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 Moore, OK

Latitude: 35.338813 -- Longitude: -97.487584

Other Area Cities: Moore Choctaw Del City Midwest City Norman Oklahoma City Mustang

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Moore is a rapidly growing suburb in Cleveland County, Oklahoma and is part of the Oklahoma City Metropolitan Area. As of July 1, 2003, the city population was 44,987. Situated next to the northern boundary of Cleveland County, Moore is the second largest city in the county and the ninth largest city in the state. Moore is less than twenty minutes from downtown Oklahoma City, Will Rogers World Airport, Tinker Air Force Base, the University of Oklahoma, the Federal Aviation Administration's Mike Monroney Aeronautical Center, and thousands of businesses, industries, public and private schools, as well as recreational and cultural facilities. The city often falls victim to tornadoes, and has been severely damaged by tornadoes on October 4, 1998 May 3, 1999, and May 8, 2003. The May 3, 1999 tornado that hit Moore was rated an F5 on the Fujita scale, and was one of the strongest and most destructive tornadoes ever recorded in history. -- Source: Wikipedia.com

Oklahoma 2000 Census Population Profile Map

	Moore	Oklahoma	United States
Population	41,138	3,450,654	281,421,906
Median age	32	35.5	35.3
Median age for Male	31	33.9	34
Median age for Female	33	36.9	36.5
Households	14,848	1,342,293	105,480,101
Household population	40,875	3,338,279	273,643,273
Average household size	2.75	2.49	2.59
Families	11,565	921,750	71,787,347
Average family size	3.13	3.02	3.14
Housing units	15,801	1,514,400	115,904,641
Occupied units	14,848	1,342,293	105,480,101
Vacant units	953	172,107	10,424,540

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