Posted by: Todd Long | August 5, 2008

Do you want to sell or do you want to stay?

The owner of Century 21 Hecht Realty, Bob Hecht, has written a very genuine and poignant letter to our sellers recently to assure them that we are very serious about achieving their goal of selling their property.  He goes in to some depth about condition, price, marketing, and the market.  I don’t know if there is another owner of a major real estate company around Lake Norman that has taken the time to directly communicate to each seller about the changing market conditions we are facing, but I think it shows Bob is a very passionate Real Estate professional as well as a very intelligent individual.   It probably helps that he has been in the business for over 35 years and has seen many market cycles.

Following that letter of encouragement, many of our agents and their listing clients have made a push to get ahead of the market and reduce their price.   

You know, we really haven’t had to “get a head” of a market in a long time.  For years you could price your home at market price or a little above and the market would come to you because homes were appreciating in value.  Now the market is flat, if not down a bit.  So if you price your property at current market value or a little above and you don’t get an offer quickly you can fall into the trap of chasing the market down.  This means you can drop your price after say 30-45 days, a few thousand dollars and again be at market value or a little high only to be over looked by serious buyers.  This can happen again and again until the market finally reaches a bottom at which point you catch the market and sell.  Of course selling at the absolute bottom of a market is a very bad outcome.  Another choice is to make a significant reduction to get ahead of the market and attract the buyers that are in the market in your price range. 

Here is a perfect, real life example: an agent in our office conferred with her client over the weekend and decided a price reduction of 5% was in order to get this property properly positioned in the market.  The agent followed up by calling all previous agents and clients who had looked at the property.  Come to find out there was a buyer literally waiting on the price of that home to be reduced a little to come into their price range.  They had already seen the house and loved it but felt it was a little to high.  The deal has now been negotiated within $1300 of the reduced price and signed by both parties! 

If you are selling a home in this market it can be done and can be done achieving the highest possible price in the least amount of time.  You must be very shrewd about your market positioning and watch the market very carefully through out the selling process.  If you need some help I would be happy to give you the agent’s name discussed above or the name of any one of the many well trained and market savvy agents that I have the pleasure of managing.  I am confident these are the most highly trained and educated agents on Lake Norman and in the Mooresville area. 

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Responses

  1. You are the best manager that I think I have ever known! And our office has the best team of people! Our clients have the benefit of our entire staff. We work together and help each other. (I, for one, am very grateful for that help!)Century21 Hecht Realty’s Mooresville office has a positive energy. I really love working here!


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