A few months back, I was reading a newspaper article.
Someone had written in, frustrated that no one was buying their house.
In their mind, it was priced fairly, and should have sold by now.
The real estate expert wrote back, and because it is so true it is something that I will always remember (….for all transactions, not just for real estate)
Her response was something along the lines of:
If you put your house on the market for $1, do you think it would sell by tomorrow? Of course it would.
So selling your home is not the problem… your asking price is.
The magic number to sell your home is somewhere between $1 and what your current asking price is.
Her answer was extremely powerful.
- Basically……..a product (or house) is worth what someone is willing to pay.
- No one was willing to pay the seller’s current asking price.
- If the seller reduced his asking price to $1, within one minute, the house would be sold.
- But that is not realistic and would be the dumbest move in the history of home selling.
- The point is that the magic price to sell the house is somewhere between $1 and the seller’s current asking price.
- What that number is, no one can know for sure, but it’s the seller’s job to find out.