by Ethan Nobles
Real estate prices are set by current market conditions. That might seem like an elementary statement, but some people believe a good Realtor can help net an unreasonable price for a home. That’s simply not the case.
Let’s say, for example, Sue Seller wants to sell her home. She goes to see Smiling Pete, a Realtor with Fighting Panther Real Estate in Benton, and visits with him about selling it. Pete knows that the market determines the value of Sue’s home, so he does some research and concludes that the house is worth about $200,000 on the open market. Sue, however, thinks she should be able to get $250,000 for her home and insists that Pete list it for that much. What should Pete do?
Greta Moore of G Moore Properties in North Little Rock said Pete’s problem is not an uncommon one. She said Realtors® are often expected to sell a house for more than it’s worth. In Pete’s case, he could either list Sue’s home for $250,000 and avoid arguing with her, or he could be honest with her and tell her it’s unlikely she will sell her home for that much money so she should consider asking $200,000 for it.
It might be uncomfortable for Pete to go the honest route, but Moore said telling Sue she has unreasonable expectations is the best way to go. Not only will that reinforce Pete’s reputation as a trustworthy Realtor, but it will also ultimately protect Sue. If Pete agrees to list the home for $250,000, he’s looking at a situation where the home could sit on the market for months because it’s extremely overpriced. Sue might get lucky and find someone willing to pay $250,000 for her home, but it’s far more likely that the home won’t attract any serious attention until she lowers her expectations to a reasonable level.
Meanwhile, Sue will lose something very valuable until her home sells — time. People who are selling homes are generally in the market to buy one, too, and it’s hard to consider taking on a new mortgage while waiting to get out from under an existing one. In Sue’s case, she might miss out on a lot of great homes while waiting for her current one to sell.
You can read more of the article at Arkansas Online Homes
Real estate prices are set by current market conditions. That might seem like an elementary statement, but some people believe a good Realtor can help net an unreasonable price for a home. That’s simply not the case.Let’s say, for example, Sue Seller wants to sell her home. She goes to see Smiling Pete, a Realtor with Fighting Panther Real Estate in Benton, and visits with him about selling it. Pete knows that the market determines the value of Sue’s home, so he does some research and concludes that the house is worth about $200,000 on the open market. Sue, however, thinks she should be able to get $250,000 for her home and insists that Pete list it for that much. What should Pete do?
Greta Moore of G Moore Properties in North Little Rock said Pete’s problem is not an uncommon one. She said Realtors® are often expected to sell a house for more than it’s worth. In Pete’s case, he could either list Sue’s home for $250,000 and avoid arguing with her, or he could be honest with her and tell her it’s unlikely she will sell her home for that much money so she should consider asking $200,000 for it.
It might be uncomfortable for Pete to go the honest route, but Moore said telling Sue she has unreasonable expectations is the best way to go. Not only will that reinforce Pete’s reputation as a trustworthy Realtor, but it will also ultimately protect Sue. If Pete agrees to list the home for $250,000, he’s looking at a situation where the home could sit on the market for months because it’s extremely overpriced. Sue might get lucky and find someone willing to pay $250,000 for her home, but it’s far more likely that the home won’t attract any serious attention until she lowers her expectations to a reasonable level.
Meanwhile, Sue will lose something very valuable until her home sells — time. People who are selling homes are generally in the market to buy one, too, and it’s hard to consider taking on a new mortgage while waiting to get out from under an existing one. In Sue’s case, she might miss out on a lot of great homes while waiting for her current one to sell.
You can read more of the article at Arkansas Online Homes
