Home Sellers – Don’t Let This Happen To You

home sellers take a huge loss

If you are selling or thinking of selling your home, please don’t make this common mistake as it could cost you a lot of money.

Here’s the deal, your home is only worth what someone will pay for it.  No mater how much you bought it for, how much you owe, or how much you truly love your home, it is only worth what the market will bear.

SAD BUT TRUE

Here’s a true story, although we changed some numbers for confidentiality reasons.

A home was listed for $400,000.  After 500 days on the market, and dozens of showings, it never sold.  The sellers were fixated on getting a specific price for their home and were willing to wait for “the right buyer”.  The listing agent advised them to lower their price, but the sellers chose to ride out the market.

The sellers then felt like they needed a change, and re-listed the home with another agent for $375,000.  Buyer clients of mine saw the home and liked it, but thought it was overpriced based on the other homes they saw on the market.  They made an offer for $330,000, what they thought was fair and reasonable.

The sellers were a little put off by our offer and chose not to negotiate until we came up higher.  My buyers were afraid of overpaying for this home and ended up buying something else.  This home was then re-listed 5 months later with yet another agent for $349,000 and ended up selling for $300,000!!!

This scenario happens all the time everywhere throughout the country.  We understand that losing money is extremely painful, but holding on to a depreciating asset is a losing proposition. You will lose money every day.

MORAL OF THE STORY:  Buyers will purchase the nicest home in their price range. If your home is overpriced, buyers will buy something else.  Period, end of story.

———————————————————————————————-

About The Author

The above information pertaining to Cleveland Real Estate News was provided by Dan Schuman of The Schuman Team Howard Hanna.  Dan is an Accredited Luxury Home Specialist and can be reached at 216-346-3235 or via email,  danschuman@howardhanna.com.

We service the following Cleveland area suburbs: Bainbridge, Bay Village, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lakewood, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Westlake, Woodmere.

Home Sellers – Don’t Let This Happen To You is the property of The Schuman Team and may not be duplicated or used without their written consent. ©May,2011

4 Responses to Home Sellers – Don’t Let This Happen To You
  1. www.finddaytonohiohomes.com
    May 14, 2011 | 1:04 am

    Fantastic blog with great site content and visibility! Keep up the good work.

    • Dan Schuman
      May 14, 2011 | 1:50 am

      Thanks for commenting, we appreciate it. Best to you down in Dayton.

  2. AMEN, HOW MANY TIMES have I tried to relay this message.. They just won’t listen,, I recently lost 2 nice property listings both over 440k, but they are still on the market and I have those advertising dollars in my pocket !!

    • Dan Schuman
      July 26, 2011 | 3:16 pm

      Thanks so much for commenting, Marlene. Sometimes sellers get in their own way and it’s frustrating when they don’t listen to us.

Leave a Reply

Wanting to leave an <em>phasis on your comment?

CommentLuv badge

Trackback URL http://www.clevelandhousingnews.com/2011/05/home-sellers-dont-let-this-happen-to-you/trackback/