WORKING IN THE CURRENT MARKET

01.17.08

The current issue for real estate agents around our Tri-State corner is how to handle buyers and sellers in a "market" wracked by negative publicity. Believe it or not, while slow, it just is not that bad around here, in my opinion.

However all three "parties" are faced with a common problem: what is a proper final price for properties listed around the region? Buyers are expecting lower pricing, yet many sellers aren't in step. For all agents, the answer is tough as they try to put together THE DEAL.

Value is a variable that often changes with the buyer. Location, style, size, condition, and "positioning" of features or improvements on a property, are among key elements involved in shaping or establishing value to a buyer. Then come additional factors like the specific town or state, its features, benefits, detractions, etc. which further "add or subtract" value to one buyer, but do the reverse for another.

In my opinion, the supposition by buyers that ALL prices should be down around here is misguided, especially for those properties that attract the leisure buyers.

These buyers often seek properties which do not typify those which attract, and sell to, full time residential users. The "one-of-a-kind" properties are often least affected by downward pricing trends. They offer special features which are not readily substituted for by "main stream" offerings. Because of these factors, there is often a legitimate reason pricing is stable. On the other hand, some of these listings are incorrectly priced. This is a periodic problem all agencies face, RLRE included, when taking on a listing that is priced solely by its seller, who "bucks" all conventional, and properly appropriate, advice about pricing and marches to his or her own tune.

Thus we come to TIME (which can equal money), and NEED (to sell): both factors that dictate the ultimate "path" to getting a property sold. This is the complex part of the business that few agents "maneuver" within, well.


© 2008, R. Leech features