November 20, 2008

In today’s volatile market, buyers expect to get a great deal when then purchase a home. It’s almost as if they want to be rewarded for being brave and credit worthy. So how do you price your home so that it’s competitive enough to get buyers looking at it, but high enough to allow the negotiating room buyers need so they can assure themselves they purchased the home at a discount?

A while back I showed a home that had been reduced for a quick sale. It was a great deal. The buyer I was working with loved the house and made an offer (90% of list price) on the home. The offer was rejected. When I asked if the buyer would have been happy with the purchase price if the home had originally been listed higher and he’d offered the current list price. The buyer admitted that buying the home at a discount was more important than finding the right house at the right price. He absolutely could not pay full list price for the home, even though the list price was below comparable homes.

It’s difficult for sellers to understand that some of the appreciation they’ve experienced over the last few years has been wiped out. But if a seller has owned for more than about 8 years, he still should have built up enough equity to be able to price well, leave a little room for negotiation and walk away from the table with some profit. Compare profits to what your stock portfolio or retirement is worth, and sellers in most parts of the country are still OK. Yes, there are areas in the country where sellers are upside down in their mortgages, but how many of these sellers have owned for more than 8 years?

So if you’re a seller with enough equity to negotiate, do so with grace and gratitude. Hopefully, you’ll get just a good a deal when you go to buy your next home!

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Local Information for Newport, KY

Latitude: 39.076011 -- Longitude: -84.451273

ZIP Codes for Fort Thomas, Kentucky	41075
Area Code for Fort Thomas, Kentucky	859
Time zone for Fort Thomas, Kentucky	EST

Other Area Cities: Bellevue, KY Covington, KY Dayton, KY Elsmere, KY Erlanger, KY Fort Mitchell, KY Fort Thomas, KY Edgewood, KY Elsmere, KY Fort Wright, KY Lakeside Park, KY Villa Hills, KY Independence, KY

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Evidence suggests that on or around 1749, prior to settlement by Europeans, a large battle occurred between a band of Cherokee Native Americans and victorious Miami tribe and Shawnee tribe Native Americans in what is now the city of Fort Thomas. As many as 600 graves of slain warriors have been unearthed by archeologists there. In 1887, a site was needed to house a United States Army post to replace Newport Barracks. Newport Barracks was located in the adjoining city of Newport, Kentucky. Built in 1803, Newport Barracks replaced the smaller Fort Washington, which was located just across the river in Cincinnati, Ohio. Post Newport was in Newport's lower westend at the point where the Licking River meets the Ohio River. Prone to flooding, a higher location for a post was desired. General Philip Sheridan personally selected 11 acres of the city and dubbed the area the Highlands, predicting it to become the "West Point of the West." -- Source: Wikipedia.com

Kentucky 2000 Census Population Profile Map

	Fort Thomas	Kentucky	United States
Population	16,495	4,041,769	281,421,906
Median age	37.8	35.9	35.3
Median age for Male	36	34.6	34
Median age for Female	39.3	37.1	36.5
Households	6,742	1,590,647	105,480,101
Household population	16,097	3,926,965	273,643,273
Average household size	2.39	2.47	2.59
Families	4,338	1,104,398	71,787,347
Average family size	3.04	2.97	3.14
Housing units	7,028	1,750,927	115,904,641
Occupied units	6,742	1,590,647	105,480,101
Vacant units	286	160,280	10,424,540

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November 20, 2008

Local Information for Newport, KY

Latitude: 39.076011 -- Longitude: -84.451273

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