Sound Off James Hoffman Why is the pricing of a home so critical to get correct?
I’ve had many experiences with homeowners who want to sell their properties for a higher price point than what the market will allow. The whole idea of offering your property for sale to the world is to obtain multiple offers and the best price possible.
At this time of year, owners who have not sold their properties are frustrated, and I’ve witnessed many price reductions recently. Some owners have taken their properties off the market, resolved to wait until next year to relist. The problem with that is: Who knows what the market and the economy will be like then? Will the “FANG” stocks be up or down? Will Congress be in Democratic or Republican control, and will Trump still be in the White House?
I recently represented the seller of a property that had multiple offers — 10, to be exact — which was due in large part to the competitive price. In the end, it sold for more than the owners and I could imagine. We had a cash deal and closed within 30 days, because the property was not overly priced to begin with.
Simply said, buyers these days are doing their homework.
When sellers reduce their price several times, it sends a message to buyers that the seller is desperate to sell, and offers begin to reflect that perception. An appraisal or two, provided by the seller, can help support the list price and negotiation process.
Let’s be real: The homeowner wants to sell the property for the highest possible price, but the emotion of marketing and selling a home must be tempered by comparing value of the upgrades, value per square foot and comparable properties.
Buyers are picky. We all know the expression, “Location, location, location!” My expression is “Value, value, value.”
Managing Broker, Greenwich Connecticut Properties,
(203) 273-1759 cell, james@