{"id":56,"date":"2017-09-26T09:16:42","date_gmt":"2017-09-26T09:16:42","guid":{"rendered":"https:\/\/medium.com\/@arthamoney\/are-high-asking-prices-hurting-home-sales-db993259251b"},"modified":"2017-09-26T09:16:42","modified_gmt":"2017-09-26T09:16:42","slug":"are-high-asking-prices-hurting-home-sales","status":"publish","type":"post","link":"https:\/\/madrasrealty.com\/?p=56","title":{"rendered":"Are High Asking Prices Hurting Home Sales?"},"content":{"rendered":"<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/cdn-images-1.medium.com\/max\/600\/1*YbSoGMamkSIbro0KYDlIag.jpeg\" alt=\"\"\/><\/figure><figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/cdn-images-1.medium.com\/max\/800\/1*RQipr439my4YKfFZOfXD_w.jpeg\" alt=\"\"\/><\/figure><p class=\"wp-block-paragraph\">More often than not, the sale of real estate Is held up by the seller\u2019s expectations and high asking price. It\u2019s easy to get stuck on a number that is too high for the current market conditions. After all, sellers usually remember how much money they have put into the home for renovations and repairs along with the price they paid to purchase the home.<\/p><p class=\"wp-block-paragraph\">Not only do sellers look at what they paid for their house, but they also take into consideration how much of a profit but they also take into consideration how much of a profit they want to make, how much similar properties have sold for over the last ten years, and how much they are going to pay in real estate commissions and fees Sellers also need pay in real estate commissions and fees Sellers also need to look at how much they still owe on the home.<\/p><p class=\"wp-block-paragraph\">If you think about it, the pricing strategy used to calculate an asking price for a home is similar to the one some people use to price the items they intend to sell at a yard sale. The prices are typically higher than what the yard sale. The prices are typically higher than what the sellers are willing to take simply because they know that the buyers are going to try to knock them down on the asking price.<\/p><p class=\"wp-block-paragraph\">Unfortunately for sellers, determining the asking price should take Into consideration how much a buyer is going to be willing to pay for the home. When the housing market Is be willing to pay for the home. When the housing market Is flooded with properties of varying sizes and styles, the size of the price tag bottoms out for many sellers. It simply isn\u2019t possible to demand a high price for a home when so many other properties are available for purchase.<\/p><p class=\"wp-block-paragraph\">Sellers who have the flexibility to consider a range of prices are In a better position to sell their homes quickly, avoiding the dreaded state of having a home languish on the market month after month after month. A home that is priced reasonably, within the existing range of selling prices for similar homes, is more likely to sell quickly.<\/p><p class=\"wp-block-paragraph\">Today\u2019s prospective home buyers are savvy enough to take advantage of the Internet In order to compare asking and selling prices for nearby properties. In fact, if the buyers can obtain information about how much the sellers still owe on their mortgage balances, they are in a better position to estimate exactly how low the sellers are willing to go with their price.<\/p><p class=\"wp-block-paragraph\">Add to that scenario the fact that friends and family members often weigh in with advice about how to negotiate a lower price amid murmurings of \u201cDid you see the stains on lower price amid murmurings of \u201cDid you see the stains on the rugs and the holes In the window screens? This house really isn\u2019t worth what they are asking.\u201d The suggestions people make to prospective buyers often influences their decision to make a bid.<\/p><p class=\"wp-block-paragraph\">Another factor that constantly affects the asking price is the length of time that the property has been sitting on the market. Homes that were worth much more in 2006, are still sitting on the market with over inflated price tags next to properties that are more reasonably priced within today\u2019s pricing trends nonetheless, it takes two to tango as the guying goes. If the buyers and sellers don\u2019t step onto the same stage, the property is less likely to sell in the near future.<\/p><p class=\"wp-block-paragraph\">After all, in a down market, buyers have their pick of a large selection of homes for sale. If they don\u2019t like the asking price on a specific home, they can simply keep looking until they find a home with a price tag they can afford.