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 Gaffney, SC

Latitude: 35.071938 -- Longitude: -81.653005

Other Area Cities: Gaffney Spartanburg

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Gaffney is a city in Cherokee County, South Carolina, United States. As of the 2005 estimate, the city population was 13,149. It is the county seat of Cherokee CountyGR6. It is the principal city of the Gaffney, South Carolina Micropolitan Statistical Area (population 52,537 according to year 2000 estimates by the U.S. Census Bureau), an (MSA) which includes all of Cherokee County and which is further included in the greater Greenville-Spartanburg-Anderson, South Carolina Combined Statistical Area (population 1,185,534 according to year 2005 U.S. Census Bureau estimates).The Gaffney High School football team is also well-known regionally. The program boasts 14 State Championships and alumni such as the Washington Redskins' Rocky McIntosh and University of South Carolina All-American Sidney Rice. -- Source: Wikipedia.com

South Carolina 2000 Census Population Profile Map

	Gaffney	South Carolina	United States
Population	12,968	4,012,012	281,421,906
Median age	37.5	35.4	35.3
Median age for Male	35	34	34
Median age for Female	40.1	36.7	36.5
Households	5,304	1,533,854	105,480,101
Household population	12,326	3,876,975	273,643,273
Average household size	2.32	2.53	2.59
Families	3,335	1,072,822	71,787,347
Average family size	2.96	3.02	3.14
Housing units	5,765	1,753,670	115,904,641
Occupied units	5,304	1,533,854	105,480,101
Vacant units	461	219,816	10,424,540

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