Thinking through the sale.
You should ask yourself three critical questions:
1) How fast do you want/need to sell?
2) Is it more important to maximize the speed of the sale or the sales price?
3) Do you have a really good real estate agent?
There is usually a direct relationship between price and time. The more you
want for your home, the longer it usually takes to find the buyer who is willing to pay
your price. Conversely, if your home is the cheapest in the neighborhood, it is likely to
sell before the other nearby homes.
We list the time question first because it often affects the pricing decision.
If you want/need to move on quickly, then pricing aggressively makes more sense.
If you have the leisure of time, then you can ask a higher price, assuming that it is not dramatically over-priced.
The last factor, the quality of the real estate agent, cannot be overstated.
Who you use for an agent can dramatically affect
both the money earned and how much time your home is on market. A couple of quick examples
illustrate the point. A good agent has a marketing plan, and spends significant portion
of the marketing budget by Day 1 of the listing; this ensures that the start of the listing
is strong. A good agent is easily reached by phone to answer questions and will be available
to show a listing; this means that prospective buyers gain access when they need it and that
their questions are answered in the most positive light. A good agent will work to iron our differences with the other agent and will
come up with innovative solutions to problems; this means that a home that goes into
escrow stays in escrow.
In short, hire the best possible agent that you can hire.
You'll get quality advice that you can rely upon. Good answers to
important question. If you were president of a corporation and needed to bring to market
a new product, you would put your best marketer on the project. To negotiate an
important deal, you would bring in a talented negotiator. In a lawsuit, you would
get the best attorney in the field. If you hire a real estate agent with the same
philosophy, you will achieve your goals and walk away satisfied.
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