<\/p><p class=\"wp-block-paragraph\">Summary: Getting the price of a home for sale just right can make the difference between a home that sells fir away and a house that languishes on the market for months What factors do sellers and buyers use when determining how much to sell or buy for?<\/p><h3 class=\"wp-block-heading\">Before buying a&nbsp;Home<\/h3><p class=\"wp-block-paragraph\">A lot of new real estate buyers get easily confused by the market. There\u2019s more that goes into purchasing the right real estate than simply the price. Make sure you give this article a read before you decide to Invest money In<br \/>anything as a real estate buyer. Information Is the undisputed king of the market.<\/p><p class=\"wp-block-paragraph\">Do not reveal what is motivating your interest in purchasing a property to a seller or sellers agent When you reveal too much it gives the selling party an advantage over you. You may love that the property is located only three minutes from your office, but you should keep all of your purchase reasons to yourself.<\/p><p class=\"wp-block-paragraph\">It is important to be on the same page as your spouse about the price you are wilting to pay for a property. A seller with one spouse is willing to pay more than the other, may take advantage of that by stating the higher price mentioned by one of you is the only price the seller will accept. Think about a used at that is being sold by the buyer versus one that Is sold from a dealer. The dealer has tips and techniques to make the car look lust like new, Just as real estate agents can spruce up a home to distract buyers from flaws. Enlist the help of a professional home Inspector to critically assess a home before you commit to buy it.<\/p><p class=\"wp-block-paragraph\">\u201cI thought I\u2019d keep my options open.\u201d Many first-time home purchasers call on several real estate agents in their effort to find the home they plan to purchase. After all, effort to find the home they plan to purchase. After all, several pairs of eyes are better than one, right? Wrong! The idea is logical, but ignores some important information.<\/p><p class=\"wp-block-paragraph\">Understanding how the real estate industry works will help you get the best service and care by using just one realtor. Brokers pay their agents for doing one of two things: either marketing and selling a house (thus becoming the listing agent\u201d) or by finding a buyer for a house that\u2019s on the market (working as a \u201cbuyer\u2019s agent\u201d). This pay is based on a portion of the sales price, or commission. The commission is most often paid by the seller, and must be paid if a buyer who is willing and able to meet the seller\u2019s terms is found for that property. When a potential home buyer works with multiple agents, the agents are forced to take on unwanted risk.<\/p><p class=\"wp-block-paragraph\">Legal disputes agents are forced to take on unwanted risk. Legal disputes can arise if a buyer discusses and\/or views one house with two agents. Courts examine how much contact the agent had with the customer, whether the buyer signed a contract for a specific agent to represent him or her, and whether the Realtor remained in contact or had a significant lapse to determine which agent procured the sale. The key questions in determining which agent gets paid are, \u201cWho actually assisted the buyer in making the decision to purchase?\u201d and \u201cDid the customer sign any contracts with another agent agreeing that only that agent could earn a commission?\u201d<\/p><h3 class=\"wp-block-heading\">Home Buyer Search Guide\u200a\u2014\u200aTitle&nbsp;Search<\/h3><p class=\"wp-block-paragraph\">When an offer to purchase a property is submitted to the sellers, a number of provisions are included which must be met for the sale to be completed. One of the more important of these provisions is the title search. of these provisions is the title search. The seller is required by the terms of the purchase offer to convey a marketable title to the property being sold. What this means is that the title must have no serious defects which would enable the buyer to \u201cquiet enjoyment\u201d of the property. To ensure this, one of the requirements of a purchase agreement is to have a title search performed. The title search is performed by person called an abstractor. The abstractor performs a search of public records to find out if there are any defects to the title. The search will usually go back forty years into the property\u2019s history to make sure any encumbrances to the title. If the search finds no mortgages other than the one listed on the listing contract, judicial proceedings, special assessments or liens, the title is declared marketable and the sale can proceed. If such any defect is found, it must be cleared up so the buyer can be free of the threat of litigation, obtain a mortgage on it, or sell it at a later time.