Pricing homes for sale is tricky. I spoke with a gentleman this week who wished to list his house for sale. It is a very nice home with lots of upgrades and beautifully landscaped. I had researched comparable homes which had sold, are for sale now, and expired listings to help determine the true market value of his property. The price he had in mind and the price the comparables supported were not even in the same universe. Ultimately, its the homeowner’s decision what the price will be, but he was somewhat irritated that my comparative market analysis did not jibe with what he wants to get out of the house. He chose another Realtor to list his house.
Artesia’s real estate situation is difficult for some right now. It’s hard to accept sometimes that your home is not worth what you think or want it to be. It’s downright nightmarish if your home is worth less than you owe on it and you are being transferred out of town and are forced to sell now. Believe me, I hate to tell people bad news, but it sometimes is part of the job description. I’m sure med-school students daydream about telling the waiting father that their newborn son is healthy and pink; or the waiting parents their child came through the surgery beautifully and will recover fully; or the desperate family that the chemo seems to have had the desired effect and all is well. The reality is that sometimes doctors have to deliver news that nothing more can be done, or that there is a problem, or that the cancer seems to be winning.
It is a breach of ethical standards to tell a prospective client their home is worth much more than can be supported in hopes of getting the listing. Such behavior is not only unethical, but unfair to the homeowner. A Realtor who lists a house for much more than it is actually worth will not devote the same time, energy and effort to that house because he or she knows it is a steep uphill battle. Houses that languish on the market for months and months tend to be less likely to sell or even be considered than homes which are fresh to the market.
My point? My job is to give you honest advice supported by market data that helps you make the best decision to either buy or sell. It is not my job to blow smoke or paint overly rosy pictures. If you want me to list your home, I will work hard to sell it. I will use all of the tools at my disposal like this blog, Facebook, Twitter, YouTube, and the tried and true legwork to sell your home. I will not give you an inflated, unrealistic value for you home to get your listing and then allow reality to sink in over the next several months of silence. Equally horrible is that a buyer is actually willing to purchase the home at or near the list price, only to find out that the appraisal is much lower than the agreed upon price. Back to square one with the hard truth about the actual value of the home.
My job is also to think outside the box for you and give you options. Call me even if you’re worried that current market conditions are not favorable to sell your house or to get qualified to buy a home. I have options for you and together, we’ll get there.
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