Tuesday, October 9, 2007

Fiddler's Creek Home Owners - Do You Get that Pricing is Important?

Be Honest - Do You Really Want to Sell?

We thought so!

So here is something you need to understand. Pricing of your Fiddler's Creek condo is Key to getting it SOLD!

The Fiddler’s Creek Real Estate Market is not the same it was two years ago. The times have definitely changed. Has your thinking? It is a Buyers Market in Fiddler’s Creek. Do you really understand the realities of what Buyer's Market means to you?

Let’s be realistic, we are now in a Buyer’s Market. The papers are all full of the doom and gloom. That means we need to be realistic in our approach of the sale of your Fiddler’s Creek condo.

First off, let’s acknowledge that your Fiddler’s Creek condo you have cherished and you have hopes to make big bucks from the sale of it. You might have made several improvements. First Reality you must face. Those things bring value, but let's be real -- they were for your enjoyment of your Fiddler’s Creek condo. What you have done may or may not appeal to buyers and they may have a different value for these items.

Second Reality – all that money that you thought you were going to make you are not. Fiddler’s Creek Buyers have lots of choices, so you have to be the best priced Fiddler’s Creek condo with the most to offer.

Now take a deep breath and let’s adjust your expectations. Look at what is happening today in the Fiddler’s Creek Real Estate Market and be prepared for the offer when it does come in. It might be harder to sell now, but it is not impossible.

Before you place your Fiddler’s Creek condo on the market here are some things you can do to ensure a quick sale of your Fiddler’s Creek condo:

Most Buyers generally looking for Real Estate in Ranges. These ranges are generally in increments of Listing price of about $50,000. What do we mean, Let’s look at Joe Buyer. He is looking for a 2 bedroom/2bath Condo and he does not want to spend more than $400,000. His searches might include:

  • All two bedroom Fiddler’s Creek Condos in the $400,000 to $450,000, thinking he can negotiate down. or $350,0000 to $400,000. If he searches that way and your condo is listed at $451,000 or $349,000. You might be missed.
  • Fortunately Realtors open up the searches a bit. But let’s look at the $350,000 to $400,000 price “bucket”. In this bucket there are 175 choices for buyers.
  • We will even narrow the criteria to represent that it is a specific Neighborhood in Fiddler’s Creek – let’s say Bent Creek, and that all these condos are within 250 square feet of each other.

Are you starting to understand the importance of pricing yet?

  • Now let’s narrow things down a lilttle more. Your Building. There are 7 listed already. They are listed $349,000, $355,000, $359,999, $365,000, $365,000, $395,000, & $439,000. One went pending last week which was listed at $345,000 and was on the market for 156 days, the last say was 13 months ago and sold for $450,000.
  • Ok another factor, all these condos have been on the market for over 100 days.

Price your condo correctly and it will sell, don’t and you will start chasing the market down. Eighty percent of our marketing is complete when you price your condo. Do you really want to set us up for failure by not listening to us?

Be the best priced, greatest condition Fiddler’s Creek condo in the range your condo is in.

Do you get that pricing is an important thing yet???

For showings, make sure your condo looks and smells nice. It will affect how the Fiddler’s Creek buyer will formulate their offer.

Remember that today Fiddler’s Creek Buyers have lots of options. What worked two years ago in a negotiation, will not go over very well in this Fiddler’s Creek Real Estate Market. Here are some things you need to do when an offer comes in:

  1. You need to respond immediately when an offer is received. They don't have to wait for you. This means you need to be prepared to review all offers and listen to us about potential counter offers.
  2. Most Real Estate purchases are emotional ones. The further away the buyer becomes emotionally from the condo. They might continue to look at property while they wait. Do you really want to run the risk of them finding something else that they like better?
  3. As a general rule, your first offer will be your best offer. Don’t think that if you hold out for $5,000 that you will get it.
  4. Can you really afford not to take the offer on the table? What if you have to hold the condo for another 6 months until the next offer which might be $30,000 less than the one you have now? Is that a risk you are willing to take?

Together we can achieve a successful sale in as short amount of time netting you the greatest amount for your Fiddler’s Creek condo. Remember a bird in the hand better than two in the bush! Call us today to get started on getting your Fiddler’s Creek condo SOLD! And see how we can price it for success!

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