The Three Reasons a Property Will Sell.
January 15, 2008
Having just been through a real estate market of "irrational exuberance" (to quote Alan Greenspan's term for the stock market), we seem now to be in a real estate market of "irrational depression". Buyers are sitting on the side lines waiting for the "bottom", sellers are seeking the magic potion that will make their property sell.
For as long as I can remember, "Location, Location, Location" were cited as the three vital qualities that made a property sell easily. Certainly location is an important factor that influences a buyer's decision. For a seller, location is also the one quality about the property that the seller is unable to change. Thus, I suggest that price and condition play a role in what makes a property sell.
In yesterday's blog, I addressed important and basic condition issues. Today, I will examine the pricing issue.
If you purchased a property as an investment rather than as a place to put down roots then you probably need to accept what purchasers of stocks and other investments know: Investment portfolios go up and come down. The value of your property investment will be determined by current market conditions. If you have a choice to hold or sell, look at the current market value and then decide to hold on or sell. If, however, due to personal considerations such as job change or family changes you need to sell, the price you ask must reflect the current market, the condition of your property vis-a-vis other similar properties and the location. Choose your real estate agent carefully, get more than one market analysis and above all, don't look back.
We are entering a new year, a new market and the price you ask will need to reflect this new reality.
Having just been through a real estate market of "irrational exuberance" (to quote Alan Greenspan's term for the stock market), we seem now to be in a real estate market of "irrational depression". Buyers are sitting on the side lines waiting for the "bottom", sellers are seeking the magic potion that will make their property sell.
For as long as I can remember, "Location, Location, Location" were cited as the three vital qualities that made a property sell easily. Certainly location is an important factor that influences a buyer's decision. For a seller, location is also the one quality about the property that the seller is unable to change. Thus, I suggest that price and condition play a role in what makes a property sell.
In yesterday's blog, I addressed important and basic condition issues. Today, I will examine the pricing issue.
If you purchased a property as an investment rather than as a place to put down roots then you probably need to accept what purchasers of stocks and other investments know: Investment portfolios go up and come down. The value of your property investment will be determined by current market conditions. If you have a choice to hold or sell, look at the current market value and then decide to hold on or sell. If, however, due to personal considerations such as job change or family changes you need to sell, the price you ask must reflect the current market, the condition of your property vis-a-vis other similar properties and the location. Choose your real estate agent carefully, get more than one market analysis and above all, don't look back.
We are entering a new year, a new market and the price you ask will need to reflect this new reality.
posted by shirley harry at 9:21 AM
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