The Broadway Market and Real Estate
Last year I had a trip down memory lane with a few very good friends as we went to the Broadway Market in Buffalo.
Before I went shopping at the Broadway Market, I had done some research on the Internet. Checking out what is out there, and got an idea of pricing on items that I wanted. In these economic hard times, many consumers are stretching their dollars as far as they can.
This often means that you need to make decisions that you don’t want to make, but must.
Bargains – Everyone loves them!
There were several incredible bargains at the Broadway Market. But you have to be aware of your options. A few vendors at the Broadway Market really understood this and they got our business. I walked away from several other vendors and their high prices, knowing that I could get better value elsewhere.
So what does this have to do with Real Estate?
Well it is has a lot to do with it. I knew the prices of certain favorite items at another Buffalo institution Redlinski Meats in Cheektowaga. At one time they were in the Broadway Market, but they moved to another location because it make good economic sense. They have a loyal following, including my friend Georgia and I. After we walked around the Broadway Market, we made the decision to take our friends to Redlinski Meats, where prices were more agreeable with our wallets. (and we got free hugs too!) If you are selling your home; you need to read that sentence again.
Pricing your home high is not a luxury you can afford to do!
This is not just a problem we are seeing in Western New York, it is a crisis of home sellers delaying the heartbreak of not getting the price they want. Sellers want to feel good about the sale of their home. They want to get the highest price in the neighborhood ever! Even if it is not in line with what is happening in the market. Thesa Chambers in Oregon said it best in her home pricing article to Oregon Sellers :
The bottom line on pricing your home correctly is not about the listing price of your neighbor’s home nor is it what your plan for the future is. The bottom line is what have similar properties SOLD for. Even if you get lucky and find an uneducated buyer that may agree to your price and may write an offer for what you want for the property, unless the buyer is paying cash there will be an appraisal. If the comparable homes in the area have sold for less the appraiser will have to appraise your property accordingly. Gone are the days when an appraiser just automatically said the property is worth what the buyer is willing to pay.
With the current supply and demand for properties buyers are more likely to skip a property that is priced incorrectly and move on to another priced at market value. If a seller thinks that real estate is a game of offer and counter offer that seller is chasing off or missing potential buyers who are willing and able to buy but not willing to work with an unreasonable , unrealistic seller.
Home buyers are shopping for the bargains! The great deal they are looking for is the home that has value. Home buyers today have been watching the market for a long time. We have several buyers that are actively looking, waiting and watching. When the right home comes on the market they are ready to act. And they are discovering that there are a few other buyers there too. Welcome to the era of multiple bid situation.
Read Also: Let’s Make a Real Estate Deal!
Many of these home buyers are searching for homes and are stretching beyond their budgets to get into a home. Buyers are working longer hours with greater stress. They no longer are looking at homes that need a little TLC. They want to purchase a home ready to enjoy. From the first-time home buyer to the luxury home buyer they don’t want to do any work and in many instances won’t be able to do any renovations once they do purchase. The homes that are selling are in mint condition and priced in line with other homes that have recently sold. Often selling while other homes in the same area lose valuable marketing time and start on the slippery slope of Chasing the Market Down.
Read also: I just want my home SOLD!
Although these buyers might start looking in Williamsville, Clarence or Orchard Park, they are ending up purchasing in Tonawanda, Cheektowaga or Newfane. Why? Because in those areas, home sellers have shown better value for home buyers. If you want to sell stop acting like there is only one source for buyers to get the information on homes for sale. Those days went the way of the Internet.
Selecting an Real Estate Agent based on the list price they suggest is a dangerous proposition. Your selection of a Real Estate Professional should be what they bring to the table and the analysis that they do on your home. For instance, there should be a breakdown of what is for sale, what has sold. Sometimes it is important to look at the home compared to other homes in several different ways.
You may look just at square footage
Number of bedrooms/baths
You criteria may be to just a small section of town
Factors like new construction in your area will affect the value of homes that are 20 or 30 years old
Many times there are no comps that come up with so there are many adjustments that are made for the homes you are comparing
This type of analysis can take hours if done correctly. Be wary of agents that first ask you what you think your home is worth and then magically come up with a price that matches your number. Although it may be hard to hear the potential value of your Buffalo home, believe me it is a lot harder to hear that you need yet another price reduction after you list your home.
Read Also: My Buffalo home is about to expire!
Thinking of selling your Erie County home? Interested in finding out the current market value of your single family home, condo or investment property? Then call www.BestBuffaloHomes.com at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional WNY Market Area Statistics here.
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