Welcome back to our blog! I'm Brenda K, with Brenda K's Halifax Home Selling Group, where we navigate the world of Halifax real estate with passion and expertise. Today’s topic is the Truth behind Real Estate pricing: Why Adjusting Home Prices Doesn't Equal Losing Money.
Let's delve into a common scenario in the real estate world. Imagine a seller, let's call them John and Jane, who listed their beautiful home at $549,900. Optimistic and hopeful, they awaited offers eagerly. However, after a month on the market, despite numerous viewings, there were no takers.
On the advice of their agent, the price on the house was adjusted to a more reasonable $529,900. Shortly after, one of the previous viewers returned with an offer of $525,000.
Understandably, John questioned the need to lower the price further, having already reduced it by $20,000. But here lies a common misunderstanding!
You see, the initial list price is merely a starting point—a hopeful figure that the seller aims for when setting the list price for their home. When no offers materialize, it's a clear sign that the price may be too ambitious. So, adjustments are made to align with market expectations and buyer demand.
When the buyer offers $525,000, they're not negotiating from the original price but from the adjusted market value that brought a buyer to the negotiation table.
So Sellers remember the original list price where you think you're negotiating from is not a real number because it brought no buyers! You are not negotiating down from your original price. My job as your agent is to not only work hard to get you top dollar for your home, it is to also work with the buyer's offer to get it to where it is a win-win for both buyer and seller.
Whether you're a first-time homebuyer, a seasoned investor, or someone with dreams of calling Halifax home, know that you're never alone on this path. Brenda K and the Halifax Home Selling Group are here to guide you every step of the way. If you're considering buying, selling, or investing in this remarkable city we call home, we invite you to connect with us and let’s discuss your real estate goals!
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✉️ brendak@brendak.ca
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