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 Cheyenne, WY

Latitude: 41.145548 -- Longitude: -104.802042

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Cheyenne Frontier Days are a major event on the professional rodeo circuit. At the 1953 Frontier Days the US Air Force's precision flying squadron, the Thunderbirds, made their public debut. Seven-year old Jessica Dubroff, attempting the stunt of becoming the youngest child ever to pilot a plane across the United States, crashed shortly after takeoff from Cheyenne, April 11, 1996. The 9 acre Cheyenne Botanic Gardens are located in Lions Park and features numerous gardens. It also features a solar heated and powered solar conservatory. The Cheyenne Botanic Gardens depends upon a large volunteer force made up primarily of seniors, youth, and disabled residents who provide 90% of the work at the Gardens.The median income for a household in the city was $38,856, and the median income for a family was $46,771. Males had a median income of $32,286 versus $24,529 for females. -- Source: Wikipedia.com

Wyoming 2000 Census Population Profile Map

	Cheyenne	Wyoming	United States
Population	53,011	493,782	281,421,906
Median age	36.6	36.2	35.3
Median age for Male	35.1	35.3	34
Median age for Female	37.9	37.1	36.5
Households	22,324	193,608	105,480,101
Household population	52,020	479,699	273,643,273
Average household size	2.33	2.48	2.59
Families	14,174	130,497	71,787,347
Average family size	2.93	3	3.14
Housing units	23,782	223,854	115,904,641
Occupied units	22,324	193,608	105,480,101
Vacant units	1,458	30,246	10,424,540

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