Thursday, June 25, 2015

Home Seller Tips: Who determines the selling price?

How many buyers does it take to change a seller's mind?    This is not a trick question but it could easily be a multiple choice question.

I believe most sellers, if they are honest with themselves, know the likely ballpark price their home will ultimately sell for in the current market.   But, sometimes, it takes a while for sellers to finally agree to the real price.

Who determines the selling price?

What any home sells for is a function of buyer interest and other market forces (competition, interest rates, condition, location, community resources/desirability, crime rate, etc.).  

No place on that list is what the seller wants, what the seller paid plus a profit, what the seller paid plus the cost of maintenance items (AC, roof, etc).

I have heard of some sellers still refusing to accept an offer even after eight offers have come in within $5,000 or so of each other!

If eight or six or four offers come in and they are close in terms and price, it seems like the real price has been set by the market!

So, how many buyers will it take to change the sellers mind? 

The seller will decide.

However, extended days on the market created by rejecting offers can work against a seller and result in lower offers in the future (or none at all).   Prospective buyers will wonder what is wrong with a house or conclude the seller is not really interested in selling!

Still, sellers should evaluate every offer carefully.  The first may be the highest.  A counter offer may allow a buyer to walk or find another property. 

If you are considering selling your Viera, Florida home, please give me a call at 321-693-3850  to discuss how I can help you.