Do you know the magic three words in Western New York Real Estate?
If you are thinking that the three magic words in Real Estate are Location! Location! Location! You would be wrong. In today’s highly competitive Real Estate market it is PRICE! PRICE! PRICE! That is not to say that location is not important, it just means that homes priced correctly are selling quickly and in many instances with multiple offers in Western New York.
Read also: My Luxury Home Won’t Sell!
In many instances, buyers have been looking for their ideal Western New York home for some time and they are looking for several things, but the most important thing on their list is PRICE! These buyers are serious, they have been pre-approved for their mortgage, they have seen more houses than they want to admit, and they are letting price guide their decision.
- They have analyzed the market, they have spreadsheets comparing homes that they are considering.
- They have learned from their friends and family’s home buying mistakes.
- They are watching overpriced homes hoping that they will drop down into their price range.
- They are not wasting their time to make low-ball offers.
- They are ignoring over-priced homes and chosing instead to wait and see. And when that home for sale does appear in their price range they are ready to act swiftly.
Read Also: Ways to Sabotage Your Home Sale
Good News for Western New York Sellers
I know you thinking to yourself, but if I lower my price I am loosing money. Hate to break it to you, if you haven’t had an offer in the past 30 days and it has been longer than that you can remember a showing it all boils down to the price of the home. It is already lost. But was it really yours in the first place? It is important to remember that true WNY home appreciation can only be calculated once YOU close on a property that you own. Anything you think you might earn is all a fantasy.
Read Also: Five Reasons Your Home is For Sale and not SOLD!
Statements like “But Mary and John down the street sold their home for $10,000 (Sold April 7, 2007 –today is June 6, 2008) more than we have ours listed for” or “My cousin (the Civil Defense Attorney in Alabama) says we should have listed it for $25,000 more to give us room to negotiate” and my personal favorite “But on Zillow it is valued for $17,000 more” must be struck from your thoughts.
Those resources are not experts in Western New York Real Estate. They do not have all the facts that I have. As for Mary & John’s sale last year, well they had 750 square feet more than you and an over-sized lot. Since then there have been two other sales this month, both comparable homes that sold for $20,000 less than you are listed.
I feel your pain and frustration. Those two sales are what an appraiser will use to value your home. Not the sale you want them to use. I am not here to tell you what you want to hear, I am here to tell you what you need to hear.
Read Also: Why pricing is so important in the sale of your Buffalo home!
Now how is that good news? Now that you understand Price is the driving factor, you are now empowered to:
- Make a decision do you really want to sell? If not, take it off the market and wait until there is a change in the market.
- It allows you to take a long hard look at your price and finally listen to what your Real Estate professional has told you from the start regarding price.
- There are buyers out there. Buyers that are ready, willing and able to purchase! By making the correct price adjustments for the current market conditions you will be putting your home in position to get SOLD.
- Buyers will come to the table with a fair offer and they will remove as many seller objections as possible. Therefore getting you the highest amount for your home enabling you to move on to your next home.
Read also: Why your fixer upper home may not be selling….
For a moment let’s talk about keeping your home on the market at the current price and condition and the cost to you by doing nothing:
- You are enabling your competition (other homes for sale) to look better because they are priced better and are more appealing than your home. Look long and hard at your competition, see why they have a SOLD sign and you do not.
- We have already established that you are over-priced, because you would not be reading this right now wondering “Why isn’t my home selling?” There is a cost of chasing the market down. Because that is what you are doing. Every day you have your head in the sand you are losing valuable time in getting your home Sold. The reality is: The first 30 days are the most likely time a home will sell, if it doesn’t in the first 60 days you have a 50/50 chance of selling.
- Buyers have done serious research to not just one community, but several Western New York communities. They really are in love with , but they are may also consider , , or if the right home becomes available.
- They do not have to sell, they are ready to close quickly with nothing but a Home Inspection to be done.
- They know the numbers, they know how much a roof will cost to replace, a bathroom an kitchen remodel will basically cost. They will factor this into an offer.
Read Also: How to Avoid the Real Estate Listing Black Hole in Western New York.
Good News for Western New York Buyers
Buyers are benefiting from this too? Well just a small set of savvy buyers. Let’s take a look at these buyers that are purchasing their Western New York home of their dreams at bargain prices:
- These buyers are pre-approved for their mortgage
- These buyers have a home inspector selected, an attorney selected, they mean business
- They have been looking for a long time for the perfect house and know what they want
- They are educated and can tell you the differences between homes from memory
- They are committed to purchasing the home of their dreams
- When they find the right house to call home, they act and act quickly
Read Also: My Western New York Home For Sale Is Not Selling!
If you would like to discuss how I can assist you in getting your home sold, I would love for the opportunity to discuss the Real Estate Market with you. Feel free to call my office to schedule an appointment at (716) 650-0051 or fill out the form below and I will be happy to call you to discuss your Real Estate goals.
[ad] [ad]
If you enjoyed this Buffalo Real Estate article, make sure you subscribe to my RSS feed! Daily updates to home sales market reports, homes for sale and helpful buying and selling articles are regularly posted on Buffalo Real Estate News. Colleen Kulikowski and the Best Buffalo Homes team of Keller Williams Realty is here to assist you with all of your home buying, selling and investing needs. Just call us today at (716) 650-0051!
The property information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.