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Basic Real Estate Marketing – Buying and Selling Houses

Buying a Home

Buying and Selling Houses

Everyone want the best possible price and terms when selling and selling houses. Several factors, including market conditions and interest rates, will determine how much you can get for your home. The idea is to get the maximum price and the best terms during the window of time when your home is on the market.

In other words, buying and selling houses is part science, part marketing, part negotiation and part art. Unlike math where 2 + 2 always equals 4, in Dallas real estate there is no certain conclusion. All transactions are different, and because of this, you should do as much as possible to prepare your home for sale and engage the REALTOR® you feel is best able to sell your home.

What is Your Home or Prospective Home Actually Worth?

What homes are worth boils down to “what the market says it’s worth.” A home “value” also depends on who you ask: there’s the price owners would like to get, the price buyers would like to offer and the point of agreement between buyer and seller that actually results in a sale.

In considering home values, several factors are important:

  • The value of your home relates to local sale prices. The same home located elsewhere could have a different value.
  • Sale prices are a product of supply and demand. If you live in a community with an expanding job base, a growing population and a limited housing supply, you have a seller’s market, and home prices will likely rise. Alternatively, if the local community is losing jobs and people are moving out, then you’ll likely have a buyer’s market.
  • Listing prices should not be inflated. You should be strategic in setting your listing price and be sure not to overprice your home, because you may not be able to sell it. The longer a home is on the market, the more “stale” it gets, and the more likely that buyer agents will tend not to show it and that buyers will think there is something wrong with the home because it is not selling. If you overpriced your home, you many eventually have to bring the price down to even less than what you could’ve got if it was priced properly in the first place. And you will have lost the initial flurry of interest that new listings generate.
  • How quickly the owner needs to sell can affect sale values. Owners who “must” sell quickly will have less leverage in the marketplace. Buyers may think that the owner is willing to trade a quick closing for a lower price – and they may be right. Conversely, owners who do not need to sell quickly may have more marketplace strength.
  • Sale prices are not based on what owners “need.” When an owner says, “I must sell for $300,000 because I need $100,000 in cash to buy my next home,” buyers will quickly ask if $300,000 is a reasonable price for the property. If similar homes in the same community are selling for $250,000, the seller will not be able to sell for $300,000.
  • Sale prices are NOT the whole deal; look also at terms and conditions. Which would you rather have: a sale price of $200,000, or a sale price of $205,000 but where you agree to make a “seller contribution” of $5,000 to offset the buyer’s closing costs, pay a $2,000 allowance for roof repairs, fund two mortgage points, repaint the entire house and leave the washer and dryer?

How Do You Set a Listing Price?

Because all transactions are unique there is price flexibility in the marketplace. The amount of flexibility depends on local conditions.

For example: you’re selling a townhouse and there have been five recent sales of the same model townhouse and prices ranged from $200,000 to $210,000. You now have an idea of how your home might be priced. In a strong market perhaps you can ask for $210,000 or a little more. If the market has slowed, $210,000 may be a reasonable asking price, but perhaps more than you could get for a final sale price.

Here’s another scenario: you live in a community of Victorian-style homes, most of which were built in the 1920s. All the homes are different in terms of size, condition, modernization, style and features. In such a neighborhood, an average sale price is just a statistic without much practical meaning. On a single block one home may sell for $400,000 while another is priced at more than $1 million. The average price may be outrageously high for one home and staggeringly low for another.

Knowing what listing price to set for your home can be difficult. That is why it is valuable to work with a REALTOR®. Because experienced REALTORS® have handled many transactions, they’re familiar with the terms and conditions that go into buying and selling houses, not just published sale prices that may not reflect various premiums, discounts, terms, conditions and adjustments. And, importantly, REALTORS® know of the latest sale prices among competing houses and can offer that information to the home seller.

What People Are Saying

  • We’ve used Your Home Free for all our real estate needs and they never disappoint. Every team member treats you as if you’re their number one priority. Best customer service around! Everyone needs to use this team of professionals!

    ddr4r646fn Avatar
    ddr4r646fn
    8/12/2021

    Our experience with Bill Nelson and his team was great. We met with 4 different Realtors to initiate the process of selling our house to then buy our new home and from the moment we met with him we knew the choice to make. He confidently explained the process and the plan to follow and showcased his expertise on the housing market. He manages a team of diligent realtors, we were pleased to work with Emma Lindsey. She was dedicated, diligent, patient and helped us through the entire process until the very end, it was delightful to work with her!
    It is a different market out there between the pandemic and the high demand vs low inventory, it can be very frustrating and disappointing but Team Nelson made it a positive experience. They negotiated an extended stay to accommodate our home search once we sold our current house. We trusted Bill's advise with our new house choices and offers in a very competitive market where multiple offers were made on the first day of showings, definitely not pushy but he advised us for our best interest! That is something we highly value and will always be grateful for.
    If you are selling and buying a home and you are not using Tim Nelson/Your Home Free you are throwing money away!

    e devange Avatar
    e devange
    10/11/2020

    Truly enjoyed working with Team Nelson - Your Home Free! They brought a lot of great experience to the table and made the process very easy for me. Would definitely recommend.

    amber scheurer Avatar
    amber scheurer
    9/30/2021
  • We used Team Nelson to help sell our home while we were in the process of building a new home. Bill and Casey came out and gave us an up front honest assessment of the value of our old home that was in line with what we thought. The entire experience after that was very smooth and they were able to sell our home rather quickly in early April. They even provided us with a very knowledgeable inspector for our new build as well. Would definitely recommend Team Nelson!

    Randall Lee Avatar
    Randall Lee
    9/06/2020

    The follow up and problem solving, makes his team a great choice for you Real Estate needs and wants. For example when we had to negiotiate some mistakes from the seller, Tara, my agent asked all the right questions.

    michaeljgladden Avatar
    michaeljgladden
    5/12/2021

    Bill and his team were very responsive and knowledgeable. His is a true team format, so you will probably work with a group of different individuals in the process. Bill was a little conservative on price early on but was very open to our desired goals and was very successful in driving a great price.

    mikeweller41 Avatar
    mikeweller41
    11/08/2021