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Tuesday, May 26, 2009

No Time to Test the Market!

Selling a home or other property in today's market takes a dose of reality and commitment.

The dose of reality comes in the form of the selling price. If the seller is not facing the reality of Fair Market Value the likelihood of a sales happening is slim to none. FMV means what a willing buyer and willing seller agree to in a free market. Until a sale has been consummated, we are talking about an estimate of FMV. Actual FMV is only determined once the sale goes through.

No on likes to see how their home has lost value from the peak. And if we don't want to sell, then we don't have to face it. If we do want (or need) to sell, then we need to face reality or face months or years of being frustrated without a sale. If we are not committed to selling at FMV, leave the property off of the market.

A qualified appraiser using relevant comparables can perhaps provide a better FMV than most agents who are motivated by obtaining a listing. Spend the $300, it will probably save you money in the long run. If you don't want to spend the money, talk to at least three qualified agents who have had success selling in the current market.

This is no time to test the market. Loosing the initial month or two with an over priced property thinking that coming down after you have lost all interested buyers is no way to sell in today's market.

Good selling!

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