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 Kingsport, TN

Latitude: 36.536851 -- Longitude: -82.542123

Other Area Cities: Johnson City Bristol Kingsport Lynn Garden Colonial Heights

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Kingsport is a city located primarily in Sullivan County, Tennessee, United States. The population was 44,905 at the 2000 census. The city, along with Bristol, Tennessee, Bristol, Virginia and Johnson City, Tennessee, is part of the Tri-Cities, Tennessee. Kingsport was among the first cities in the early twentieth century with a modern urban design of Cambridge, MA and among the first municipalities with a city manager form of government and a school system built on a model developed at Columbia University. The vessel SS Kingsport Victory, which later became USNS Kingsport, was named in honor of the city. Pal's Sudden Service, a regional fast-food restaurant chain, opened its first location in Kingsport. Eastman Chemical Company is headquartered in Kingsport. -- Source: Wikipedia.com

Tennessee 2000 Census Population Profile Map

	Kingsport	Tennessee	United States
Population	44,905	5,689,283	281,421,906
Median age	41.9	35.9	35.3
Median age for Male	39.3	34.5	34
Median age for Female	44	37.2	36.5
Households	19,662	2,232,905	105,480,101
Household population	43,738	5,541,337	273,643,273
Average household size	2.22	2.48	2.59
Families	12,638	1,547,835	71,787,347
Average family size	2.8	2.99	3.14
Housing units	21,796	2,439,443	115,904,641
Occupied units	19,662	2,232,905	105,480,101
Vacant units	2,134	206,538	10,424,540

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