There is a trap in selling real estate. It is called insanity. This is when failed efforts are repeated, expecting success. The best way to get out of this cycle is to consult an expert. Malcolm Gladwell discusses in his book Blink: The Power of Thinking Without Thinking how it takes 10,000 hours of experience to become an expert at something. This wealth of experience provides a pool of alternate actions to help excape the insanity trap.
I recently had a seller approach me who had been caught in this trap. Their Salt Lake City home had sat on the market with another agent for over a year! What was the problem? All the other agent would suggest is to lower the price of the home. In fact, over the course of the year, the agent had dropped the price more than $100,000! Finally they had enough and he decided to consult an expert.
I suggested that we do small things to help the home show better. We started with landscaping, making the home more visible from the street. Then we replaced their light-switch and electrical socket covers. We also covered some of the wood trim and surfaces with neutral colors. Some of the handles on drawers and cabinets were out-dated so we replaced those as well. The result was a dramatic change in the home's appearance.
Promises of hope turn to more distress. Sad story!
About 25% of home owners in Utah are under water or near under water. So when a lawyer arrives on the scene crying foul play, many listen. Some undoubtely think to themselves, "This lawyer must know what he's talking about, afterall he's still working while many of the rest of us have lost our jobs." Not realizing that this lawyers work is contingent on their involvement in his 'rescue' plan.
The lawyer made the case that he could free these under water home owners from their obligation to the bank. All they had to do was pay him to file the claim, instead of paying the bank. So the lawyer collects their money, the distressed home owners fall further behind, and for what? At the conclusion of the trial the home owners are worse off than before.
If you are under water on your home and can no longer make payments, contact me so we can discuss your real options. There are programs in place to help with your situation, but you must be careful because there are some scary scams out there. So make sure you talk to a reputable real estate professional about your situation.

Any time someone finds out I'm in real estate, they ask me the same question: "How's the market?" The way you answer this question will either make you stand out as a professional, or make you blend in with the rest of the agents out there.
Programmed Responses
We all have programmed responses for certain questions. When a store employee asks, "Can I help you?" you answer without thinking. If you answer this question about the market the same way, you will not stand out. Whether you say "the market is great" or "the market is dismal" will make no difference. They know it is a programmed response and will respond in kind.
Because we live and breathe real estate we have a clear picture of the status of the market. You need to paint this picture for others, so they can understand what you would say. Start with the most pertinent data which will draw the clearest conclusions. For Example: I just checked the real estate statistics for my area and inventory is down 25% from last January. Additionally, the number of homes under contract is 30% higher than last January. I paint this picture by demonstrating with my hands the rise in demand and decrease in supply.
If you say it, it's wrong!
After painting this picture you should ask them what it means. If you blurt out, "This mean's it is a great time to buy" they'll immediately question your interpretation. However, you should ask them what happens when demand goes up and supply goes down. Because they've evaluated the data personally, they'll be more inclined to agree with, and act upon, the news about the market. You should re-affirm their interpretation with supporting data if they are right. If they are wrong, paint another picture, and ask again. Help them see and understand the picture.
If they say it, it is right!
If someone asked you about the market, they have some interest in real estate (or it is a programmed response). Just as we know the market, people know themselves. After you've helped them see the state of the market, find a call to action. Ask them what they think they should do to capitalize on the opportunities of the market. Regardless of what they answer, ask questions to get a picture of their situation. Find out why they have that interest, and offer your services specifically for what they need. This will help you present yourself as a professional in real estate.
The New Year is a season for setting resolutions and planning for the future. To set realistic and achievable goals you must review the past, evaluate the present, and then plan for the future. It is my goal to provide you access to the resources you need to accomplish your goals in Real Estate.
Year to Year Home Sales Statistics
Year to year the housing market follows seasonal trends. Comparing the number of homes sold each month this year to previous years is valuable in predicting future months. This resource also provides a total number of homes sold for the entire year. This shows you where the current year is for total homes sold compared to the previous 3 years. Real estate is very local so the statistics are broken down by Salt Lake, Utah, Davis, Weber, and Tooele Counties.
The Crystal Ball compiles all of the statistics and creates a report for your home. The crystal ball makes predictions about the sellability of your home. It also arms you with valuable market information such as the number of other homes for sale in your area, recent homes sold, and number of homes under contract. It also offers an estimate of how long it will take to sell your home based on current inventory and demand.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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