Get it Right the First Time
You older kids may remember that Billy Joel wrote a song for his best selling late 70’s album release ‘The Stranger’ titled 'Get it right the first time’. And the chorus echoed the title with the lyric ‘Get it right the first time, that’s the main thing’. And truer words could not have been written about two of the components of a successful property listing - price and condition - if, as a seller, you’re interested in relatively quick and trouble free sale.
As Realtors, we (and I’ve been guilty of this myself) often have sellers that want to initiate their listing with their ‘wish price’. What’s the harm in starting high and lowering the price at a later time if it doesn’t sell they ask. The harm candidly is sending a loud message to real estate professionals that a seller is unrealistic, out of touch with the market or simply testing the waters. Real estate pros look to sell and purchase homes for their clients. And ‘wish prices’, put simply, represent obstacles to these two simple goals. Our experience here in Ruidoso tells us that properties listed at wish prices are best not considered on either side of a transaction. Set your price realistically to the market and not to hook a potential sucker. Your listing will get shown a lot more and your time on market will be bearable. Wish pricing can be even more prevalent in our Ruidoso market as many homes are not primary residents. Often as these properties were optional purchases there is not the same pressure to sell that an owner may have with their primary home. Hence, the seller may want to float the home out into the market at a higher price.
So what else do we need to get right the first time to effectuate quick and trouble free closings? The condition of your property is the answer. Buyers are more aggressive than they have been in decades in terms of demanding concessions from sellers after a contract is signed. They’ll low ball you on your asking price and then expect you to repair all the defects in your property which they used initially to justify their low ball offer. As sellers, it’s offensive as the buyers are looking to be compensated twice for the same property deficiencies. But buyers remain in control so we can avoid a lot of aggravation during home inspection periods by getting our properties in top condition prior to sale.