Sell My Home Now!If your currently on the market, negotiating an offer, or recently sold your home, chances are you have asked yourself these following questions.

Why hasn't my home sold yet?

Why don't I have an offer after 10 showings?

Why did that offer come in so low? 

What is with these buyers asking for every little thing?

How do I increase my homes showing activity? 

 

Let's talk about each of these points individually, and hopefully shed some light on the answers to these common questions.

 

Why hasn't my home sold yet?

Whether your home has been on the market for a week or a year, there is a buyer for your home. The problem we are seeing right now is it's a buyers market, which means a buyer wants the best value, or they will move on.

Your home has to be the very best, or at least in the top 3 homes in your price range/area to sell. This isn't something random I came up with, it's called absorption rate.

If your house is in a price range/area with 20 other homes. There are enough buyers out there right now to buy 3 of those homes a month. So, out of the 20 homes that are on the market in that price range every month, yours has to be in the top 3, or you won't get it sold, let alone, an offer.

If you truly need to get your home sold, and have the motivation to do what it takes, make your home one of the top 3 homes out there. (I have very detailed information that I provide to all of my sellers to make sure they know what it takes to be in that top 3, and I help them achieve it.)

If you are thinking about selling your Logan, Utah home, or are currently in the Cache Valley real estate market. If you would like a free consultation to see what it takes to get in the top 3, feel free to contact me, and I will explain it to you in great detail.

Show My Home!

Why don't I have an offer after 10 showings?

If your home is priced right and in selling condition, on average, in the cache valley real estate market, you should get 1 offer per 10 showings. Your now up to 15 showings, and you haven't seen an offer yet, whats the deal? 

There could be a number of things, but lets talk about the most common. Price! The almighty dollar, I know you don't want to hear it, but it may in fact, or most likely is, your price. It's very important to stay ahead of the market. If your house was put on the market and it was over priced, you now have to catch up to what the market dictates your price should be.

If you price your home ahead of the market, you will have that offer in no time. An experienced agent that keeps up with there local market should know where the market is heading. By knowing where the market is heading, the comps for your home, and what has been selling, your agent should be able to tell you where you need to price your home to get it sold. 

To define where you need to be priced at takes a deep look into the tale of two markets scenario. On one hand you have the market of overpriced homes, on the other hand, you have the market of homes priced correctly. The 80% of homes that are overpriced, and the 20% of homes that are priced right. Which homes do you think will be getting the showings and the offers? It's very important to be in the priced correctly market, or your really not in the market at all. 

The next major factor of a house not selling could be condition. To sell your home, you need to be a responsible seller. Your home has to be in the very best condition for the price your at.

De-clutter, clean, do the yard work, clean the carpets, do the little repairs you have been putting off, get the pet smell out of the carpet, make the kids clean up there rooms, so on and so on... If you talk with your agent decide if a stager would be right for your situation, or if the agent has any suggestions to create that shining home you bought.

There is a different reason or multiple reasons depending on any given situation, if your home isn't selling, find out why, and fix it, or take it off the market.

 

Why did that offer come in so low?  

Offer!

I am sure you have heard the saying, "it's a buyers market", we know that. But why did my offer come in 30, 40, 50, 60, 70, or 80 thousand low? Well, let's look at it through the buyers eyes. 

Buyer: I have seen every home in my price range, all 30 of them, and I like this one. But with so many homes to choose from, I am going to throw in a low ball offer, and see if I can get that steal of a deal. If I don't I will just move on to one of the other homes and try a low offer there. 

In today's market, most buyers aren't necessarily buying a home because they have to. They may be buying a home because of the market conditions, or what they have heard in the national news. The media has been screaming low prices all across the nation, now this may be true in some markets but not all. If you get that low ball offer, you have two decisions to make. 

First, reject the offer and not even deal with it. 

Second, and the one most agents recommend, is counter back at close to listing price. If your home is priced at market value, and you know it, this should give you an idea on how serious a potential buyer is. If they come up, then I would consult your agent, and see if it's worth it to negotiate. If they stand firm, you may just have to fold and take what you can get, or you can reject the offer, and wait for something else. This decision is up to you, the seller, but make sure you truly think it through.

Don't just reject an offer because your mad, face facts, take a good look at the market, and decide how long you can really hold out, or how soon you need to move. Of course, every situation is different, but in my professional opinion, it's not the best idea to straight up reject a low ball offer. In a buyers market, you are going to have to play ball to get your home sold.

 

What is with these buyers asking for every little thing?

Again this is called the "buyer's market syndrome." (Yes I just made that cute little name up!) In this market, buyers think, and act accordingly, that they can take the seller on a roller coaster ride. The same happens in a sellers market, the seller usually won't budge on price and concessions. 

When a buyer sends an offer with 3 pages of concessions, or an addendum with 3 pages of fixes. It makes you, and me as a sellers agent, want to throw the fax machine through the wall! Of course, if we did that, we would then have to replace the fax machine all the time, and that wouldn't be very cost effective.

