I was recently showing a couple one of my listings in the Capital Region and they have some interest. They would need to sell their home first, in order to buy another one. The wife made a statement that I have heard many times before, that I thought was interesting. What I need to get out of my house is or what I need to sell my house for… let’s talk about that.
Buyers and their Realtor are not focusing on what you need to get out of your home when you go to sell it. They are looking at what is for sale, comparing it to other homes, and when they find the one that is right for them, they put in an offer that is usually based on current market conditions. I say usually because some buyers are looking for a steal and will make an offer that is far below fair market value. Sometimes it works. Most times… no.
I came across two homes for sale in the Capital Region. Both were built at the same time, same developer, same location. Right down the street from each other. One was purchased in 2000, the other in 2007. Pretty much identical homes. Neither had updates that put it in a different price point than the other. Yet there was a $20,000 difference in asking price. Why? The one bought in 2007 paid more for their home than the one bought in 2000. Current market conditions had the values lower than the price the one the family bought in 2007. I’m guessing they had to get a certain amount out of it to make it work for them. It stinks that you can get caught in that situation, but at the end of the day, a buyer is going to pay what the current market says it’s worth.
I bought GE stock years ago at $70 a share. I would like to sell it for $70 a share today. All I can get for it is what the market says it’s worth.