It's NOT The Market! It's the Prices!!!

Everyone, especially the media has jumped on this bandwagon of "It's a buyer's market" . No it is NOT! It is an overpriced market with lots of holdouts who will likely get burned, and lots who have already gotten burned.

No matter the market, if a house is priced right it WILL SELL! The challenge is in finding what "priced right" is.

So how long should a house be left on the market without activity and remain at the same price?

Let's take a look at the chart below. The most amount of activity occurs within the first 2 weeks. After that the activity declines until the house stops getting showings. The house grows old as a listing on the market.

What is the point of putting your house on the market? To sell it, right? So then why are sellers holding out for higher odds, or for more money.

If the intent is to sell for the best possible price then the likelihood is that the house, if priced right, will sell within the first month, give or take a little.

Clearance Rack: How do clothes obtain the status of being placed on a clearance rack?

They stay on the shelf too long, they have been taking up valuable space and new merchandise must replace it. New, fresh, priced right merchandise.

Holding out for higher odds, or shall I say higher than market value is not a game that serious sellers often benefit from.

Do upgrades matter? Yes, they make the house more desirable if they are something the buyer likes, but they do not necessarily make the house more valuable.

What should sellers do to get their house sold? First and foremost, listen to reality. Have your Realtor show you recently sold listings that are comparable to your home. The price of your home should be at or below that price.

Why? You ask. Because buyers shop prices first, after that, then the character of a home. Market prices or slightly lower than market prices tend to bring more activity. More activity means more offers, which creates competition. Competition could drive the price up instead of buyers negotiating you down! Wouldn't that be a hoot in a "Buyer's Market."

The real estate market will always have its ups and downs, but one thing remains constant. Buyers control the market! Only the buying market determines what the value of a home is, not the realtor, not the appraiser, not neighbors. Realtors are most in touch with recent sales and pricing so their evaluation tends to be more on the pulse of the market.

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