The other option, and the more logical one, is to figure out exactly what is going to be a deal breaker, and just get it done. Your agent should have a good feel for what these things are going to be. Whether it be repairs, concessions, or your autographed American Idol picture of Simon. Find out what will make the deal happen and decide if it's worth the hassle.

 

Home Buying!How do I increase my homes showing activity?

Market, market, market! Tell your friends, tell your not so much friends, tell your neighbors that don't like you, (they will definitely help you sell your home!), tell the mail man, tell the lady at the gas station, TELL EVERYONE. I AM SELLING MY HOME! Your agent is a professional marketer, or at least should be, and they will do their job. (If they aren't find a new one.) 

Just because you have your home on the MLS doesn't guarantee showings, it's a great tool, but you should be pro-active in the process of selling your home. I like to give my sellers a little lesson on marketing their home when I list their homes.

It keeps my sellers in full time "I am selling my home" mode, and when the time comes, their ready. When your time comes to market your home, do it, and don't be shy about it. 

 

This 2009 real estate market is not the same as it was last year, or 2 years ago when you bought your home. If you want your home sold, you can't dwell on the past market, you need to, at the very least, stay in the market. Better yet, stay ahead of the market, and your home WILL SELL!

 

Lisa Udy

Immaculate Homes

Logan Utah Real Estate

Logan Utah Homes For Sale

Lisa@LisaUdy.com

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Lisa Udy, Logan Utah Real Estate  Copyright © 2009

If you are considering buying or selling a home in Utah, you deserve local expertise and advice to be provided by a professional in real estate. Lisa Udy, is a Utah REALTOR® providing full time, professional real estate services to home buyers and sellers in the cities of Logan, Providence, North Logan, Hyde Park,  Smithfield,   Richmond,  Nibley, Lewiston, Cornish, Trenton, Amalga, Clarkston,  Newton, and all surrounding cities in the  Cache County Northern Utah area.

You may be relocating to or from Utah due to any number of reasons , whatever the case, when searching for a real estate professional outside the state of Utah, please feel free to Contact Me or call me at 435-881-3022 as I am more than honored to provide to you the contact information of exceptional agents across the U.S.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Lisa Udy

Platinum Real Estate Group

View My Other Blog @ Homes For Sale Logan UT

Search --> Logan Homes And Logan Real Estate

 
This post has been included in Utah Real Estate News Cache County, UT Real Estate News
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77 Comments on If You Want To Sell Your Home, Don't Dwell On The Past

20 Most Recent Comments Displayed Show All

MAY
15
2009

Lisa:

Great summation of all too common an attitude on the buyer's part and the agent's inability to get them to accept the reality of the message.

Sander Lefkowitz

Licensed in NY, NJ, CT, MA & PA
Sander Lefkowitz
10:21am • #59
254,360 Points 58 Featured Posts Called Shot Master

Robin and Sue- There is no doubt some sellers are in hard times, and it's no picnic to sell your home in a down market. But our job is to get the home sold, the seller may be hurting, and if we can't sell the home, they will hurt even more. It's tough sometimes, but it's also our responsibility to help our clients sell their homes.  
10:46am • #60
254,360 Points 58 Featured Posts Called Shot Master

Irene -  I am glad I could be of some help, and hopefully your listing gets sold soon! :)

Jeff - Thank you for your gracious words, and I am happy to help! 
10:48am • #61

As always, great post Lisa! You consistently have these little peals of wisdom to share with us. Your clients are lucky to have you.
11:38am • #62
1,023,520 Points 15 Featured Posts Localism Sponsor Outside Blog Called Shot Master

I find the same people that want top dollar for their homes are the ones that want to pay next to nothing when they go to buy. 
11:56am • #63
589,561 Points 61 Featured Posts Outside Blog Hit Router Attended Rain Camp Called Shot Master

I agree, the home has to be in tip top showing condition.  I am amazed though sometimes when I preview a house that looks great in person, how poorly it may look online.  I'm sure you do a stellar job of that Lisa, for for some agents who delegate the photo task, I hope they think to check the work of the photographer. 

In managing the sellers, I really try to put them in the mindset of the buyer.  When it's their turn to buy, do they want an ok house at an average price, or do they want the best house, at the lowest price?  That seems to at least get a dialogue going.
12:29pm • #64
701,162 Points 39 Featured Posts Outside Blog Called Shot Master

I'm not so sure that the 10 is the magic number.  By that 10, you better have some type of feedback as to what the problem is.  Who knows with the absorption rate what the number is anymore!  There are only 5-8% of the 'on market' properties selling per month in my area.  Make your listing the best price with the best condition and you've got a shot at that offer!
12:52pm • #65
146,424 Points 2 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Great blog post, and certainly some tough-to-hear advice for sellers out there. 

 

I know all real estate is local, but it seems to me that the advice to sellers right now in all markets is the same....

