The Sale is in the Details


by Eugene Pilato, broker of record,

Century 21 TODAY REALTY LTD. brokerage

 

Average Price Increases 35.3% Over Five Years

 

Single family homes in Niagara have enjoyed year after year increases in the average price. Since 2003, the average price has increased by an impressive 35.3%.

 

You’ve heard the phrase, “The Devil is in the Details”. Well in professional selling, “The Sale is in the Details”. People don’t get sold on generalities; that only makes them skeptical and may be viewed a self-serving.

People get sold on specific information that helps them make informed decisions.

 

Great agents arm themselves with specifics. They know that well informed customers, make better choices.

 

Here are some Market Details to Help You Sell

The chart below shows the regional average price for each year since 2003. Let’s look at a few ways we can help customers become better informed.

 

5-Yr Increase in Average Price for Single Family Homes in Niagara Region

Year

Avg. Price

% Increase

2003

$155,872

 

2004

$172,835

+10.88%

2005

$187,317

8.38%

2006

$199,995

6.77%

2007

$208,671

4.34%

2008

$210,924

1.08%

 

Total Increase

35.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The chart also indicates that these annual increases have declined steadily, from a 10.8% increase in 2004 to a 1.08% increase in 2008. Yet the overall increase is an impressive 35.3%.

 

You know that in spite of the overall increase…

 …many sellers are attached to out-of-sync list prices that do not attract buyers.

Too often, sellers who continue to overprice their property seem to treat selling as a lottery—hoping to win when some unsuspecting buyer from the big city comes along.

 

The Result:

Seller Resistance that Creates Disconnect with Buyers and Agents

This causes little or no interest, fewer showings, a lower price down the road or a home unsold. Sound familiar?

 

Yet sellers who list within market range experience a successful sale more quickly and at market price. For a ‘meeting of the minds’ between buyer and seller, and agents and sellers, sellers need to be more proactive to make a winning connection.

 

You can improve your professional selling skills and your sale to listing ratio by giving sellers good, market-specific information like the chart above. 

 

Once again, “The Sale is in the Details”

 

3 More Great Ways to Use the Chart

1.     As an example, show a seller who purchased his home in say 2004 how much his home has appreciated: by about 22% overall.
--After closing costs of 6-7% the seller can enjoy a 15-16% gain overall.

2.     Using the same example, let’s say the seller purchased the home with 10% down.
A 22% Overall Gain divided by 10% Down = 220% return on investment.
And that’s not including any mortgage pay down.  

3.     If prices in 2009 should depreciate by 5%, over the same 4-year period, that’s still a net overall gain of 17%. Then show that in real numbers.

I believe you get the picture. By arming yourself with real numbers, and the details, you’ll convince more potential customers because they are better informed.     

 

Today, good agents play an important role in aiding buyers and sellers make well informed decisions…and make more sales.

 

I hope you will find the chart useful to help you sell more. It’s easy. It’s understandable. And it could save you a lot of time and money as well.

 

Compliments of Eugene Pilato, broker of record

Century 21 TODAY REALTY LTD.

Brokerage