The Secret to Pricing Your Home to Sell (in 2008!)

The Secret to Pricing Your Home to Sell today in 2008! One factor and one factor alone dictate what your home is worth, and it’s what a qualified buyer will pay for it. A home without a buyer has no value in the Miami Beach real estate marketplace. Sure, it has value to you, the seller, your banker, your insurance agent, and your appraiser. But unless they are willing to buy, do not count.

So here is the secret to pricing your Miami Beach home to sell. What a reasonable buyer thinks your home is worth will ultimately determine if your home will sell. Now you are probably thinking if I left it up to a buyer, they would pay me as little as possible for my home. True, they sure would. But in the real world, every buyer knows that you, the seller, have no obligation to sell at just any price. To purchase your Miami property, the buyer must make you an offer you cannot or won’t refuse.

A Pricing Trap

But here lies the selling trap. Many believe that we can hold out for an inflated price, and eventually, the market will come to us. Wrong! Buyers are under no obligation to buy any particular home. Additionally, no amount of marketing or signage will motivate buyers to purchase an overpriced Miami Beach property. Why? Because your neighbors are priced for less!

This uncovers the age-old dilemma facing buyers and sellers since the beginning of private property rights…

What’s more important, time or price?

For sellers, it boils down to the need to sell within a set timeframe or to hold out for the best possible price. As for buyers, buying within a set timeframe or purchasing a home for the lowest possible price is necessary. A seller who wants to sell for top dollar should be prepared to potentially wait longer. The seller must wait for a buyer willing to pay a premium price. On the flip side, a seller who needs to sell quickly and doesn’t have time to wait should expect to discount their price somewhat because of their limited time to expose their home to the market.

Buyers & Sellers in Miami

Buyers are in the same boat. A buyer who has the luxury of shopping for a home over a long period of time can probably wait to find a Miami Beach real estate bargain, while another buyer who must buy a home in the next few weeks will probably be willing to pay a premium. Again it boils down to price vs. time.

So please ask yourself these questions. What is your highest priority? Selling quickly or selling for a higher price? Most of my clients answer this question with “I want both!” and I don’t blame them.

Because of this, many sellers put the responsibility of getting both top dollar and a fast sale on their hired gun, the Miami Beach real estate agent. The result can be summed up as frustration. Why? Because no matter how much a seller may yell & scream at their real estate agent, we don’t do miracles (at least most don’t). This is why successful sellers understand a real estate agent’s job. The job is to provide great real estate marketing, expert advice, and negotiating services.

Pricing Your Home to Sell

Ultimately, we don’t own the property and cannot make the final pricing decisions. The seller does, and ultimately, the seller’s asking price will determine how slowly or quickly their Miami home will sell. Successful sellers take ownership of their pricing decision by clearly deciding which is more important to them, selling quickly or for top dollar. You can leave any thoughts, ideas, and opinions by commenting below or contacting me today.