Pricing, Buying, offers, value

On my "Real" blog, I'm switching formats and going to a WordPress platform and getting away from my more website-like blog.  It's a slow process but while I'm switching I thought I'd post some of my archived postings from months and years past that may be helpful or at least information. This is one of those posts . . . .

 Almost everyone I talk to who is a buyer wants one thing consistently across the board -- VALUE.
Of course, everyone's idea of value is different. Most people I help buy real estate understand that you can't walk into a home you like, offer 20% less than the list price and expect any sort of response from the sellers -- other than indifference.
 Statistics say that in most parts of Columbus, the difference between the list price and the selling price rarely exceeds more than about 3%. Any Realtor worth his or her weight wants to price the home at an appropriate price range to benefit the sellers and themselves.

 Buyers need to understand this before they begin the home buying process. Sure we all want a good deal and that's where an informed realtor like myself can come in and save some real money -- in the real estate negotiation process. A few thousand here, a few thousand there, it all adds up quickly.

  More and more, Realtors are asked to demonstrate the value they bring to the home buying process. I, for instance, am a trained negotiator. But it's vitally important to remember that I am not about to tell my buyer what to offer for the property. That's not my decision, it's theirs. I can do fabulous background research to find out what the realistic market value of a home is. I can talk to the home buyer about negotiations in a real estate deal in Columbus and what to expect but it's the buyer who ultimately makes that decision.

  Similarly, when it is time to price the home for sale it's the seller who makes the decision to the price the house. In a real estate deal this is where it all begins and ends. If a home is priced well, it will sell for the most amount of money in the quickest time. If it's overpriced, it will anguish on the market for months and months before it is sold -- and even then only after a series of price reductions to price the home at the level it should have been listed for in the first place. It is vitally important to have a competent real estate professional and to listen to their recommendations in regard to pricing to avoid such a scenario.

Monday, October 18, 2004