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The Greatest Lie in Real Estate...
Location,
Location,
Location |
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And
believing the lie will cost you Money, Money, Money! |
| For years, real estate agents have been chanting
"Location, Location, Location" as the reason all real estate does or does not
sell. If you want to sell your house, they'll tell you that it all comes down to location.
Nothing could be further from the truth! There are actually three
factors that determine whether a home sells or not:
- Price
- Condition
- Location.
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Of the three, location is the least
important!
Location is least important because it cannot be controlled by anyone. Unless
you have a large crane to move the house, you must accept location as a fact and move on
to the two variables you can control.
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Price is singularly the most
important aspect of selling any home.
Sellers always ask, "What will my house sell for?"
The answer is simple. Barring insanity or stupidity on the part of a buyer, a
house will sell for about what homes of similar square footage, style, amenities, and in
comparable neighborhoods have sold for recently.
Your price should be based on the facts of comparable home sales, not on what
you would "like to get" or feel you "have to get" for your house.
Buyers don't care what you want for your house, they only care about what your house it is
worth to them based on the facts of record.
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Condition is the final area that
influences a home sale.
If a home is in excellent condition, it should sell for close to full market
value. If a home is in less-than-perfect condition, it won't bring as much money. Buyers
will express their opinion of your home's condition through their offering price.
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Simply put, price is by far the
most important aspect of selling.
Ask any agent you meet what the number one reason is for a home not selling
and, if they are honest, they will tell you, "Over-pricing by the seller!"
Agents all know that the correct price will cause any home to sell, regardless of location
or condition. If your house has not sold because of the location, adjust the price and it
will sell. If your house has not sold because of condition, either fix what is wrong, or
adjust the price until it does sell.
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Don't get caught in the greatest
lie in real estate.
If you are looking for a battle cry when it comes to selling your house, make
sure it is "Price, Price, Price? -- that is if you really want to "Sell, Sell,
Sell!"
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| Jim Edwards is a real estate agent and mortgage
consultant in Williamsburg, Virginia. Jim is the author of "Selling Your Home
Alone," a primer for selling without a broker, and has been quoted in the New York
Times and the Richmond Times Dispatch as an expert in real estate. Jim
is also the author of "The TEN Dirty Little Secrets TM of Mortgage Financing,"
an instructional program on how to avoid the all too common mistakes, rip-offs, and abuses
that surround mortgage financing. |
| Jim can be contacted on the web at www.fsbohelp.com E-mail jedwards@fsbohelp.com |
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