What ingredients are necessary to have a successful real estate transaction? Could it be choosing a Realtor® that has experience, knowledge, and passion? These are all great qualities, but a successful transaction may depend more on your belief and trust.
Many times a successful real estate transaction starts out by accurately evaluating the marketplace and pricing the home or property accordingly. One of the first tasks when representing a home seller is to estimate the market value of their property. For some reason, more home sellers believe my home valuation assessment in an up trending real estate market than in a down trending market. Imagine that.
Before any home price evaluation takes place with the buyer, discussion as to where they desire to live, what kind of home, and how much they are willing to, or can afford, paying, take place. If a home is in the area they desire, has the amenities they are looking for, and is appropriately priced; a successful transaction may ensue.
So it sounds like fair pricing is the start of a successful real estate transaction. Home pricing may be the most important part of what is to be a successful real estate transaction. Home pricing is where that partnership between the real estate agent and home seller get’s put to the test.
No matter what the condition of the real estate market, it is important, the agent gives a fair evaluation of the home’s worth. Underprice the home and the seller will not achieve the all mighty fair market value. Overprice it and run the risk of stigmatizing the home, wasting valuable time and eventually hurt the eventual sale price.
An overpriced home may become the biggest hindrance to a successful real estate transaction even if your agent is the best on planet earth. We as agents do not make value; we assess it. If you want your home value to rise, discuss the matter with your federal, state and local legislators. They are the people that make the policies that help or hinder our communities. When you vote for someone, it is a kind of partnership as well. Maybe you want to call them and ask about that Pennsylvania property tax reform they have been working on?
My goal is the same as most in my field. We strive to be the best partner to our clients we can be. We do this by correctly evaluating the real estate market we serve. Many times in our zeal to please our partner customers and meet their value expectations, we error high with the price of their homes. No one likes bad news, and most Realtors® do not like to give it even if it is the truth. Unfortunately, this perceived kindness can lead to a worse condition later.
Most partnerships are based on belief and trust. When you hire a Realtor® to help you buy or sell a home make sure you trust and believe them. It is truly the start of a successful real estate transaction.
Knowledge is Power!
Jeffrey C. Hogue
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