Ozaukee & Washington County Real Estate: November 2009

How not to price your home:

1. Take your mortgage balance.
2. Add your credit cards.
3. Throw in your cars.
4. Add a generous portion of all the money you borrowed from relatives. 
5. Pile on your down payment for that other house you have your eye on.
6. Last but not least, give yourself an extra 50 grand just for being you. 
7. Get a blank look on your face when you are told that the buying public doesn't care what you owe. 
8. Wait.
9. Wait some more. 
10. Decide you'll stay after all. 

Here's a better plan:

1. Find out what homes like your have sold for in the past 90 days
2. Price the house at that number or 5% less. 
3. As my son's teacher says "you get what you get and you don't get upset."
4. Pack your bags.

The buying public is utterly ambivalent about what you owe to whom as it relates to pricing your property. They only care about their own needs. What you need isn't on their radar, and if you aren't priced in line with the current perception of value, your listing will get stale and sit unsold for months as you chase the market. 

Chasing the market is always being one price point behind what the public is willing to pay. You enter the market at $599,000 when you really ought to be at $549,900. You lower to $575 when the market for the house is $525,000. By the time you hit $499,000, it could be a year later and the public isn't willing to pay more than $450,000. Each price drop seems harsh, but your real enemy was starting out too high. 

Sellers are in a war of attrition with buyers who lurk before they call, call before they look, and look at everything before they buy. You won't get a call, look or offer until your price conforms to what the public deems fair. The only offers overpriced homes get is low ball offers from bold types who wouldn't pay as much as fair minded people would on a fairly priced home. The only way to win the battle is to price as aggressively as possible and not allow your ego or personal preferences to cloud your objectivity. 

Easier said than done!

 

 

J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester Putnam MLS. Read my short sale bog here. J. Philip Serves Briarcliff Manor, Ossining, Croton, the River Towns, Westchester County, and the bedroom counties of New York City. 

Subscribe to the 40 Somethings Group. Reach Phil at (914) 723-8900.

          

 

In the past 8 years I have been enjoying a steady and sucsessful real estate career. I have had all kinds of buyers and sellers, closers and lenders.

I have worked with some really stressed out people, and I must say, those crab apples are missing out!

I enjoy the journey, not just the rewards. I get involved in a fair amount of messy details in people's lives which could be an opportunity to be crabby.

I make a conscious effort to be fun to work with. Now what does this mean?

Take it easy. Get your ego out of the way. Don't get your panties in a bundle. Shine it on. Let go and let God.

Stop trying to be the general manager of the universe. Respond instead of reacting. Never lose your sense of humor. Listen. Be affirming and empathic. Be gracious and kind. Be truthful without being rude.

Laugh out Loud. Realize the only person you have control over is yourself. Walk a mile in someones shoes.

Don't assume things. Accept the limitations of the day. Get your beauty sleep. Practice the golden rule.

Don't be stingy. Don't take things personally. Gratitude goes a long way. Attitudes are chosen, if you are fun to work with, you will use less mental and physical energy, and preserve more for yourself and your family.

Life is short. Lighten up, and have some FUN! Yes, even while working. I love what I do, and it shows. :)

 

                                             *Don't worry, Be HAPPY!*

BethAn Long- Tomlison South Inc. www.BethAnnHomes.com