When it comes to the reality of pricing a home in Lafayette, itâs natural that buyerâs and sellerâs points of view reflect their different roles and objective. In a way, they are mirror images of each another.
From the sellerâs point of view, pricing their Lafayette home starts out from the reality check of the âcompsââthe prices registered in recent comparable neighborhood sales. From there, the pricing decision revolves around the tradeoff between maximum asking price versus the desire for a speedy sale. Even if there is no time pressure at all, serious sellers will still set the asking price below a level that indicates a disregard for current market realities. Rather than communicating âthis place is worth more than what people are willing to pay,â overpricing only serves to needlessly put off buyers and their agents. If time pressure is an issue, experienced sellers will peg the asking price just enough below neighborhood comparables to make the value evident. Tagging âmotivated buyerâ on the listing can attract attention, but the right price cuts to the chase. Thatâs a tactic bound to draw timely offersâespecially when a Lafayette property is in A+ showing condition.
For most prospective Lafayette buyers, itâs the mirror image. Rather than starting from the reality of neighborhood comps, the pricing of their future home begins as an abstraction: the âlookingâ range. The top of the range will be a figure that is derived from what is comfortably affordable rather than what that figure will command in the current market. Once the serious house hunt is underway and some area properties have been visited, that top-of-range number will almost always need some adjustingâusually (but not always) upward.
Thereafter, when some desirable Lafayette properties have been located, pricing from the buyerâs perspective is apt to become largely an exercise in deconstruction. Even though a home is actually desirable, itâs hard to resist zeroing in on the propertyâs weak points, turning flaws into subtraction fodder for mental offer calculations.
In a successful transaction, the mirror images of buyersâ and sellersâ approaches to home pricing do ultimately wind up converging. Thatâs another area where having a knowledgeable Lafayette RealtorÂź on your team is invaluable. When it comes to offers and counter-offers, whether youâre a buyer or seller, having your side of the negotiations handled by an experienced professional is a sure way to keep the other side tethered to reality. Arriving at a bottom line reflecting realistic and lasting Lafayette real estate value is what most often winds up bringing both parties to a happy conclusion. The first step? You guessed it: call me!
Ted M. Daigle
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Author:Ted Daigle Phone: 337-945-6763 Dated: March 29th 2017 Views: 171 About Ted: ...
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