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 Mesa, AZ

Latitude: 33.411199 -- Longitude: -111.746438

Other Area Cities: Chandler Apache Junction Mesa Gilbert Scottsdale Tempe Higley Paradise Valley

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Mesa is a city in Maricopa County, Arizona and part of the Phoenix-Mesa-Scottsdale Metropolitan Area. It is the third-largest city in Arizona, after Phoenix and Tucson. Mesa is one of the United States' fastest-growing cities, and currently ranks as the 41st-largest. In 2005 the mid-decade Census survey estimated the city's population to be 448,096. Though a suburban city, Mesa actually has a larger population than better-known cities such as St. Louis, Missouri, Miami, Florida and Pittsburgh, Pennsylvania. Despite its large population, Mesa has a decidedly bedroom-community, sprawl-like character. Its downtown is minimal, and there are very few buildings in Mesa with more than two stories. Nevertheless, the recently completed Mesa Arts Center may help invigorate downtown Mesa. The city is also home to many gated retirement communities, which may explain the large percentage of senior citizens in the population. -- Source: Wikipedia.com

Arizona 2000 Census Population Profile Map

	Mesa	Arizona	United States
Population	396,375	5,130,632	281,421,906
Median age	32	34.2	35.3
Median age for Male	30.7	32.9	34
Median age for Female	33.6	35.5	36.5
Households	146,643	1,901,327	105,480,101
Household population	392,426	5,020,782	273,643,273
Average household size	2.68	2.64	2.59
Families	99,856	1,287,367	71,787,347
Average family size	3.2	3.18	3.14
Housing units	175,701	2,189,189	115,904,641
Occupied units	146,643	1,901,327	105,480,101
Vacant units	29,058	287,862	10,424,540

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