Throwback Radio Thursday - Seller Wanting an "X" Amount of Dollars From a Home Sale
Published Thursday, November 12, 2020
Did you know that our very own Vince DePaul, Director of Your House Academy, started his career as a real estate broker and continuing education instructor in 1976? For ten years he produced and hosted a weekly, live call-in radio broadcast in Chicago called “Your House” where he was known as “Mr. Real Estate.” You will be able to read the content that Vince once broadcasted across the radio! The 12th topic we will be discussing today is a seller wanting an “x” amount of dollars from a home sale.
For most everyone the home they own is their most prized possession in life, so why wouldn’t someone want to get the best price possible when they go to sell it? Overpricing a home is the #1 reason why sellers do not end up getting the price they want on their home sale. Pricing a home higher will NOT lead to a higher home sale price. And sometimes a seller will try and sell their home on their own with for sale by owner to try and save some money. This method, called FSBO for short, will end up hurting the seller more in the end.
Vince states, “Quite often, when someone is trying to sell their home by owner it's because they must have a certain amount of money from the sale or they can't buy the new house they want. They think that if they pay a commission, they will not get all the money they need... the money's there.
Trying to sell your home by owner because you need every penny to buy your new home is not uncommon... but eliminating a Realtor and therefore the commission might not make sense. A home has a value, and it is not worth more or less because it is or isn't listed for sale with a broker. Most for sale by owners end up giving the commission savings to the buyer who knows, of course, that there is no agent involved. A professional real estate agent has the skill and training to negotiate based on the value of your home which includes the commission. That's the real estate reality... and I'm Vince DePaul.”
Next week Vince will talk to you about a seller wanting to “try it themselves for a while.” See you next week!