Market conditions determine the re-sale value of homes, wherever they are located. Buyers do not care how much the owner paid for the home in years past; they are oblivious to the financial circumstances of the sellers, or the personal reasons that the home is on the market. If buyers like the home, they will want to know what the market says the home is worth, and then try to buy below market. Period.
The housing market in Southwest Florida has been on a roller coaster ride for most of the first decade of the 21st century. Market prices of homes sky rocketed in the 2003-2006 period, and have been plummeting back to earth since. In the past 12 months, average re-sale prices have been fairly flat for single family homes, although condos have continued to drift in most communities.
As Coldwell Banker realtors, we received extensive training in the techniques of listing homes for sale. Our broker provides us with all of the tools needed. However, nearly 7 years of experience has led us to a relatively simple process with a homeowner who is considering the sale of their home. Even though we have all of the technical expertise needed to sell (or buy) homes, we find that most homeowners prefer a more personal approach in deciding with whom to list their home. They want to know, like, and trust the people they hire.
Our process involves getting to know the homeowners; connecting with them on a personal level; becoming familiar with the home and its features; sharing information about the market, including the competition on the market and recent sales in the community; and our professional opinion as to what they can realistically expect. In a down market, reality can be a painful pill to swallow.
Once we are in agreement on the market value of the home, we discuss the extensive marketing efforts and resources involved in getting potential buyers in the front door. The key to a successful listing is to get as many buyers as possible to see the home. This effort usually begins with internet and Multiple Listing exposure, and follows with appointments to see the home. If it is priced over the market, few people will bother to look; if it is priced too low, the seller will have very little “wiggle room” when an even lower offer is presented. Pricing a home “right” is vital to a successful sale.
If the homeowners occupy the home during the listing period, it can be an awkward time. The home has to be kept in “showing” condition; appointments for showing are made but sometimes realtors may be late with their buyers, or not show up at all. After the showing, it may be like pulling teeth to get feedback on the buyers’ interest in the home.
When an offer is received, it is comforting for our homeowners to know that the Boeglin Team includes two retired attorneys who have been involved with negotiations for most of their adult lives. Bringing an offer to contract is not always an easy process—particularly in volatile market conditions. It requires, patience, persistence, attention to detail, and experience.
The selection of an experienced team of realtors to assist you in selling your home may be the most important decision in the process. When you select the Boeglin Team, you get the needed experience and local knowledge as well as the considerable marketing resources of Coldwell Banker. And, we believe that you will get to know, like, and trust us.
Stay tuned for Part 2: Contract to Closing.