Springfield Real Estate News


 

Looking For a “Special Person” to Buy Your Home?

By Jim Stewart, VP& Marketing Director, Assist 2 Sell, Springfield
8/25/09

You love your house. It’s a special place to you. No other home has the views your home has. No other home has the “little extras” you’ve put into yours. You’ve got so many pleasant memories here. But, alas, the time or circumstances have come that you need or want to sell. Yeah, there are a few things here and there that need to be fixed, but people will overlook those things because of all the other extras! Your home is worth a higher price because it’s so special, right? Right?

In short: Probably not. 99.99999% of the time, if you are looking for a “special person” to buy your home, your asking price is just too high, and maybe way too high. Where I grew up, in West Plains, MO, finding a “special buyer” really meant “I want way too much for my place and I’m looking for a sucker.” There was an old story that a "foreigner" (meaning anyone from out of the area but especially someone from California) moved to West Plains and asked how on earth people got by on the low wages the employers offered. An old timer replied “by selling stuff to suckers from California!”

Unfortunately, the only suckers available today are the real estate agents who take the listings of sellers looking for that “special buyer.” The “special buyers” from California and other high cost areas of the country are simply not coming here right now. Affordability in these higher-cost areas has improved to the point where staying is much easier than moving to an unknown area. Of those who would move here if they could, many have seen their home has fall in value so much that they are now “upside-down” by hundreds of thousands of dollars. They couldn’t move no matter how bad they wanted to. 21 million home owners in California alone have negative equity. 21 Million!! Of the ones who aren’t upside down in their home, their investments, 401k’s and IRA’s have all fallen by so much that retirement now looks like a pipe-dream (sound familiar?).

What it boils down to is that there is no “special buyer” coming to your rescue. Your home is only worth what the market says it’s worth today. Chances are you won’t be selling it to someone from out of state. It will much more likely be someone local who understands real estate in this area and simply won’t overpay. Even if a “special buyer” was looking at your house, why would they pay extra for the things that are probably only special to you, not them. Believe it or not, but many homes have most of those same “special features” as your home. Many homes have even better features than your house and are priced cheaper. There are over 5,000 homes on the market for those “special buyers” to choose from. They can pick from the litter, get a great deal and then make the home they pick special to them in the way they want it to be special.

Bottom line: That “special buyer” isn’t even a one-in-a-million shot in this market. If you really want to sell your house in today’s market you have to price it for today’s buyers; and there’s nothing particularly “special” about them.


 
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