inside the cover of the total price to help justify the raise, at least to yourself. Showing some alternative prices to the buyers will enable them to get a better feel for the logic behind the pricing. Also, know that selling your home for a lower price will not always make your buyer happier. In fact, buyers who receive a lower price are often the same ones who continue to nag, haggle, and pester their sellers later into the sales process than they really need to. If people are convinced that the property they are about buy is an answer to some of their problems, they do not mind paying a higher price for it. At the same time, though, be sure to use this option cautiously so that you do not end up harming the deal yourself—going too high too suddenly or in the wrong place and time can cause a lot more harm than good. You must also know when to lower the price of the property listed. When there is a plunge in stock prices, home prices also tend to drop to rock bottom. Sometimes, a plunge that only took a single day to drop might take years to recover. Therefore, at times, it might be necessary to wait out the falling market in the real estate arena until a balance between supply and demand is realized. If the market is falling and you are miserable trying to sell your property, then it may be a good idea to lower the price early and get out of the falling market as soon as possible, taking a quick, cheap sale before the average prices drop further than you are willing to go. Smart sellers lower their prices during a falling trend and complete their deals quickly before too much damage is done. Prices of properties in newer subdivisions might fall lower than they are worth, so selling for less than you might like is still a better option than selling for an actual loss. If several neighbors’ properties in the region owe more than what they are worth and are on the verge of foreclosures in the near future, that scenario might affect your property value, too. This is because most homes like this are resold at bargain rates. Under
42
Powered by FlippingBook