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77 Comments on If You Want To Sell Your Home, Don't Dwell On The Past
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
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.
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!
As always, great post Lisa! You consistently have these little peals of wisdom to share with us. Your clients are lucky to have you.
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.
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.
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!
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!
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!
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 - 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.
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,
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.
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!
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!
Nice post. I have to remind my sellers of this all of the time.
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.
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."
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.