To Sell or Not To Sell

Tough times calls for tough choices. Hard nosed sellers don't want to hear the truth about pricing their homes correctly under the current market conditions. Instead, many will actively seek out real estate professionals that falsely promise to get the sellers their full asking price and that is assuming they don't over price the home from the beginning.

What surprises me is when these very same sellers become upset and frustrated when their home ends up sitting on the market for months after turning down realistic and reasonable offers.

The first thing a seller should do when setting the asking price is to ask themselves the question, "Do I really want to still own this house 6,7 or 9 months from now?" That is if they have the luxury to wait around for a buyer to offer that magic price regardless of how long it takes. However, some sellers may be relocating and need to free up their funds to purchase a new home while others may be facing foreclosure. In these tough economic times the age old saying holds true: a bird in the hand is worth more than two in the bush.

So, here is a bitter pill--If it don't appraise at that "magic price" or greater then the lenders won't lend the buyer any money to buy until the contract price is in line with the appraisal. In other words, save yourself some time and price it correctly.