Sell Home Brooklyn -- Real Estate Agent -- Expired Listing Part 3 By Realtor In Brooklyn -- Maksym Mysak
Now, if Marketing was done the right way and show-ability was not the problem as well, the next and final step to look into would be the asking Price:
When you are 100% sure that marketing was done correctly and your property was in presentable condition.
When you are 100% sure that your listing realtor/agent was responsive to showing inquiries and potential buyers could see your property for sale preferably asap.
When you are 100% sure that nothing was stopping potential buyers from entering and seeing your property in person -- only then you should review your “Asking Price”.
This is the final reason why your property left the market unsold.
Let’s be realistic, it doesn’t really matter what you think about your property’s fair market value.
It doesn’t really matter what anyone (your realtor, your friends and relatives) or anybody else think about your property’s fair market value.
Except 2 decision makers:
1st one is a buyer who is ready and able to buy your property and also ready to offer you more money than everyone else.
2nd one is a bank appraisal specialist that will decide, based on recent sales of similar properties in the neighborhood, on the fair market price for your property.
Based on that number -- the bank will decide on amount they will lend to your potential buyer for the purpose of buying your property.
99% of contracts to buy a property have contingency on bank appraisal/approval, meaning that if the bank says “No”, the deal is off.
We are not talking about “Cash” buyers here, because there are not that many of them and because “Cash” buyers usually looking for a deal and would almost never pay top dollar for a property.
You should really understand one important thing, until you sign a contract, you don’t owe anything to anyone.
No one can make you sell your house, condo or coop for the price that you don’t like. You can refuse any given offer if you don’t like it.
“Asking price” has nothing to do with final “Selling price” and should be used as one of the marketing tools to attract as many potential buyers as possible.
The bigger the number of interested potential buyers, the bigger the possibility to find that one willing and able buyer, who will really like your property and will offer you more money for it than anyone else.
Pricing your House, Condo or Coop for sale correctly from the start will make your property more attractive to potential buyers and will create the urgency to see it asap. Which in turn will generate multiple offers and possibly even a bidding war.
There are some professional secrets on how to organize the process to generate higher offers, but I share this strategies only with my clients.
One more time, “Asking Price” is just another marketing tool and has nothing to do with the final “Selling price”.
Until the moment you sign a contract -- you don’t owe anything to anyone and nobody can make you sell your property for the price you don’t want to sell it for.
WWWTP -- “What’s Wrong With This Property?” syndrome.
As you already know, based on your experience, the most interest and showings happen in the first 2-3 weeks of a property entering the market.
Why 2-3 weeks? Because it’s the time for every potential buyer and their agent/realtor to notice your property entering the market, make the decision to see it in person, get back from vacation, get well if they are sick and find the time in their busy schedule to actually see it.
After initial 2-3 weeks on the market a property for sale becomes a “Stale Property” and mostly overlooked by potential buyers in favor of new Houses, Condos or Coops entering the market.
The only way to resurrect some interest for your property for sale, would be lowering the “Asking Price”.
You can do it every 2-3 weeks in order to get in the price-range where potential buyers will start making offers.
This is when WWWTP -- “What’s Wrong With This Property” syndrome kicks in.
Nowadays everything is on the internet.
Every potential buyer can see: When your property entered the market, what was the initial “Asking Price”, how many “Asking Price” reductions were done and how many days your property for sale was on the market altogether. Learn More: https://www.realtorinbrooklyn.com/expired-help-realtor-in-brooklyn/
Real Estate Agent
Realtor In Brooklyn -- Maksym Mysak
Real Estate Agent