Here’s a new real estate riddle:
In any Jupiter house sale, what is the least expensive element that can also be the costliest?
There are many possible answers to the first part of the riddle. If the roof is openly deteriorating, the Jupiter house’s sale will usually depend on attending to that—a 5-figure expense in many instances. If the kitchen appliances are failing, they might need replacing. If the curb appeal is significantly lower than the neighborhood average, it might mean an expensive exterior paint update or correcting the long-neglected landscape.
A Real Estate Riddle for Jupiter House Sellers
There can be any number of costly elements that could be a part of a Jupiter home’s sale—but that fails to satisfy the riddle’s second half: that of being the least expensive. The answer seems to be a contradiction (as many a riddle’s answer is, after all).
The answer to the riddle is peculiarly appropriate for Jupiter house sales because the size of the “element” is so great—that is, the amount of money at stake is huge.
The answer is the asking price.
When a homeowner decides to sell, she or he puts the property into terrific shape, which, depending on its condition, can be quite costly—or virtually free—but it can’t be both at the same time. On the other hand, deciding on an asking price costs nothing. It is entirely at the discretion of the owner, generally in consultation with their agent. And because this initial value goes out to the world as a benchmark that will be attached to the property for good or ill, its import is great. No matter how many times it might be adjusted, that first number will be there in black-and-white for all time.
If it is unsupported on the high side, the property will attract scant interest. If it is disproportionately low, it runs the risk of giving away thousands of dollars that buyers would have been willing to pay. Either way, the element that was free to establish could become the most expensive element in the sale.
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When based on a combination of comparable neighborhood properties and its own distinctive features, a good asking price:
- sets a serious tone for negotiations,
- accurately signals the seller’s expectations, and
- speeds a successful sale.
Avoiding the possibility of misreading the market is only part of the service I offer my selling clients. Call anytime at (561) 316-6800 to discuss the many others!
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