This article is aimed at sellers who are thinking of selling and has been trying for the past 6 months, with ever lower prices. The reason may be because the initial selling price was way too high. I understand too because I have sold homes before. “Is the price I am selling too low? I think it’s worth higher.” Before we sell, we will ask around and today, it’s slightly better, we have lots of information to guide us, including brickz.my If we look around and found out that the median transaction is around RM400,000 what is the price we should sell? I leave that to you for now but below are 4 reasons to sell faster, if you really want to sell.
#1 – TIME is money too. If the home was not tenanted and you are still paying for the monthly mortgage, a delay of 6 months would have been hundreds or even thousands of Ringgit depending on the price of your home. This is usually unseen because you may have been paying for the mortgage like forever…
#2 – OPPORTUNITY does not wait. When the market is slow, it meant that there are also other opportunities lying around for us. Without the $$ from selling our current property, we may miss out on that opportunity. Imagine if we suddenly know of a condo in an auction at below 40% market value and yet our home is not yet sold simply because of that RM20,000 price negotiation many months ago?
#3 – COST of inconvenience. Time should be put to good productive use. Assuming we engage 5 real estate negotiators (REN), then we will either have to open doors non-stop (better not). Imagine this continuing for the next 6 months? Or we have to give out many sets of keys. (keeping track?) A better way may be to give exclusivity to a REN and get him or her to co-broke with others instead.
#4 – PRICE may get lower. Your advertisement is out in the market with photos of your whole home. Imagine what happens if the potential buyers kept seeing the same home again and again and with ever lower prices every month? Yes, it becomes a vicious cycle and negotiations will usually get harder with every passing month.
Selling a property is not that straightforward these days. Market is really slow and buyers really do have many more choices. For example, just go to any property site, enter RM400,000 and search and you will find properties from everywhere within the Klang Valley. Coupled with the availability of auction properties from distressed sellers or from the banks and we will understand that waiting is not the best game. It is best to quickly sell and start RE-Investing instead. That below-market-value property may be waiting for you too. Happy selling.
written on 17 Dec 2018
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