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RE: OVERPRICED PROPERTIES FOR SALE
Unfortunately, there are some
REALTORS® taking listings that are
terribly overpriced. There are some
Sellers that think by placing an exaggerated price on a property and placing it
in the hands of a licensed
REALTOR®
somehow gives credibility to their over inflated
asking price! What occurs is exactly the opposite.
What actually happens is three
(3) things:
1)
You miss out on a prospective Buyer that could have been interested in
buying your property.
2)
The Fair Market Value of the
property actually drops below what it originally was to start with.
3)
It creates a False Financing &
Real Estate Market with disappointment to both
Buyers and Sellers.
The bottom line is:
if the property sits on the market unsold for 6 to 12 months or even longer, the
value and net worth of the property actually drops less than if it were priced
correctly right from the start, believe it or not, the damage has already been
done. One should always remember; the best
series of Buyers come within the first 30 days from when a property is
first listed on the market; the second best series of Buyers come within the next
30 days; the third best series of Buyers come within the next 30 days and so on.
So, by the time you get past six (6) months, the truly legitimate Buyer pool
has considerably dried up on your property and it leaves you with wondering, "what
happened?"
Have you ever drove
by a property that had a "For Sale" sign on for what seems like forever?
Haven't you ever said or thought,
"I wonder what's wrong with that property?". If we're
being honest, we have all said or at least thought that. Now, would you ever
seriously consider looking at such a property if you were Buying?
If you're honest once again, no, you
probably wouldn't as it now has a stigma of being unattractive and/or it may have the appearance of having something wrong
with it, even though it does not.
For Sellers, if the asking price is
ever in question or in debate, it is my suggestion that an appraisal be done by
an independent third party
accredited appraiser.
This will give you an unbiased
value of opinion on your property and be a guide in setting the most realistic
asking price to achieve the true fair market value.
Future Homes & Real Estate
Ltd. Brokerage believes so highly in this process, we have a policy - we will credit you
back the cost you pay for such an appraisal on the closing date of your sale, in
essence, this appraisal ends up costing you nothing!
For Buyers, if the asking price is
in question or in debate, I suggest an offer to purchase be made conditional on
the property being appraised by an independent
accredited appraiser
to determine
and ensure the true market value of the property be at least equal to the price
being offered, otherwise the offer becomes null and void.
By adhering to these two basic
principals of buying and selling real estate in today's modern day real estate
market, you will enjoy and appreciate the peace of mind your asking price and/or
your offer to purchase has the credibility and fairness they both deserve.
By Robert
Tatomir, Broker of Record
ABR,
MVA,
RECS,
SRES
CREA Canadian
Commercial Council
Future Homes & Real Estate Ltd. Brokerage |
