Bottom line, it comes down to price.

By
Real Estate Agent with Keller Williams Realty

I’ve been asked by sellers who want to list their property “how long will it take to sell my house here in Santa Fe”?

Yes, we have all heard the universal real estate mantra that it’s all about location, location, location.  And location is still a big deciding factor, but since the real estate crash, it’s been more about “how much less than the asking price can I pay for this property?”  Most buyers today are worried that we could see another downturn in the market and if they pay too much, they may not be able to get their investment back should they need or want to sell.  Buyers recognize that owning your own home is still a smart investment and, as we have seen, with limited rental availability in Santa Fe rental market prices are going up.  Try renting a “casita” on the east side of town.  It’s not uncommon to pay upward of $1500.00 a month which is a mortgage payment for $300,000.00 with today rates.

Yet when it comes to selling, the buyer comes equipped with reams of paper from their research on the internet from Zillow, Realtor.com and endless websites that communicate what your neighbor sold their house for, regardless of the condition.  Mostly buyers talk about cost per square foot these days.  So, if your home is priced above the neighbors selling price per square foot, your realtor best know that your neighbor’s home was decorated with Home Depot fixtures while yours has designer upgrades.  With the exception of the newer developments like Rancho Viejo, Nava Ade and the Centex homes, as Realtors, we have to sift through neighborhoods looking for the perfectly priced home that will meet the buyer’s dream of Santa Fe living.

And if that dream is finding an original adobe home close to downtown or “the square” rather than the “plaza” the education starts there.  When they understand that most of the homes just look like adobe, but in reality are framed homes with stucco or sto, they start asking why homes are so costly if they’re built pretty much the same way as their home built in Texas or wherever they may live.  They have now forgotten the clean air, beautiful skies, the four seasons, the cultural and art events and are focused on getting a great deal, damn it!

Making the right impression when your house is on the market is all about the marketing.  From the photos taken by the Realtor for the listing to creating the, “do the owners live here” during the Sunday Open Houses is just part of what will sell your home.  In my 25 years of selling, when I get the buyer who says WOW in the first 30 seconds, we have a good chance they’re going to buy.

Bottom line, it comes down to price.

close

Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Tony and Suzanne Marriott, Associate Brokers 04/21/2016 10:09 PM
  2. Winston Heverly 07/15/2016 01:29 PM
Topic:
Home Selling
Tags:
home selling
listing a home
help selling a home
homes in santa fe

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Rainmaker
487,716
Karen Feltman
Cedar Rapids/Iowa City, IA Lepic-Kroeger REALTORS - Cedar Rapids, IA
Relocation Specialist

Pricing cures all ills! Making sure that the home is priced based on the condition and the other current listings is key. You want to be the best home in the price point if you are going to expect the high price. Great post!

Apr 21, 2016 08:26 AM #7
Rainmaker
816,482
Elyse Berman, PA
Best Connections Realty, Inc. - Boca Raton, FL
Boca Raton FL - (561) 716-7824 - CRS, ABR, GRI

Tom Trujillo We have the same situation here in south Florida - low inventory and homes getting close to asking.  I've had buyers think they will come in at 10% less until you show them comps that are 96-98% of list price.   Price overcomes all objections.

Apr 21, 2016 10:14 AM #8
Rainmaker
772,774
Susan Laxson CRS
Parks Real Estate - Franklin, TN
Local Knowledge & Global Network

I agree Tom, that it is better to get it priced accurately upfront than to keep asking for price reductions and losing out on potential buyers. Great post!

Apr 21, 2016 10:15 AM #9
Rainmaker
200,605
Celeste Chism - Serving You in Crossville, Fairfield Glade, Lake Tansi & Cumberland Cove
RE/MAX Premier Choice - Crossville, TN
Serving You is My Top Priority

Price it right from the begiining is always best....good post.

Apr 21, 2016 11:36 AM #10
Rainmaker
1,428,654
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

It always comes down to price.  The fair price is what a willing seller is willing to accept from a willing buyer. 

