Sellers have an emotional attachment to their property. They sometimes see value that is not really there or have unrealistic expectations of what their net proceeds should be. Too often, I am told by the Seller; ‘I can’t sell for that; I owe more on my mortgage and I have to cover the commission.’ The outcome of this usually ends up costing the Seller. The market value rules no matter how leveraged a property is.
The listing agent knows best and uses the latest technology and data to come up with the approximate opinion of value. The agent may adjust the price up or down depending on the Sellers expectations. If the Seller is motivated, one would adjust down and up if the Seller has time to test the market.
A realistically priced property should sell in 30 to 90 days. When selling a property, time is of the essence. The sooner a property is sold the less it cost the Seller. Once a Seller has made the decision to sell, they must consider the monthly cost of keeping the property and calculate the consequence of a lengthy selling period. Maintenance, taxes and depreciation are some of the forces working against the Seller’s bottom line.
In the real estate business, many agents say ‘the first offer is always the best offer.’ When an offer is received, the Seller should carefully consider it and try to work closely with the buyer in order to work out any disagreement there may be from either party. This may very well be the best opportunity and may be the last for a while.