As the market continues to correct itself after these turbulent months, most houses are taking longer to sell. It is a good time to remember that in most cases, it is the market, not the marketing.
Many sellers are still in denial that their house won't cause a bidding war. They still think that they can list their house higher than the market will bear, and that they will get offers over the asking price. This is becoming a rare occasion, limited to the nicest homes in the best neighborhoods.
Buyers are also becoming more fickle. They know they have the upper-hand in most negotiations, due to the amount of inventory on the market and the slowing market activity. Many buyers are taking their time, making sure they have good financing, implementing all contingencies, and doing lots of inspections. And, they should.
I keep hearing from other Realtors about all of the effort they are putting into their listings, and frustrated that they aren't getting offers. They build elaborate websites, have multiple open houses and broker tours, send out fliers and postcards, and more. Even though they might get hundreds of potential buyers and agents through the property, they are no takers.
No matter how many people visit the home, you just need to get that one buyer who is perfect for the home. That is what can be frustrating about real estate marketing. Most marketing, such as for consumer products or movies, is geared to sell as much as possible. Whereas real estate marketing is all about getting that one perfect buyer.
So, remember that when it comes to the real estate market, it is usually the market and not the marketing that affects sales. When the market is hot, you can do very little marketing and get multiple offers. When the market is slow, you can market your heart out and still get nothing. The market at large sets the pace and the price.
Price it right! That's all there is to it. Turn down listings if the seller's are not will to price according to market value.
Mary, Good post, as you always do. As Buff says, the market is changed, done. Waiting for a comeback is just someone dreaming. Sellers need to get real with their expectations. Here in CT, it is starting to get really cold, 20's tonight. I ask my Seller's if they want to heat their empty homes all winter, or do they just want to drop their price now and then they won't be paying for heat (for those who have vacated their properties).
Mary, I see what you mean with your post, but don't agree. I create my own market regardless of what the news is saying. It is slow markets that define how really good each of us are not the hot markets. Anybody can be productive when everyone is buying, but only true professionals can maintain that in slow markets.
Curt Fletcher aka The Likeability Guy
Andrea--Exactly! Price it right!
Fran--Thanks for the support, and love that line about the heating costs. We don't face that here, but I've been telling sellers similar things.
Curt--Thanks for commenting. Actually I agree with you completely. Even in a hot market, it is the market not the marketing. And true professionals work with the market...not just ride it.
Mary, I completely agree with that!
Curt
several years ago I was advising clients to price their home 10% above the markert, and wait...the market would come to them. Now I advise that they price it in the bottom 5% of comparable offerings..or it wont sell (and I wont take the listing otherwise)
It goes without saying that the home must be neat and clean and in good repair and show well etc etc. We must still market and "sell" the property. But unless its priced right our clients will still own the sucker next year