Many Sellers cringe, thinking they are "losing" money on their house.
The discussion goes something like this:
"I lost $40,000 on my house. It's only worth $480,000 now."
"Really? So, you bought it for $520,000?"
"No – but my neighbor's house sold for $520,000 last winter and now the same model is on the market for $480,000. I have the same model, so I must have lost $40,000."
"I thought you bought your house three years ago for $340,000?"
"Yep."
"So where did you lose the $40,000? Sounds to me like you've gained $140,000."
When you’re ready to sell it, keep in mind you must sell in the market you’re in today. It doesn’t matter what your former neighbor got six months ago, or what properties are listed for now.
Somebody needs to blink. Sellers seem to be saying to Buyers "I’ll drop my price, just make an offer." While Buyers are blankly replying, "I’ll make an offer, just lower your price."
Keep in mind, the market is the market. When it’s time to buy, buy. When it’s time to move, then sell. Work with the market you’re in, not in the market you wish it would be. As inventories grow and days on market increase, those in the business know what will sell a house more than anything else …the price needs to come down to where the buyers are biting.
What is your true goal -- to get a certain amount of gain, or to get to the next house; and, finally, are you really in the game or just playing around? Get serious. Price right. Get on with life.
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