Playing The Price is Right

Posted by Janet Owens on Thursday, July 26th, 2012 at 6:21pm.


We're very lucky to be living in the Montgomery County Texas area.  Overall, the housing market is very strong - especially in The Woodlands.  Here, you'll find houses selling in just a few weeks for list price. 

But real estate is local.   What might be selling in a short amount of time for list price in one area may not be true for other areas.  Today, most buyers are still looking for a deal. To sell your house in a relatively short amount of time, you will need to price it aggressively.

Lets say I have $100 and I ask who will give me $125 for it?  No one is going to do that!  Who wants to pay more than what its worth?  If I then ask who will give the $100 for it, the same thing will happen.  But, if I ask who will give me $80 for it, many people will step forward and someone will say, "I'll  give you $85" and someone else will say, "I'll give you $90".   Before you know it, someone is offering $95!  It's a gutsy move and isn't for the feint of heart.  This is called the "I've got to act quickly" price.  You've created an atmosphere where the buyers will be afraid to leave the home without making an offer.  They'll be afraid someone else will come along and snatch it out from under them.

When your home goes on the market, buyers know about it immediately.  Most of them have set up automatic searches to alert them via email when homes that meet their needs are listed.  They will call to see your home right away before someone else has a chance to make an offer.  Realtors that are working with buyers will also see your listing on the MLS and will take their buyers out right away.  What you won't see is someone asking their Realtor to show them your house 6 months from now.  Buyers want to act now - if the price is right!

When the buyer schedules a showing on your home, it is actually a second showing.  The first showing was on the Internet.  When your house is shown, it must win two awards.  The "Best Price" award and the "Best In Show" award.  You must have not only the best priced home but also the best looking one.  If you don't win both awards, you probably won't win them months down the road either.

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