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 Shreveport, LA

Latitude: 32.468003 -- Longitude: -93.771115

Other Area Cities: Shreveport Bossier City

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Shreveport, Louisiana, is the third largest city and the third largest metropolitan area in the U.S. state of Louisiana. It is the seat of Caddo Parish. As of 2004, the city's population given by the U.S. Census Bureau was 198,675, a decline from the 2000 census levels. Bossier City lies across the Red River in Bossier Parish and the Shreveport-Bossier City Metropolitan Area population exceeds 375,000. Shreveport is the commercial and cultural center of the Ark-La-Tex, the area where Arkansas, Louisiana, and Texas meet. Some call it the "Gateway to East Texas;" others claim that Shreveport sits on the border between the South and the West. The city exercises a great pull over this region. A good example of this is that people in East Texas watch and donate money to the Louisiana Public Broadcasting Service (PBS) because no PBS station exists in northeast Texas. -- Source: Wikipedia.com

Louisiana 2000 Census Population Profile Map

	Shreveport	Louisiana	United States
Population	200,145	4,468,976	281,421,906
Median age	34.3	34	35.3
Median age for Male	31.9	32.6	34
Median age for Female	36.4	35.3	36.5
Households	78,662	1,656,053	105,480,101
Household population	194,754	4,333,011	273,643,273
Average household size	2.48	2.62	2.59
Families	50,442	1,156,438	71,787,347
Average family size	3.12	3.16	3.14
Housing units	86,802	1,847,181	115,904,641
Occupied units	78,662	1,656,053	105,480,101
Vacant units	8,140	191,128	10,424,540

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