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 danbury, CT

Latitude: 41.403444 -- Longitude: -73.460698

Other Area Cities: Brookfield Ridgefield Bethel Danbury Georgetown Redding Sherman

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Danbury is a city in Fairfield County, Connecticut, United States. The 2000 census declared the population to be 74,848, but a July 1, 2004, update put it at 78,263. In 2005, Danbury Mayor Mark Boughton said the city actually numbers around near 90,000, due to recent immigration from Ecuador [2] and Brazil. Unofficial estimate is that there are 5,000 Ecuadorians (mostly from the Andes province of Azuay) and 15,000 Brazilians (mostly from the eastern province of Minas Gerais). Danbury is one of the fastest-growing cities in Connecticut, possibly because the cost of living is relatively low compared to other regions within rail-commuting distance of New York City (via Metro North). -- Source: Wikipedia.com

Connecticut 2000 Census Population Profile Map

	Danbury	Connecticut	United States
Population	74,848	3,405,565	281,421,906
Median age	35.2	37.4	35.3
Median age for Male	34.1	36.1	34
Median age for Female	36.2	38.6	36.5
Households	27,183	1,301,670	105,480,101
Household population	71,720	3,297,626	273,643,273
Average household size	2.64	2.53	2.59
Families	17,880	881,170	71,787,347
Average family size	3.18	3.08	3.14
Housing units	28,519	1,385,975	115,904,641
Occupied units	27,183	1,301,670	105,480,101
Vacant units	1,336	84,305	10,424,540

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