Why is it that some homeowners say they want their home sold, but then go out of their way to work against you? At first you haggle over the listing price and say, let's try this price for awhile. Since the price is not horribly off, you agree, well we will see and after a month is up, we will need to reduce the pricing if we get no showings. This is agreed on. We also mention, it is important the home be as accessible as possible.You take the listing in spite of misgivings because it is a well maintained beautiful home and you know it will sell eventually.
So we market the home and set up the open house, and this was also a hassle. Excuses are:" Well this weekend we are having company, next weekend is ok, but 3 hours is too long, and it needs to be earlier in the day and shorter." The open house comes and goes, too few buyers because of the timing in the day, not one bit of interest, all comments wind up being, nice home, too high. We pass this along only to hear, well it is too early and they do not know what they are talking about.
The month passes, and only one showing and agent showing it had to jump the hoops to get in. Grandma is home alone and gets scared, we can only show it when someone is with her. Again feedback is, nice home, too high. Mind you a home you listed at the same time has already had 2 dozen showings and 2 offers. And this is a home in need of major work, but reasonable sellers. Now we go back armed with all sorts of regional data showing how prices are still dropping we need to be in line with the trend.
We mention a NEW home in the area is the same price and older homes can not compete.You hear excuses like well the local newspaper says prices are not falling, and our home has xxx features, and oh by the way why aren't you bringing any buyers, only one person has come.
We show financial news and reports.
Mortgage Bankers Association: 2011 "The housing market may not stabilize until the first quarter of 2011."
Business Week: 2012 - "With any luck, three years should be long enough for the U.S. economy to recover and for the nation's housing inventory to shrink to more normal levels."
FHFA Price Decline Study: 2010 - "Indexes suggest that the time from peak to bottom tends to be about 3¾ years, whereas the median recovery period (from bottom to prior peak) was 6? years."
Case Schiller Future Price Index (as of 6/09): May 2010
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And then come the questions and comments: Did you put up signs directional showing the way to the house?(???????? even a new agent knows to do this.)Why don't we get any feedback. (Every feedback that has come back negative is ignored or refuted.) You of course can not be doing a good job, people should be flocking to this home. In response, you bring up other home listed at the same time, that was marketed the same way with different results (now in contract), but you hear, well it is a different area, you can not compare. We think it is too soon to drop the price we will wait another 2 months.
Two months pass, 3 showings, one a repeat. Get feedback from showing agents (when they actually return you calls or emails).Wonderful home, to high because it needs updating. You ask us to ask the agent to ask the buyer to justify their comments. (Hmm they saw a house down the street for less, just as nice and more updated.)
We even go so far as making a buyer survey asking each buyer that comes thru the door about condition and price, all say the same. Too much money, lovely house, but overpriced. Now you want know to why they said this and maybe we should call them and make them justify the comments.
We send them more data, local reports, newly solds and listed on MLS, and no response.
Money Magazine told their readers on 6/30/09:
"To sell your home fast, you're going to have to dip 10% to 15% below what comparable homes in your neighborhood recently sold for. You still may not be able to compete with foreclosures and short sales, but at least you stand a chance of getting buyers to notice your listing."
Talk to your agent about your price today!
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Are you really sure you want to sell this house? If you are then you need to know:
Agents do not control the Market, Buyers do.
You are competing with other sellers.
Home must be easily accessible.
Listen to your agent.
Don't be stubborn about the price, or your house may sit for months and months with no offers. The longer it sits on the market, the staler it becomes.
You want to sell your home in a buyers' market? Then listen to the price your agent suggests, even if you think it should be higher.
