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 Lake Arrowhead, CA

Latitude: 34.25629 -- Longitude: -117.191326

Other Area Cities: Crestline Lake Arrowhead

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Lake Arrowhead is a census-designated place (CDP) in San Bernardino County, California, USA. The population was 8,934 at the 2000 census. Lake Arrowhead Village is an unincorporated community, with the Chamber of Commerce the de facto governing body. As of January 2006, John Lorenz is the Chairman of the Lake Arrowhead Communities Chamber of Commerce. Lake Arrowhead weekend cabin designed by MGM film star Ruth Hussey Enlarge Lake Arrowhead weekend cabin designed by MGM film star Ruth Hussey The University of California, Los Angeles operates the nearby UCLA Conference Center, a full-service conference facility with lodging and meeting space. Lake Arrowhead is a man made lake that was originally created to water the orange trees in locations such as Redlands and Riverside. However, it is now a private lake restricted to the use of property owners. -- Source: Wikipedia.com

California 2000 Census Population Profile Map

	Lake Arrowhead	California	United States
Population	8,934	33,871,648	281,421,906
Median age	39.1	33.3	35.3
Median age for Male	39	32.2	34
Median age for Female	39.2	34.4	36.5
Households	3,243	11,502,870	105,480,101
Household population	8,934	33,051,894	273,643,273
Average household size	2.75	2.87	2.59
Families	2,445	7,920,049	71,787,347
Average family size	3.17	3.43	3.14
Housing units	8,857	12,214,549	115,904,641
Occupied units	3,243	11,502,870	105,480,101
Vacant units	5,614	711,679	10,424,540

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