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 Huntsville, AL

Latitude: 34.712341 -- Longitude: -86.596296

Other Area Cities: New Hope Madison Harvest Huntsville

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Located in the north of Alabama amidst mountains, lakes and the Tennessee River, Huntsville is a wonderful place to live. Military, telecommunications, the space industry, biotechnology and other emerging manufacturing companies provide a solid economic base for the area. Major concerts, Broadway and symphony performances, world class golf, U.S. Space and Rocket Center, botanical gardens as well as many art exhibits all add to the high quality of living. Median price homes are approx. $140,000. Outdoor activities can be enjoyed year round with a 30 year average high in July of 89 degrees and 29 degrees in January. Huntsville, and its cross-river neighbor Decatur, combine their separate metro areas to form the Huntsville-Decatur Combined Statistical Area, which, in 2004, had a total population of 510,088.The two cities are sometimes referred to as, or considered, Twin Cities, or Sister Cities. -- Source: Wikipedia.com

Alabama 2000 Census Population Profile Map

	Huntsville	Alabama	United States
Population	158,216	4,447,100	281,421,906
Median age	36.7	35.8	35.3
Median age for Male	35.2	34.4	34
Median age for Female	38.1	37.2	36.5
Households	66,742	1,737,080	105,480,101
Household population	152,641	4,332,380	273,643,273
Average household size	2.29	2.49	2.59
Families	41,742	1,215,968	71,787,347
Average family size	2.91	3.01	3.14
Housing units	73,670	1,963,711	115,904,641
Occupied units	66,742	1,737,080	105,480,101
Vacant units	6,928	226,631	10,424,540

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