If you want to sell your property in this market you need to follow one simple directive: be the most appealing product out there. Period. There was a time when being good was good enough, but this is not that time. And there was a time when granite and cherry wood elicited all the 'oohs' and 'aaahs' you needed to get a buyer interested. That time, too, is gone.Now is the time to view your property - your product - objectively and without passion. Your property is a product being placed on a crowded shelf in a market filled with shelves of similar products. Making matters more difficult, all the other manufacturers are cutting prices and flooding the market with specials and sales that make it difficult for you to compete. Shoppers in this market will walk right past bright colored packages and expensive wrapping to make a choice based almost entirely on value. Simple is the name of the game.
You know it's true because as a consumer in any other arena, you do it all the time. A couple of autumns ago you might have gotten the most expensive ingredients you could find for that first hearty pasta 
dish of the cold-weather season. Fresh noodles from the refrigerated section - maybe some seafood for a creole inspired stew; it all sounded so good and the expensive grocery store was justifiably beautiful to shop in. But now? Let's face it. The 29 cent box of pasta from the neighborhood market serves just as well at a table where your spouse may be worried about keeping a job, in a kitchen where heat is getting more expensive to maintain, and in a house where the value has been steadily declining for the past three years. No one's got money to waste, these days. It's just that simple. 
Simple but not easy, when what's at stake is your most valuable financial asset. Nonetheless, to be successful in the sale you must place yourself in the position of the buyer. Stand in front of that shelf and look objectively at the selection. There are twenty 3-bedroom condos in the area. Some are priced well into the $400s and have all kinds of fabulous fixtures. But there are two in the upper $200s that you can fix-up yourself for much less money. With the more conservative stance that is today to spending what the little black dress has always been to fashion, which one will you choose? The answer is obvious.
It's antithetical even to us in the throes of making it happen. As a seller's agent, I am trained (and instictively desire) to seek the highest price possible for your asset. However, the truth is this may not be the correct objective in the long view. If what you want to do is take advantage of market conditions to upgrade to a bigger home, you must be willing to accept that buyers in your product category are trying to do exactly the same thing. They, like you, will be doing alot of simple mathematics. If you will lose $50,000 in anticipated equity on the sale of your property, but you will buy a property that will net you $80k, wouldn't it make financial sense to move? Is it worth it to pay a monthly mortgage payment for 10 months while your overpriced listing stays on the market unwanted, ultimately forcing you to lower your price to find a buyer? Or would it make more sense to price the product correctly in the first place and only make 4 payments before you sell?
dish of the cold-weather season. Fresh noodles from the refrigerated section - maybe some seafood for a creole inspired stew; it all sounded so good and the expensive grocery store was justifiably beautiful to shop in. But now? Let's face it. The 29 cent box of pasta from the neighborhood market serves just as well at a table where your spouse may be worried about keeping a job, in a kitchen where heat is getting more expensive to maintain, and in a house where the value has been steadily declining for the past three years. No one's got money to waste, these days. It's just that simple. Simple but not easy, when what's at stake is your most valuable financial asset. Nonetheless, to be successful in the sale you must place yourself in the position of the buyer. Stand in front of that shelf and look objectively at the selection. There are twenty 3-bedroom condos in the area. Some are priced well into the $400s and have all kinds of fabulous fixtures. But there are two in the upper $200s that you can fix-up yourself for much less money. With the more conservative stance that is today to spending what the little black dress has always been to fashion, which one will you choose? The answer is obvious.It's antithetical even to us in the throes of making it happen. As a seller's agent, I am trained (and instictively desire) to seek the highest price possible for your asset. However, the truth is this may not be the correct objective in the long view. If what you want to do is take advantage of market conditions to upgrade to a bigger home, you must be willing to accept that buyers in your product category are trying to do exactly the same thing. They, like you, will be doing alot of simple mathematics. If you will lose $50,000 in anticipated equity on the sale of your property, but you will buy a property that will net you $80k, wouldn't it make financial sense to move? Is it worth it to pay a monthly mortgage payment for 10 months while your overpriced listing stays on the market unwanted, ultimately forcing you to lower your price to find a buyer? Or would it make more sense to price the product correctly in the first place and only make 4 payments before you sell?
A trusted and competent real estate professional will work with you to help you understan
d the value of your home from this simple product placement perspective, taking into account the competition from drastically reduced short-sales, bank-owned foreclosures, and desperate sellers. If he/she does not address this issue in your market analysis, fire him or her and move on to someone who knows what they're talking about. This is no time for foolishness. Your home is likely the most valuable asset you'll ever own and you need the guidance of a knowledgeable and honest professional. It is simple, but not easy.
d the value of your home from this simple product placement perspective, taking into account the competition from drastically reduced short-sales, bank-owned foreclosures, and desperate sellers. If he/she does not address this issue in your market analysis, fire him or her and move on to someone who knows what they're talking about. This is no time for foolishness. Your home is likely the most valuable asset you'll ever own and you need the guidance of a knowledgeable and honest professional. It is simple, but not easy.If you'd like me to help you plan the sale or purchase of a home, please don't hesitate to call me at 773-457-2495.
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