Know Your Competition
The term real estate people use is “absorption rate” which means how
many homes are for sale and how many homes have sold in the past 6 or less
months. If you don’t know which homes
you are competing with it is difficult to know where to price your home to make
it more attractive than the competition.
Know Your Expired Competition
Another way of looking at expired properties
is to consider them as properties that the MARKET REJECTED – they did not
sell. Why didn’t they sell? Usually because the price did not reflect its
condition or simply put – they were overpriced.
There is a price for every property at which it will sell. The competition of homes for sale, homes that
expired and homes that sold will determine what the price is. The market price is based on what the seller
needs to net or because they need the money.
Would you pay more for your next home simply because the seller needs
the money?
The Bidding Process/Negotiation
The one major problem most sellers experience
when a potential buyer shows interest is being over anxious to sell and
therefore “giving up the farm” to get a contract. A buyer makes and offer to buy. The seller can accept the offer or reject the
offer. A third option is when the seller
accepts a portion of the offer and makes a counter offer on certain details of
the buyer’s offer. When this occurs the
buyer is in no way obligated to the purchase agreement from that point. The buyer can accept, reject or counter. It is a “back-and-forth” negotiation. The offer, rejection and/or counter offers
should ALWAYS be in writing to avoid any conflicts. Most buyers and sellers resort to simple
verbal conversations and they are difficult if not impossible to prove. Get everything in writing.
Terez B. Harris
Keller Williams Realty New Orleans
504 975 1033
TerezHarris@KW.com
TerezSellsNolaHomes.com
8601 Leake Ave., New Orleans, La 70118
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Terez B. Harris Terez Harris NOLA Realtor Group 504-297-2619 www.TerezHarris.com
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers and agents licensed in the state of Louisiana.Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
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