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 Lancaster, PA

Latitude: 40.341692 -- Longitude: -75.926301

ZIP Codes for Reading, Pennsylvania	19601 19602 19603 19604 19605 19606 19607 19608 19609 19610 19611 19612 19640
Area Code for Reading, Pennsylvania	610
Time zone for Reading, Pennsylvania	EST

Other Area Cities: Reading, PA Wyomissing, PA Birdsboro, PA

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Reading (IPA:/'r?d??/) is the county seat of Berks County, Pennsylvania and the center of the Greater Reading Area. In the 2000 census, the city had a population of 81,207, making it the fifth largest city in Pennsylvania after Philadelphia, Pittsburgh, Allentown, and Erie, and the sixth largest municipality after Upper Darby Township. Overlooking the city on Mount Penn is Reading's symbol, a Japanese pagoda visible from everywhere in town and referred to familiarly as "the Pagoda". Duryea Drive, which ascends Mount Penn in a series of sharp bends, was a testing place for early automobiles. The city lent its name to the now-defunct Reading Railroad, which brought anthracite coal from the Pennsylvania Coal Regions. The railroad is one of the four railroad properties in the classic English-language version of the Monopoly board game. Reading was one of the first localities where outlet shopping became a tourist industry. -- Source: Wikipedia.com

Pennsylvania 2000 Census Population Profile Map

	Reading	Pennsylvania	United States
Population	81,207	12,281,054	281,421,906
Median age	30.6	38	35.3
Median age for Male	29.3	36.5	34
Median age for Female	31.9	39.4	36.5
Households	30,113	4,777,003	105,480,101
Household population	79,082	11,847,753	273,643,273
Average household size	2.63	2.48	2.59
Families	18,423	3,208,388	71,787,347
Average family size	3.33	3.04	3.14
Housing units	34,314	5,249,750	115,904,641
Occupied units	30,113	4,777,003	105,480,101
Vacant units	4,201	472,747	10,424,540

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November 20, 2008

Local Information for Lancaster, PA

Latitude: 40.341692 -- Longitude: -75.926301

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