Earlier this month, the Today Show had a segment on the Top Ten Myths surrounding the current real estate market. The advice given on the show was extremely valuable and really should be taken into account whether buying or selling a home. I am reviewing each of these as separate entries with my own experience.  This advice will be valid whether buying/selling in high end markets such as Great Falls and Mclean or in Loudoun County or Prince William County where prices have dropped dramatically.

Buyer myth #2: Sellers today are desperate.

This premise has held true for most every buyer to whom I have shown houses during the past year.  Not all sellers are desperate.  There are a number of people who are looking to take advantage of the current buyers’ market.  They are willing to sell their home at a lower price than would have been obtainable two or three years ago.  They simply do not want to give the home away.  It is important to always ask why the the home is being sold as a means of determining how motivated and anxious they are.  I will always asked where they are moving.  They are more likely to answer this than bluntly asking why they are moving.  A response of “We’re being transferred” is a very different answer than, “We’d like to find something bigger.” The first homeowner is very motivated while the second may stick closer to their price.  I am always surprised at how much info you can get from sellers by asking the right questions.  If your buyer agent doesn’t ask exploratory questions, it may be time for a new agent.

For sellers:  You are well served by following your realtors advice to vacate the home when someone is coming by to see it.  Never, never, ever have kids home!!  While you frequently think you can help market the property, you more times than not provide information that buyers use to rule out the home or give the selling agent fodder with which to negotiate a more advantageous deal for the buyer.  Kids will almost always say something about the home that you’d rather not have known.  If your listing agent hasn’t given this advice, it may be time for a switch. 

I will always maintain that your principal reason for looking at houses is to find the right home for your family. Once you have found a place to call home, don’t lose it over a few percentage points in price.  We’ll establish a fair price and then negotiate to get as close as possible to this price.  It will then be up to you to determine if you really want the home.  You can rest assured that the home will be worth significantly more in five to ten years than you are paying today.