14

June

Unique Patience.

Cullen P. Watson, Esq.

Unique Properties Require Patience.

The third “P” in the Triple P Listing Truth refers to the Property. The first two “P’s”, Price and Pictures, will generate showings, but at the end of the day, the Property is what it is. In the current marketplace, too much emphasis is placed on the first “P”, Price. The current mantra goes, “if the house isn’t selling, it must be over-priced.” To borrow a phrase from the esteemed Lee Corso of ESPN: “Not so fast, my friend.” If you have a unique property, you might have to wait for a unique buyer that loves your house.

For example, if a seller owns a contemporary style house in a neighborhood filled with colonial style houses, then the majority of potential buyers in that neighborhood will likely prefer colonials. The seller will likely have to wait until a buyer that prefers contemporary houses comes along. The seller of the contemporary could reduce the price, but if the buyers that prefer colonials will not live there under any circumstances, it won’t do any good. The Seller is merely reducing the price for the sake of reducing it. It just isn’t in the cards for certain buyers.

So if you have a unique property, prepare to be patient. It’s still a great property, but it might take a little longer to find the end buyer. Don’t panic. Don’t reduce the price (seriously, what real estate broker says that?). Plan, stay the course, and accentuate what makes your property unique and wonderful. And after it’s sold….Buy Smart. Live Well.

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