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overpriced house Dealing with Overpriced Homes and Emotional SellersTo some homeowners, their house becomes an extension of their egos. When they decide to sell, they overprice their home, reasoning that if the Adams home down the street sold for $280,000, then theirs must be worth at least $295,000.

After all, they’ve added cool decorating and upgraded appliances. How long it takes these homeowners to wake up depends on their level of motivation to sell, which is why it’s important to find out why they are selling and when they must move. (more…)

They decided that their offer would be $26,900 under the list price, which was a considerable reduction, but considering these statistics they felt it was worth a try. Another factor influencing their offer was that when Andrea called the listing agent, she found out the seller’s new home would be finished in about six weeks. (more…)

With a preapproval letter for $330,000 in hand, Russ and Linda scheduled a meeting with their agent to start the house-hunting process. Their agent used the MLS to print a list of twenty-seven homes in areas of interest priced between $320,000 and $360,000.

Because the housing market was slow, they felt it was reasonable to believe they would be able to discount up to $30,000 off the list price of a home. Going over the list with their agent, they quickly eliminated sixteen homes. (more…)

Let me add a note of caution on the MLS’s days-on-market statistic. A home that’s been on the market for two or three months doesn’t mean that it’s been sitting there with no action. Failed sales owing to a buyer’s not qualifying, a questionable inspection result, poor appraisal, and so on can add to the days-on-market odometer. (more…)

Seller weighing 300x211 How to Determine the Best Offer to the SellerThe thrill of knowing that all your efforts have finally paid off, and that you’ve finally found the house you’ve been looking for, can quickly turn into a high-wire balancing act between making an offer fast and getting the lowest price possible.

If you take too long to submit your offer, another buyer with similar tastes to yours is liable to come along and submit an offer. In fact, many experienced agents can relate instances when homes have sat on the market for weeks with no activity, and then suddenly several offers were made on the same day. It’s almost spooky! (more…)

You’ve probably noticed that as you drive through neighborhoods and look at the properties on your shopping list, certain areas and styles of homes begin to stand out. This is good, because it helps you tweak your list and narrow your choices.

Once this happens, it won’t be long before you walk into a home and know immediately that you’ve found ‘‘the one.’’ It can be both exciting and stressful to stand in the entryway of a home and know it’s the property you’ve been searching for. (more…)