Many sellers get frustrated because their homes are not selling in this market. It is completely understandable when they get showing after showing; people that they don’t even know trampling through their home compromising the security of their belongings, and quite honestly the security of their family.
When we advise sellers in pricing their home, we make sure to help them understand that this is the best buyers market that we have seen; possibly in history! There is a ton of competition and the buyers are few.
EVERY buyer is looking for a deal in today’s market. They are concerned with overpaying for a house in a market that continues to decline. Most of our decline has already happened, but we will continue to slide this year. It is important for a seller to consult their Real Estate professional and determine where their market is heading.
Sellers are not dealing with a market problem; they are dealing with a pricing problem. Homes are still selling. It is not like the 1930s or 1980s when hardly anything was selling unless it was on a seller contract. In a declining market it is imperative to price your home better than the competition. In addition to that, you must do everything to make your home physically set apart from the competition.
The first 6 weeks of a listing is the sweet spot where most buyers are going to see your home. Anything after 6 weeks results in a stale listing and buyers start to discount the desirability of that listing.
If a seller wants to have any chance of selling in this market, they must price their home correctly. Pricing a little high will only result in the home not selling, or if the seller is lucky enough to sell it, they will sell it for less than they could have, and much later than they could have if they only priced it right from the start. No one likes to lose money, but that is exactly what sellers are doing by pricing their home above the competition in a declining market.