Apr 21, 2016 11:44 AM #11
Ambassador
2,017,420
Fred Griffin
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

     Price is everything.  It does not matter how much you paid when you bought the house.  It doesn't matter how much you "need" to net from the sale.  It doesn't even matter what your mortgage payoff is.  The house is only worth what a Buyer will pay for it.

Apr 21, 2016 12:41 PM #12
Rainmaker
349,616
Diana Dahlberg
1 MONTH REALTY - Kenosha, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

I think Fred Griffin, #12, summed it up pretty well.  To do the best service to our clients we must price it right ... not at a price that will make the seller happy.  Bottom line is what the market holds, and what buyers are willing to pay.

Apr 21, 2016 02:29 PM #13
Rainer
436,260
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

L3 is still the primary driver to DOM or closing and posting an attractive price to begin the offering is a pragmatic strategy depending on the condition of the property because, at the end of the process, it's the appraisal that usually determines closing, IMO. 

Apr 21, 2016 07:35 PM #14
Rainer
413,548
Sham Reddy
H E R Realty, Dayton, OH - Dayton, OH
CRS

Great insights!!!

we have all heard the universal real estate mantra that it’s all about location, location, location.  And location is still a big deciding factor, but since the real estate crash, it’s been more about “how much less than the asking price can I pay for this property?” 

Apr 21, 2016 09:14 PM #15
Rainmaker
1,158,482
Kat Palmiotti
Grand Lux Realty, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

Welcome to ActiveRain! That's a very easy to follow graphic - good job.

Apr 21, 2016 09:34 PM #16
Rainmaker
2,881,454
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Welcome to Active Rain Tom Trujillo!  As REALTORS® who have been here for more than 9 years, it's well worth it! 

Apr 21, 2016 10:06 PM #17
Rainmaker
2,881,454
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

and thanks for a well written and informative post about the importance of pricing appropriately - hoping to read more like this - so - we are now "following" you!

Apr 21, 2016 10:07 PM #18
Rainmaker
2,881,454
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Tom Trujillo "Yet when it comes to selling, the buyer comes equipped with reams of paper from their research on the internet from Zillow, Realtor.com and endless websites that communicate what your neighbor sold their house for, regardless of the condition." Right on target.  Re-blog!

Apr 21, 2016 10:08 PM #19
Rainmaker
3,954,205
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Congratulations on the featured post. I will share it with others.

Apr 21, 2016 10:20 PM #20
Rainmaker
2,258,101
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Yes to this post & host and lets not get into nickels and dimes distraction either.

Apr 21, 2016 11:46 PM #21
Rainmaker
839,438
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

We have seen extremes before, during and after the Great Recession. Area homes with 50 months of inventory can turn to 1 month  in three years.  With almost another one half million new jobs created and 80K new housing to be added there will be a crunch in housing.....

Apr 22, 2016 01:10 AM #22
Rainmaker
558,685
Eric Kodner
Madeline Island Realty - La Pointe, WI
CRS, Madeline Island Realty, LaPointe, WI 54850 -

Another valuable asset in a listing agent's toolkit. And one of the simplest and best descriptions of how absorption rates and price can shape the future of a listing.

Apr 22, 2016 05:17 AM #23
Rainmaker
435,654
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Specializing in Brookside, Waldo, Prairie Village

That first impression so important, along with highlighting any seller improvements, esp compared to the competition. 

Apr 22, 2016 01:32 PM #24
Rainmaker
3,481,654
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Tom, you live in a stellar City, and great thoughts today for buyers and sellers!   When we hear WOW, and the smiles don't disappear, it is a good sign!  

Apr 22, 2016 11:48 PM #25
Ambassador
3,349,442
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams fox cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Very well written argument for pricing right and having the right agent Tom.

Jul 20, 2016 05:06 AM #26
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Rainer
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Tom Trujillo

Casitas to Haciendas
Answers about Santa Fe? Call or text Tom at 505-699-4954
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