You’ve heard the old saying – “Location, location, location.”
The real truth is “Location, condition, and price.” And price trumps every other factor.
Location affects the value of a home, but it’s price that sells a home.
Oceanfront, mountainside, or penthouse, the most desirable location in the world won’t sell at the wrong price.
Every property has a potential buyer, but like rock, paper, scissors, it’s sometimes hard to know which factor is going to win the showdown.
A good location will sell at a fair price. A bad location will sell at a fair price, too. It just won’t be as a high as it would be for a good location.
A home in good condition will sell for a fair price. A home in poor condition will also sell at a fair price. Again, it won’t be as high as a comparable home in better condition.
But neither location or condition will sell any house. Only one thing does that – price.
So if you’re a seller waiting for that “special buyer” who will appreciate your faded pink and black bathroom tile, your vintage orange shag carpet and is willing to help you put your kids through college because of your real estate prowess, you’re going to have a long wait.
So if your home is represented by an agent, and it’s been on the market for a long time, chances are it’s your own fault.
Maybe you didn’t listen to your agent when he said you’re pricing your home above the market. Maybe you got mad at the first few folks who looked at your home and didn’t make offers.
When the showings stopped completely, maybe you accused your agent of not doing a good enough job.
You put the blame on everyone except where it belongs – on you. It’s not about you, what you want, or how much you need for your retirement.
It’s about the price.
Written by Blanche Evans on Monday, 20 January 2014