Price Adjustments

As a home seller, your main goal is to have your home shown to as many prospective home buyers as possible. So here’s a question for you…

What is the key factor in getting your home shown?

The answer is PRICE, and that’s price in all capital letters. Price is the the first thing that buyers have to consider when buying a home because they can only buy what they can afford; and especially in today’s market, buying an overpriced property will not be allowed by the lender. So you can get interest in your home, in turn getting your hopes up for the time being, but when the time comes for closing, you’ll be falling back into despair because the equation just didn’t add up. Overpriced homes just will not sell.

And if you overprice your home, not only will you not have your home not shown, but you’ll make your neighboring homes look like bargains compared to yours. You’ll be doing your neighbors a favor in this case, and at the end, you’re left empty-handed.

As time goes on, it may not even be your fault that your home ends up overpriced. You might’ve priced your home relative to the market and competively when you first listed, but with market changes, it could end on the overpriced side of the price spectrum. At that point, you have two options.

Your Two Options

1. You can wait for the market to catch up to your listed price, which is perfectly fine to do but you have to understand and accept that this may take months and even years. The choice is yours.

2. Or you can adjust your price.

If you’ve chosen to adjust your price, one thing you have to accept is that you were never going to attain your unsuccessful listing price. So after adjusting, you can’t tell yourself, “But I could’ve sold it for $20,000 more!” Not only will you turn more bitter and angry if you feel that way, but really, you’ll be getting mad at things that never were going to be. What’s done is done, and it’s time to move on if your home was overpriced.

When you do adjust price, you can do so in two ways: You can do multiple small price reductions or you can do one substantial price reduction. Once again, it’s your choice. What I can tell you when you do multiple price adjustments is that you’re going to lengthen the days on the market for your home which will most likely create a negative stigma on your property, and this will only lead to buyers who’ll aggressively negotiate with you to get themselves a deal. Doing this method will likely have you losing at the end of it all.

Or you can do it the smart way and price your property correctly, relative to the market, and priced to win. This will have agents and buyers interested in your property, which is what you ultimately want and need. It’s not selling your home for less than what it’s worth, but positioning yourself in the market to create interest and activity.

Selling your home is a dynamic process. The market moves and shakes everything within it up, which can end up in your favor and sometimes as your loss. Price adjustments are just a part of the process in selling your home fast and for top dollar.

The current issue of Newsweek magazine gives an A+ to Tucson’s BASIS Charter School—ranking it as the top public school in the United States based upon the Newsweek Challenge Index!

This index ranks public schools according to the number of college-level tests (like Advanced Placement) divided by the number of graduating seniors. We all know the importance of good, strong schools to a community – and this honor adds another dimension to the many reasons for buying a home in Tucson.
This is the third-straight year the magazine’s ranking has honored this Tucson charter school with a Top 10 spot. The BASIS school was created in 1998 by a University of Arizona economics professor with his wife, a former college professor in her native Czech Republic. Although only the high school is included in the Newsweek ranking, BASIS Tucson is a college preparatory charter school for grades 5-12. It offers a liberal arts curriculum with a focus on sciences and math. Students also participate in the arts. In fact, the school has received local recognition for its drama program. Also, one of its students recently completed his senior research project as an intern for US Senator Gabrielle Giffords.

The Tucson BASIS high school is located across from El Con Mall on East Broadway. This very modest facility has a treasure inside – a diversity of honors students with tremendous talents. Arizona long has been a leader in the charter school movement, and the BASIS charter school is one example of how a unique Tucson-based program is a model for education.

If you are considering a move to Tucson and looking for educational opportunities for your family, check out the Tucson BASIS Charter School.

On my way to celebrate my friend’s UA graduation this past Saturday in Downtown Tucson, I came across this home for sale with an ugly car crash out front. Can’t really explain it but that I’d never take my client to tour this home. First impressions are tremendously important, especially in today’s market.

Epowered Professionals Real Estate Agents Directory

What are some signs that’ll have you disqualify a home on-sight as a buyer? Let us know by leaving a comment below :o)

The picture above was taken August 29th, 2007, so the monsoon is coming! The view is from the Starr Pass area looking east towards “A” Mountain and Tucson. A full moon can be seen rising on the right above the Santa Catalina Mountains.

A Mexican wolf living at the Arizona-Sonora Desert Museum. The museum is located just 15 miles west of Tucson and is world renowned for its huge display of desert plant and animal life. Plan to spend a good part of the day or more!

A footpath inside the Tucson Botanical Gardens. Centrally located on Alvernon Way in Tucson, it’s a great place to learn about every type of desert plant you can imagine.

Photographs by Scott Miller

Food, glorious food. We build vacations around it. We also look for good dining when we’re searching for homes. Tucson shines when it comes to the food factor. From our farmers markets to our restaurants, Tucson is tops on the foodie radar and just earned another food accolade to prove it.

Cooking Light, the largest cuisine magazine in the country, has named Tucson as one of the top 20 U.S. cities to eat smart, be fit, and live well. Using statistics from such organizations as the U.S. Department of Agriculture and the Zagat Survey, Cooking Light ranked major metropolitan areas on 15 criteria. Tucson placed #10, coming in above likes of Austin, Atlanta, Manhattan and Chicago!

According to Cooking Light, Tucson won out over other cities because of its innovative restaurants, farmers markets and spaces for outdoor exercise. Our city’s “percentage of residents in good health, and low percentage of overweight residents” also figured in the award.

So add the food factor to Tucson’s impressive list of home marketing features. We are a biking city, a nature-lovers city and now we’re a food city—offering homeowners a wide variety of delicious choices in a beautiful, authentic Southwest desert setting.

What’s your best food experience in Tucson? Comment now and TRE Daily will send you a list of our favorite food places!