Homeowners thinking of selling in a buyer’s market need to tread very carefully. Set your price too high and you could end up sitting on it for 6 months or more or it may not sell at all. Set your price too low and you might sell it faster but will you have enough money left over for moving expenses and a down payment on another home? You need to put a lot of thought into your asking price when selling in a buyer’s market.
When all of the other condos around yours are for sale your initial inclination may be to price yours so it’s the lowest within the neighborhood so yours will sell first. But keep in mind, you will have closing costs, fees for the selling agent, inspection fees, insurance payments and any number of other hidden fees to cover before you sign those closing papers. And then you are going to want a down payment for another home, whether you rent or purchase, and the additional fees that go together with that. Selling your home at any time is a difficult process but even more so if you’re selling in a buyer’s market.
Before your agent even starts to make suggestions about painting and sprucing up the place the first thing they are going to do is suggest that you price your condominium appropriately. And you may not wish to hear the price they have in mind. Keep in mind, your Real Estate agent is representing you and has your best interests in mind, not the buyer’s. He also is aware of the current trends in your marketplace, what condominiums like yours have recently sold for and the asking prices of other condos in your neighborhood.
You agent’s commission is based on the final selling price of the condominium and he does not get paid unless and until he sells the condominium. Therefore it behooves him to get as much as possible for your condominium. If he suggests a lower price it’s because he thinks that’s all you’ll be able to get out of it at this time.
It’s your right to list your home for whatever selling price you choose and you may think your condominium is worth more than your agent suggests. Bear in mind though that if your Real Estate agent thinks you’ve priced it way out of line with current market trends he’ll also think it’s just a waste of time to even show your home. Granted, when he signs that contract with you he is agreeing to try and do everything within his power to sell your condominium. But with the economy the way it is, do you really think he’s going to waste his time showing a condominium that is priced so high it will never sell?
He’s going to be showing them the condos he knows are priced to sell quickly so he can make a living, too. Your home and property may be the most beautiful in the neighborhood and you might think it’s worth far more than your Real Estate agent does. However when you’re selling your home in a buyer’s market if it’s not priced to sell you might as wellget used to living there for a while.
Looking to find the best deal on REO’s or Bank Owned Condos, then visit www.yoursite.com to find the best advice on Condominium Packages for you.
categories: real estate, condomiums, bank owned, REO, investor condos, business
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