<\/p><h3 class=\"wp-block-heading\">Cooperative Apartment Loans<\/h3><p class=\"wp-block-paragraph\">Loans for a cooperative apartment can be difficult to obtain, even though the appearance of a condo and co-op can be identical. The two buildings differ In their legal be identical. The two buildings differ In their legal structure, as condominium owners get a deed to a real property, while co-op owners receive shares in a corporation, which owns the entire complex With a cooperative you receive a proprietary lease that allows to you live in the apartment you bought, however, you don\u2019t own the actual property. Clearly, if banks don\u2019t have something physical that they can seize if you default, their risk greatly Increases, which is the main reason that co-op loans are so difficult to obtain. The cooperative structure Is governed by the board of directors, which have the most power, as well as the homeowners organization, which has less power but is involved in the day-to-day running of the co-op. When you go to sell your co-op, your sale has to be approved by the board, so you may not be permitted to sell, leaving you hanging out to dry.<\/p><h3 class=\"wp-block-heading\">Mortgage Valuation<\/h3><p class=\"wp-block-paragraph\">If you have a limited amount of money to put down as a deposit you\u2019ll probably be looking to take a mortgage that covers the majority of the asking price of the property\u200a\u2014\u200aa 95% mortgage for example. With this In mind you\u2019d be advised to look for real estate that is in good condition. While a ramshackle bargain might have appeal In terms of potential and economy, such properties might disappoint when it comes to a mortgage valuation report. In short, if the property needs a lot of work doing the lender, even if they have agreed to the funding, may well put retainers in place. Retainers are stipulations in the mortgage contract that enforce that a percentage of the borrowing be held back until the work has been carried out at the owners\u2019 expense. So, unless you can afford to pay for repairs on a run down building as well as put up the money for the deposit, best to avoid buildings that need renovation or extensive repairs.<\/p><h3 class=\"wp-block-heading\">Buying a Condominium?<\/h3><p class=\"wp-block-paragraph\">Buying a condominium is not buying a free-standing, single family home\u200a\u2014\u200aAn element of politics enters your life when you choose to purchase a condo, as you will be turning over decision making on how the property will be maintained\u200a\u2014\u200aor not maintained\u200a\u2014\u200ato a board of directors When you buy a condo, you become part of a condominium association, established by a declaration of condominium, with by-laws, rules, and fees, all governed by that board of directors.<\/p><p class=\"wp-block-paragraph\">A condominium is a legal concept where a group of people have banded together Into a single economic unit, a community created as a corporation, which share the expenses for maintaining the common areas (sometimes called \u201ccommon elements\u201d) and separately, their own individual unit. Condo fees are established to maintain those common areas, and budget for major expenditures coning in the future.<\/p><p class=\"wp-block-paragraph\">Condo fees are established by the board of directors of the condo association, usually on an annual bays. They should take into account not only historical data on expenses, such as heating and lighting common areas, but also be&nbsp;<br \/>forecasting future needs such as roof replacements and large projects that will face the association, as a whole, sometime In the future. The board also needs to adequately insure the common areas, so in case of a major catastrophe,&nbsp;<br \/>the financial burden to the individual unit owners is limited.<\/p><p class=\"wp-block-paragraph\">These fees, or assessments, are charged to the individual unit owners on a regular basis, either monthly, quarterly, or annually. And sometimes, If the condo board has not been thinking ahead, via a special assessment that could&nbsp;<br \/>literally bankrupt the individual unit owner and cause the condo association to foredose on their unit for non-payment.<\/p><p class=\"wp-block-paragraph\">And that is where the element of politics enters into the picture. That condo board selected by the individual unit owners, usually in an annual, or bi-annual, election. Condo boards, the personality of its members, and their&nbsp;<br \/>experience at dealing with sometimes complex financial planning issues can make, or break, a condo association.