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 River Falls, WI

Latitude: 44.858701 -- Longitude: -92.625097

ZIP Codes for River Falls, Wisconsin	54022
Area Code for River Falls, Wisconsin	715
Time zone for River Falls, Wisconsin	CST

Other Area Cities: River Falls, WI North Hudson, WI Hudson, WI

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River Falls is a city in Pierce and St. Croix counties in the U.S. state of Wisconsin. The population was 12,560 at the 2000 census. The city is located mostly within the Town of River Falls in Pierce County; only a small portion lies within the Town of Kinnickinnic in St. Croix County. River Falls is located 25 miles southeast of downtown St. Paul, Minnesota and is part of the Minneapolis/St. Paul Metropolitan Statistical Area, along with the rest of Pierce and St. Croix Counties. It was originally named "Greenwood" but this was changed, as another Greenwood, Wisconsin already existed. River Falls High School is the area's public high school. River Falls is also home to the University of Wisconsin-River Falls, and through 2009 the site of the summer camp of the Kansas City Chiefs. It is home to the 2005, 2007, 2008, and 2009 Marching Band State Champions in AAA division. -- Source: Wikipedia.com

Wisconsin 2000 Census Population Profile Map

	River Falls	Wisconsin	United States
Population	12,560	5,363,675	281,421,906
Median age	23.6	36	35.3
Median age for Male	24.5	35	34
Median age for Female	22.9	37.1	36.5
Households	4,269	2,084,544	105,480,101
Household population	10,413	5,207,717	273,643,273
Average household size	2.44	2.5	2.59
Families	2,337	1,386,815	71,787,347
Average family size	2.98	3.05	3.14
Housing units	4,345	2,321,144	115,904,641
Occupied units	4,269	2,084,544	105,480,101
Vacant units	76	236,600	10,424,540

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November 20, 2008

Local Information for River Falls, WI

Latitude: 44.858701 -- Longitude: -92.625097

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