The Sheridan Area Blog

All But Eliminate the Need For Price Reductions

Because some Sheridan home & property sellers refuse to face reality and rationally price their homes & property, to often Sheridan real estate agents list homes & property for sale at inflated prices. Know this, the first 3 to 4 weeks a home is on the market are so critical. An inflated price removes the excitement of the new listing which results in little or no traffic and more important - no offers.

The Typical Price Reduction Tactic

Faced with the reality and knowledge the property is over-priced, the seller agrees to a “price reduction” and the agent places a rider sign that announces to the world - “we realize the price was irrational” and it has been reduced! Think about the mixed messages that sends to the Sheridan home buying community (and it’s agents). It could be interpreted that the home is undesirable or maybe the home is in disrepair. Now you have more obstacles to marketing the home which ultimately prolongs the days the property is on the market. This creates unnecessary stress for the seller that possibly could have been avoided.

In the end the important thing, is to have a knowledgeable agent that maximizes the sellers opportunity  while not subjecting them to the price reduction process unless absolutely necessary.

Your Comments?

What has been your experience as a past seller who had to go through a price reduction and what lessons did you learn?

5 Tips to Effectively Marketing Your Sheridan Home

In my next post I’ll be sharing 5 exclusive secrets to successfully marketing your Sheridan, WY home. These tips will help your Sheridan home sell quicker and for maximum fair market value.

Until my next post,

Bruce Garber
Century 21 BHJ Reality, INC

Your Sheridan Real Estate Resource

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Fact #1 - The Sheridan, WY Real Estate Market Has Changed

Not long ago Sheridan, Big Horn, Story and Ranchester home sellers could offer their homes for sale and ask the buyer to make any minor repairs after the sale. In that market buyers bought properties and agreed to pay for the repairs. With the competitive nature of the current Sheridan real estate market, those days are gone. Not that I agree with the negative message the national news media continues to “beat” that the “real estate sky is falling“, I simply say that the Sheridan real estate market has actually “normalized”.

Fact #2 - It’s Time For Rational Real Estate Pricing in Sheridan

This means it’s time for our sellers to face the reality that homes must be in move-in condition and that sellers must accurately price their homes before they hit the market. It is more important now than ever before. Too often, sellers have a figure in mind what they think their home is worth before the for sale sign is ever placed in the front yard.

Here is a reality check:

1. What you may have previously paid for your Sheridan home does not affect its value in today’s market.

2. The amount of cash you need from the sale of your Sheridan home does not have any affect how much your home is worth.

3. What I say your Sheridan property is worth does not determine its ultimate value.

4. What another Sheridan County real estate agent or agency says your property is worth does not affect its value.

5. What a Sheridan County tax assessor says your Sheridan or Big Horn home is worth does not affect its value.

6. Your emotional attachment to your Sheridan home with all its wonderful memories does not impact the value of your home.

Fact #3 - The Buyer Always Determines the Value of Your Sheridan Property!

Further more, the value of your Sheridan home is determined by what a buyer is willing to pay in today’s Sheridan real estate market based on comparing your home to other recently sold properties with similar features and comparable condition. That is determined by hard data from recently sold properties in the Sheridan County area provided by a market analysis (CMA). No emotion, all data.

So How About You - As a Perspective Sheridan Home Buyer or Seller….

What’s your take on our current real estate market? Are Sheridan home sellers being rational with their home values and are buyers making reasonable offers? I look forward to your comments.

In my next post I will discuss “How to Avoid Price Reductions in the Sheridan Real Estate Market“.

Until my next post,

Bruce Garber

Your Sheridan Real Estate Resource
CENTURY  21 BHJ Realty, Inc.

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From our family to yours, we would like to wish everyone

all that is good and right in the world

and all the Very Best in 2008!

CENTURY 21 BHJ Realty Inc.

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