I had a call from a client last week who said he wanted to see the three other villas listed for sale in his complex that were listed for sale.
As his agent, I said I would be more than willing to show him these villas, but what he really needed to do was look at villas in other nearby complexes that were also competing with him.
He called back this morning to say that he did not want to see the others, but only the ones that were competing with him.
I tried to explain to him that in all my years of selling real estate, I have never had anyone walk in my office and say that they are ready to buy a villa in complex “y”. People will often say that they are interested in buying a 2-bedroom oceanfront villa – show me what is for sale in area. They end up looking in eight or nine different complexes.
When you price of your property, you have to look at the entire real estate market rather than just your complex.
In today’s market, I ask all my sellers to think like buyers. They need to ask themselves what someone who is looking to buy property would look for and what is the best deal.
In a slow real estate market, the buyer holds all the cards.