<\/p><p class=\"wp-block-paragraph\">Many condo assodations will hire outside consultants to help them deal with the complexities of managing real estate. An accountant or financial planner, an architect or structural engineer, and a mechanical engineer may be&nbsp;<br \/>called in from time to time to assess the condition of the common areas, to determine the remaining lifespan of those elements that eventually wear out, such as a root a heating plant, air conditioning system, etc.<\/p><p class=\"wp-block-paragraph\">Beware the condo board that will not bring In experts, even if it does cost you a few more rupees. No condo board will does cost you a few rupees. No condo board will have an expert in every field that could impact the association members and they need to make their decisions based on reliable information, not their own hunches or gut feelings.<\/p><p class=\"wp-block-paragraph\">Condo fees will, inevitably, rise every year, since certain common area expenses will, inevitably, rise every year, common area expenses will, inevitably, rise every year, too. Condominium fees (some call them \u201cdues\u201d) are akin to taxes, which (in a perfect world) are used for the common good, and Improvement of the environment around Those dues also have legal weight, since if you fail to PAY!<\/p><p class=\"wp-block-paragraph\">Before buying condo insurance, learn more about what the homeowner\u2019s policy covers. Condo homeowners insurance provides protection for the owner of the condominium and is separate from the condo association insurance policy. separate from the condo association insurance policy. It\u2019s designed especially for the needs of the condo homeowner.<\/p>","protected":false},"excerpt":{"rendered":"<p>More often than not, the sale of real estate Is held up by the seller\u2019s expectations and high asking price. It\u2019s easy to get stuck on a number that is too high for the current market conditions. After all, sellers usually remember how much money they have put into the home for renovations and repairs [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-56","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Are High Asking Prices Hurting Home Sales? &#8212; OpenRealty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madrasrealty.com\/?p=56\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are High Asking Prices Hurting Home Sales? &#8212; OpenRealty\" \/>\n<meta property=\"og:description\" content=\"More often than not, the sale of real estate Is held up by the seller\u2019s expectations and high asking price. 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After all, sellers usually remember how much money they have put into the home for renovations and repairs [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/madrasrealty.com\/?p=56\" \/>\n<meta property=\"og:site_name\" content=\"OpenRealty\" \/>\n<meta property=\"article:published_time\" content=\"2017-09-26T09:16:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cdn-images-1.medium.com\/max\/600\/1*YbSoGMamkSIbro0KYDlIag.jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@madrasrealty\" \/>\n<meta name=\"twitter:site\" content=\"@madrasrealty\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"12 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/madrasrealty.com\\\/?p=56#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/madrasrealty.com\\\/?p=56\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/madrasrealty.com\\\/#\\\/schema\\\/person\\\/d3622d53b03be16b70606779df0939b1\"},\"headline\":\"Are High Asking Prices Hurting Home Sales?\",\"datePublished\":\"2017-09-26T09:16:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/madrasrealty.com\\\/?p=56\"},\"wordCount\":2434,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/madrasrealty.com\\\/?p=56#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cdn-images-1.medium.com\\\/max\\\/600\\\/1*YbSoGMamkSIbro0KYDlIag.jpeg\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/madrasrealty.com\\\/?p=56#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/madrasrealty.com\\\/?p=56\",\"url\":\"https:\\\/\\\/madrasrealty.com\\\/?p=56\",\"name\":\"Are High Asking Prices Hurting Home Sales? 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&#8212; OpenRealty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/madrasrealty.com\/?p=56","og_locale":"en_US","og_type":"article","og_title":"Are High Asking Prices Hurting Home Sales? &#8212; OpenRealty","og_description":"More often than not, the sale of real estate Is held up by the seller\u2019s expectations and high asking price. It\u2019s easy to get stuck on a number that is too high for the current market conditions. 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