When on a listing appointment, in your regular script, are you asking your prospective client this question? Mr & Mrs Seller, I hear what you are saying, but, are you pricing your home to sell it today or are you just planning on testing the market? I understand that you believe that your home is special and that the monies from its sale are to help you on your way to retirement living or to buy your next home. However, those days are gone. Not sure, if they will ever return. Average market time is 121 days, from the date of listing, to the date when an offer comes in. Certainly, there are exceptions. You may hear of a home that posted for sale and was under contract in days or weeks. However, that is not the average listing.
How about if we look at the market today, as if you were the buyer? I will present you with a Buyer's CMA on your home and then, I would like you to let me know how your home looks through a buyer's eyes. As the buyer, you know that we are experiencing a buyer's market. If you have a job, good credit and sufficient down payment monies, you will have a strong pre-approval. Buyers, good ones, are fewer in number, but, they are present and are looking for homes. The listings that are now available to you, have doubled in quantity in this area. What makes any one of these properties stand out and shout, buy me! Is it your home?
I have found that this is an eye opener for some. The motivation must be there, or you, the agent, are going to waste your time and theirs. If they are moving up, sometimes, as Brian Buffini says, they can take a shave off of their home's price, to then get a haircut on the larger home that they may be purchasing.
Be the professional, show them the statisitics for your local market. Being and keeping informed, is the win!
It's a Good Life!
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Frances
The numbers do speak for themselves, it is hard sometimes to get the sellers to hear our frank conversation, but it must be done or you will end up with a property you can't sell and the sellers will assume it's your fault (because it always is).
Steve,
So true:) I find that letting them view the process, as the buyer, does help reality chime in. Thanks for stopping by!
It's a Good Life!
Fran
Frances,
Very good idea when talking with prospective Listing people.... anything we can do to help get this market working would help us ALL!!!
Bernie
Bernie,
I hear you:) Price of gas and heating oil has hurt us more than the foreclosures! Going Green! Sounds like a good client event:)
It's a Good Life!
Fran
I wish the general public would more completely understand what they stand to lose it they take the "let's tesst the market" approach with pricing. If the general public had a little more trust in their real estate professionals then maybe that would help reduce this tendency.
My buyer's lost a deal today. We made a full price offer. There were multiple offers. The sellers chose the quickest closer. (our would close in 3.5 weeks). I should have mentioned sooner- the sellers dropped the price a few days ago. The new price was realistic. They were fortunate- had they waited to long many agents would have passed on it as too many days on market.
Chuck, It does seem to happen just like that. Buyers finally decide, and then, oops! the home they wanted goes under deposit. Just crazy, isn't it?!