Sellers - Don't Let This Happen To You - Originally posted at Cleveland Real Estate Blog
If you are selling or thinking of selling your home, please don't make this common mistake as it could cost you a lot of money.
As much as it may hurt you to hear this, your home is only worth what someone will pay for it. No mater how much you bought it for, how much you owe, or how much you truly love your home, it is only worth what the market will bear.
SAD BUT TRUE
Here's a true story, although we changed some information for confidentiality reasons.
A home was listed for $400,000. After 500 days on the market, and dozens of showings, it never sold. The sellers were fixated on getting a specific price for their home and were willing to wait for "the right buyer". The listing agent advised them to lower their price, but the sellers chose to ride out the market, assuming it would eventually get better.
The sellers then felt like they needed a change, and re-listed the home with another agent for $375,000. Buyer clients of mine saw the home and liked it, but thought it was overpriced based on the other homes they saw on the market. They made an offer for $330,000, what they thought was fair and reasonable.
The sellers were a little put off by our offer and chose not to negotiate until we came up higher. My buyers were afraid of overpaying for this home and ended up buying something else. This home was then re-listed 5 months later with yet another agent for $349,000 and ended up selling for $300,000!!!
This scenario happens all the time everywhere throughout the country. We understand that losing money is extremely painful, but holding on to a depreciating asset is a losing proposition. You will lose money every day you continue to own the home.
MORAL OF THE STORY: Don't let greed or emotions cloud your judgment. When you get a decent offer, try to make it work because you never know if and when the next one will come or what it will be.
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About The Authors:
Dan and Amy Schuman service the Cleveland, Oh metropolitan area and specialize in Cleveland luxury homes and working with buyers relocating to Cleveland.
For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235 or email.
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Sellers - Don't Let This Happen To You is the property of The Schuman Team and may not be duplicated or used without their written consent. ©June, 2011
