrades to the property during our stay. It is emotional.

Warning: Today's buyer is informed. They have done their own homework, and know what properties are worth in the current market. People will not pay you more than your home is actually worth....plain and simple.

Advice: If you have enlisted the help of a Realtor(R), be confident in the fact that they KNOW what they are doing. This is their livlihood. They KNOW what your home will sell for.

I hear sellers, all the time, say, "I really think my Realtor(R) is trying to get us to agree to a lower price just in order to get a quick sale."

THIS MAKES NO SENSE. Think about it for a second. Remember how Realtors(R) make their income. COMMISSION! It makes no sense at all for a Realtor(R) to list your home unreasonably low. All that serves to do is take income away from them. It would take food out of their mouths. Would you operate this way if you were earning commission-based income? I think not.

If you are still uncertain, go ahead and do your own homework. Dilligently watch the market. Watch the listings. How long is it taking the comparables to sell at their list prices? How closely do those listings compare to yours? GET INVOLVED.

One can safely say that if you have made the decision to list your property for sale, it is because you have decided to make a change in life. You have decided to downsize, enjoy a new geographic area, upsize, or maybe you are re-locating due to a career change.

Now matter how you look at it, your goal is to successfully make the move to your new "home".

What do we have to do in order to achieve our goal? We need to sell our Product, our property.

Also, so important to remember: Today's buyer will most likely be looking to a bank or alternate lending source for a mortgage, as a home-purchase is a large sum of money.

Although you may find a buyer who is silly enough to pay you $80,000 more than your home is actually worth. The whole process will screech to a halt when they go to their lender to secure financing. Remember, the lender or bank will ALWAYS perform their own desk-top appraisal of your property before approving the buyer's financing. OOPS! "We are sorry Mr. Buyer, but the property you are trying to purchase is $80,000 over-priced, so there is no way we are going to lend you the money for this one. Try again later with a different property that is appropriately priced. Have a good day."

In summary, as the seller:

DO YOUR HOMEWORK

LISTEN TO YOUR REALTOR(R)! They have the training, education, and experience.

THINK LIKE A BANK

DON'T LISTEN TO OTHERS WHO CAN ONLY OFFER OPINIONS - I have clients ask me what they should price their home at. I then explain to them that this is not in the scope of my experience or expertise, and that the only person they should trust is their Realtor(R), and that they need to do their own research to increase their confidence in their pricing.

*AND DO NOT CHASE THE MARKET! This is when you set your price higher just to see if anyone will pay too much. All you get out of doing this is more time on the market. Fun, hey?

You also have to remember that any and all professionals you hire to help you through your sales process WANT you to succeed. We all want what you want. We ALL succeed when you succeed.

We are all here to help you realize your goals and dreams. Your success fuels our satisfaction!

Rhonda Wilson - CCSPTM
Owner/Operator of
Revealing Assets
Home Staging and Decluttering Services
http://www.RevealingAssets.ca
RevealingAssets@shaw.ca
780-913-5589 
We transform properties into highly
sought-after products that sell in half
the time and for 7-10% more money.
Through personal experience, extensive
research and training, and a compassionate
approach, we De-clutter living/work spaces for
up-lifting and positive life changes.

Edmonton, Alberta, Canada

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Comment balloon 0 commentsRhonda Wilson • May 30 2010 02:27PM

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