My New Outside Blog

Myths that Get You in Trouble

Myths vs Realty

 

We all receive it, the advice filled with good intentions. Be it tips on how to negotiate on an offer to how to price your home. The reality is that a buyer or seller benefits most with the recommendations from their local real estate professional. No book, relative or friend has the knowledge or tools that relate directly to the specific market trends, customs and practices that directly influence your community/property.

 

There are myths on how to approach varied aspects of the real estate process as well as the reality of a result driven choice.

 

I’ll make a low offer with hopes of meeting the seller half way on the price. After the value of the home has been affirmed with comparable home research the proper price position of the home becomes evident. In the case that the home is on the market for a correct price an offer that is really low may end up offending the seller. Instead of the spirit of negotiating the seller may hold firm to the list price or even refuse to respond. The attempt to negotiate half way now has dampened the attitude of the seller and a defensive position may be the result.

 

I’ll price my home high so it will appear that I have negotiated off more on my price. The reality is with an overpriced home a seller generally misses opportunity. The home is out of the competitive position and will be overlooked. Additional days on market may stack up and with that becomes a lessened negotiated position. Best opportunity is to have the home positioned correct so that it is one of the stand outs in a price range. This creates some strong interest possibly multiple offers and can result in receiving top dollar for your home. An overpriced home may give the buyer perception of what is wrong with the property that has sat unnoticed due to overzealous pricing instead of appreciating all the things that are right about it.

 

The buyer can see past this problem. Stained/worn nasty carpet, personalized paint tones, deferred maintenance – all spell out buyer objection and ends up costing the seller much more than the actual dollars to correct. There is a very true statement … Price cures all. If a home has varied obstacles as referenced, there will be a buyer for the home. It just comes down to the price. Problems/obstacles create buyer resistance and perception. Stained carpets become in the buyer’s mind that the home has not been maintained well. The seller must not have taken care of it which in turn results into much lower price than the actual cost to replace the flooring. Not all buyers can see past cosmetics and will not give the home a second consideration. The end result generally is additional days on market, much lower on the achieved price and lost momentum on your property.

 

To avoid the pitfalls in the process of purchasing or marketing your home, one should enlist the local real estate professional

 

Comment balloon 4 commentsConnie Goodrich • October 08 2015 12:31PM
Myths that Get You in Trouble
share
Myths vs Realty We all receive it, the advice filled with good intentions. Be it tips on how to negotiate on an offer to how to price your home. The reality is that a buyer or seller benefits most with the recommendations from their local real… more
Termination of Contract - Just Too Easy!
share
With limited inventory in some of the affordable level price ranges in our area, the buyers are lining up to see the homes that just hit the market for sale. They barely see a home and off to write an offer they go. They want to beat the… more
2701 Sylvan Way, McKinney Texas - Eldorado - Forest Ridge Subdivision
share
2701 Sylvan Way, McKinney, Texas Eldorado Master Planned Community, Forest Ridge Subdivision $575, 000 3, 913 sq ft - 5 Bedrooms, 4. 5 Baths, 3 Car Garage, 3 LAs, Media Room MLS #11677751 North Dallas Area, McKinney ISD,… more
33 Creekwood, Richardson, Texas - Prairie Creek Estates - New On…
share
33 Creekwood Circle, Richardson, Texas - Prairie Creek Estates - Just Listed! Modern Vintage Home - Great Design Style & Personality MLS #11700319 - North Dallas Area You… more
3413 June Drive, McKinney Texas - Just Listed!
share
3413 June Drive, McKinney, Texas - $209, 500 Crescent Ridge/Ridge Road Estates - West McKinney Area - Frisco ISD! 3 Bedroom/Study/2 Bath/DR/LR/2 Car Garage - 2, 125 SF MLS #11659251 One of those fun listings that is a… more
Do Appraisers Have You Running Scared?
share
I heard it again yesterday from a potential seller - Appraisers are just suppressing our home values! The word has finally reached the more informed public, there are challenges in selling the home and now the blame is being aimed at… more
Do
share
Action speak louder than words. A foundation for our business - Don't just talk a good talk but actually emply what comes out of your mouth into motion. We continually get bombarded with the list of Don't do… more
Keeping It Within the Box
share
Thanks to HVCC requirements we now have this box that the appraisal report must neatly fit. No out of the box thinking allowed, it MUST conform all into a tidy package, no rough edges sticking out, no room for a little fluff on top. Just… more
One Way to Beat the Texas Heat!
share
There is one way to beat the heat. no I'm not doing a post to rub in the fact that our Dallas Mavericks took the NBA Title. Each morning my husband Jim takes our Black Lab, Bear (a female. my husband named her and… more
Do You Have Your Listings Walmart Priced?
share
Attention Walmart shoppers, today in aisle 4, the home product section, we have our featured home on special today. Like all of our homes, we have all our homes with a discount priced special value and we do price match for… more