It doesn’t matter!
November 20, 2007 by Gordon Corsie · 1 Comment
The number one issue I come across today is an objection provided by a potential home seller, and it goes something like this;
“We would like to sell, but since we can only sell for less than what the peak of the market was a couple of years ago, we will just wait and see what happens”.
Well, Mr and Mrs seller, you are absolutely correct, you can only sell for what the property is worth today, not what it was worth in the past, but, and here is my point, it does not matter!
Why, well most sellers also buy, perhaps a larger home, or smaller or perhaps they move to a different part of the country. No matter where you buy in the USA today, there is a very good chance that your destination market is also down in price.
I recently sold a home in Livermore, the sellers were reluctant to price at the market since they were holding to the belief that they were ‘losing money’ and ‘did not want to give the house away’. We sat down together on the computer and logged on to Livermore Real Estate
and we investigated my sellers destination market and to my clients pleasant surprise we found that the Colorado Springs housing market had fallen at about twice the rate of Livermore CA! In fact a home that they had identified on a recent visit to Colorado had dropped in price by $50,000!
This allowed the seller to adjust their price to market and we sold the house a couple of days later to a buyer who had already seen the home but was reluctant to make an offer. As far as the seller was concerned there was no financial hit. They merely transferred their equity from one property to another. The destination property was now more affordable!
So my challenge to sellers is this, can you see what I am trying to say? Will you write the numbers down and look at the big picture logically? If you do, you will see that the price you sell your house for today does not matter!
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Very interesting post. A little bit confusing, but it still ok Hm….