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 Danville, VA

Latitude: 36.587238 -- Longitude: -79.404404

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Danville is an independent city in Virginia, bounded by Pittsylvania County, Virginia and Caswell County, North Carolina. The Bureau of Economic Analysis combines the city of Danville with Pittsylvania county for statistical purposes under the Danville, Virginia Metropolitan Statistical Area. Danville is also called the city of churches because it has more churches per square mile than any other city in the state of Virginia. The population was 48,411 at the 2000 census. It hosts the Danville Braves baseball club of the Appalachian League. Dan River Industries, formerly one of the world's largest textile mills, recently closed leaving a large number of Danvillians without jobs. -- Source: Wikipedia.com

Virginia 2000 Census Population Profile Map

	Danville	Virginia	United States
Population	48,411	7,078,515	281,421,906
Median age	40.5	35.7	35.3
Median age for Male	37.5	34.5	34
Median age for Female	42.8	36.8	36.5
Households	20,607	2,699,173	105,480,101
Household population	46,732	6,847,117	273,643,273
Average household size	2.27	2.54	2.59
Families	12,931	1,847,796	71,787,347
Average family size	2.89	3.04	3.14
Housing units	23,108	2,904,192	115,904,641
Occupied units	20,607	2,699,173	105,480,101
Vacant units	2,501	205,019	10,424,540

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