Priced To Sell

November 20, 2008

In today’s volatile market, buyers expect to get a great deal when then purchase a home. It’s almost as if they want to be rewarded for being brave and credit worthy. So how do you price your home so that it’s competitive enough to get buyers looking at it, but high enough to allow the negotiating room buyers need so they can assure themselves they purchased the home at a discount?

A while back I showed a home that had been reduced for a quick sale. It was a great deal. The buyer I was working with loved the house and made an offer (90% of list price) on the home. The offer was rejected. When I asked if the buyer would have been happy with the purchase price if the home had originally been listed higher and he’d offered the current list price. The buyer admitted that buying the home at a discount was more important than finding the right house at the right price. He absolutely could not pay full list price for the home, even though the list price was below comparable homes.

It’s difficult for sellers to understand that some of the appreciation they’ve experienced over the last few years has been wiped out. But if a seller has owned for more than about 8 years, he still should have built up enough equity to be able to price well, leave a little room for negotiation and walk away from the table with some profit. Compare profits to what your stock portfolio or retirement is worth, and sellers in most parts of the country are still OK. Yes, there are areas in the country where sellers are upside down in their mortgages, but how many of these sellers have owned for more than 8 years?

So if you’re a seller with enough equity to negotiate, do so with grace and gratitude. Hopefully, you’ll get just a good a deal when you go to buy your next home!

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Local Information for Southlake, TX

Latitude: 32.946678 -- Longitude: -97.14523

Other Area Cities: Southlake Bedford Colleyville North Richland Hills Euless Grapevine Hurst Watauga Flower Mound Keller Lewisville Roanoke Westlake Coppell Arlington

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Southlake is a city located primarily in the northeastern part of Tarrant County, Texas. A small northernly region of the city is in Denton County, United States. The population was 21,519 at the 2000 census. Southlake is well known for its Southlake Town Square project, a massive shopping center located on State Highway 114 and Southlake Boulevard. It is one of the most popular shopping centers in Tarrant County, especially when judged in proportion to the population of Southlake. A plan was approved in March 2005 that allowed the Town Square's area to be doubled. Sabre Holdings, an S&P 500 company and owner of Travelocity, is headquartered in Southlake. The Dallas Burn (now FC Dallas) were located in Southlake before and after moves to the Cotton Bowl. They moved again to Frisco, Texas in 2005. -- Source: Wikipedia.com

Texas 2000 Census Population Profile Map

	Southlake	Texas	United States
Population	21,519	20,851,820	281,421,906
Median age	36.7	32.3	35.3
Median age for Male	37.1	31.3	34
Median age for Female	36.4	33.4	36.5
Households	6,414	7,393,354	105,480,101
Household population	21,508	20,290,711	273,643,273
Average household size	3.35	2.74	2.59
Families	5,961	5,247,794	71,787,347
Average family size	3.48	3.28	3.14
Housing units	6,614	8,157,575	115,904,641
Occupied units	6,414	7,393,354	105,480,101
Vacant units	200	764,221	10,424,540

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