 

If you are selling your home now, you are going to take a beating.....the only thing at issue is how much of a beating you are going to take. Not exactly the best news ever, but it is what it is....and sellers will most likely be able to at least partially make up their loss on the buy side.

 

Anyway, thanks for sharing.  Have a great weekend!
1:32pm • #66
130,156 Points Hit Router Called Shot Master

Lisa, great information for Sellers.  With this market, Sellers need to forget what selling was like a couple of years ago and look at a totally new strategy.  If they truly want to sell, they need to think ahead of the market....which in some cases means pricing just below what the market is.  Don't you think?  Thanks for the post!
2:20pm • #67

Keep in mind that many of the same Realtors that are telling us to lower our prices are the same ones that said "real estate doesn't go down" and "it's the best investment you will ever make". Please. Now all we hear is "well you could do a short sale". They don't care because they still get their 3%.

Try to look it at from our end. It's our money that just went down the toilet.
Seller's Perspective
11:38pm • #68
Outside Blog
Great post Lisa, Good reminder to talk about absorbtion rates. Our condo market is .022 per 3 months. 8.75 months of inventory for this particular condo market I was presenting in. Now seller wants to rent unit. I tell the truth no matter what!
11:45pm • #69
MAY
16
2009
254,360 Points 58 Featured Posts Called Shot Master

Seller's Perspective - I to own a home, and I to have lost equity. I know exactly how you feel, but my job as a real estate agent, is to sell my sellers home. If you have to sell your home, then you have to sell. Some people don't have a choice but to sell, and when it comes down to it, they call real estate agents to get it sold. It's not easy, by any means, to tell someone they have to drop their price in this market. I don't know how many times I have sat down with a seller crying on my shoulder, it's the worst feeling in the world, I absolutely hate it. 

To say such a blanket statement that we don't care is ridiculous. I care very much for my clients, and my family that is going through the same tough times you are going through. 
12:23am • #70
3 Featured Posts

Hey Lisa,

Thanks so much for the post, and thanks for letting us use it!

I care very deeply about sellers just as you do...just as so many of us do. And collectively our hearts do go out to those that have to sell, but professionally, we have to divest the emotion of homeownership. It doesn't mean we do not care and It's sad that many folks want to shoot the messenger. My home too has lost value, but not nearly as much value as my stock portfolio.

There are 2 points other agents have made in other areas to consider, 1) Nobody is going to give you $55 for a 50 dollar bill, and 2) you can't fold up your stock certificates and keep much rain off.

 

Thanks again,
11:03am • #71
1,351,912 Points 42 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

You provide a lot of good information to sellers and explain to them the hows and whys of the reality of their situation.  Well done.
11:11pm • #72
MAY
20
2009
592,224 Points 22 Featured Posts Outside Blog Attended Rain Camp

Some things never change... It ALWAYS comes down to price! Especially in a buyer's market. And you're absolutely right. Dwelling on the past does nothing to help. We have to face forward in order to move forward. We must constantly think of new and inventive ways to market our real estate listings, AND do what we already know will work eventually. But if you have 2 years of inventory on the market and you need to sell quickly, your marketing plan will be different than for the seller who can wait a year. Price it right!
1:49am • #73
MAY
25
2009

Hi Lisa, this is a really great post, filled with awesome, very useful information. I have learned from you today and for that I give you a double Thank You!
2:14pm • #74
MAY
26
2009
127,709 Points

Nice post.  I have to remind my sellers of this all of the time.
1:36am • #75
JUN
02
2009
170,621 Points Outside Blog

This is a good one to print out for your Seller's.  It's usually the price that keeps the home from selling, so to have this in print for them to read is most helpful. 
4:29pm • #76
JUL
21
2009
397,895 Points 45 Featured Posts Called Shot Master

Lisa,  I heard a quote that says it so well.  "You may miss opportunities right in front of you if you're looking back over your shoulder."
11:26am • #77
JUL
27
2009
154,603 Points 1 Featured Post Outside Blog

Lisa, well put.  My partner, Jennifer recently sold her home and she was able to BARELY break even.  If she had sold last year she would have made about $15,000 (she owned her home for 3 years).  As a REALTOR she knew how important it was to use a REALTOR so she hired me.  The 1st thing I told her to do was tear up that carpet and put down wood (there was a huge inventory).  She originally resisted as the chances of her making money were slim but she knew that if she did not buyer would just buy the other homes.  I was able to get her home under contract in a month which was critical as she had already moved into her new home.

 

 
10:23pm • #78

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Lisa Udy Logan Utah Realtor

Logan, UT

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Platinum Real Estate Group

Address: 2 N Main Suite #11, Providence , UT, 84332

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I am a full time real estate specialist in Logan Utah. I have almost 9 years of experience in the real estate business. If you need help selling or buying a home feel free to contact me. If you have any questions about the Cache County real estate area I would love to help. If you would like to just chat about the current market send me an email, and I would be glad to share my expertise in our local market. For those of you who are bored and wanna gime me some flack, give me your best shot! Subscribe to Logan Utah Real Estate by Email

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