(Originally written July 2017) I’m not an economist, and I don’t pretend to be. But it doesn’t take a college degree in Economics to see what is happening in the Durham real estate marketplace. The real estate market in this area is very intriguing. Our “inventory” is at record-low levels, especially for homes under $250,000. […]
Tag: home selling
• Perception of Price
In a previous life, I worked for Circuit City, which used to be an “electronics superstore”. Circuit City guaranteed the lowest prices, and they were very good about upholding this guarantee. But consumers didn’t fully “get it”. For instance, there was a certain VCR (remember those?) made by JVC that Circuit City sold for $349 […]
• Pricing a Home Part 3 – The Appraisal Price
Almost every buyer is worried that they’ll pay too much for a house. Here’s a plain and simple fact: A buyer will NOT pay more than the fair market value of the house unless they so CHOOSE. Here’s why: In the most simplistic terms, in a capitalistic economy, the fair market value of a particular […]
• Pricing a Home Part 2 – the Contract Price
Simply put, this is the sales price that the buyer and seller agree on. Keeping in mind that a buyer’s agent’s job is to get the best price, terms and conditions for their buyer, and the listing agent’s job is to get the best price, terms and conditions for their seller, this can be a […]
• Pricing a Home Part 1 – the List Price
When I speak with a potential home seller, the obvious issue that comes up is price. I feel that, in the process of the sale, there are really three prices involved: The list price, the selling (contract) price, and the appraisal price. In an ideal world, all three of these are the same. It doesn’t […]