Monika, wonderful advice ! He who hesitates is lost, I think I heard that somewhere too.

Thanks Missy. He who hesitates does lose especially if you're a seller in this market.

Hi Monika,

Well said.  Far too many sellers and too few qualified buyers to get cute and try to outguess the mind of the buyers.  My impression is that the buyers today are just as ruthless toward sellers as the sellers were toward buyers during the sellers' market ! 

Hi Monika, it's sooooo true that sellers need a reality check (along with us agents!). I think everyone who's thinking of buying or selling a house needs to read your post!  I rated it a 5!

Monika,

As always, another good article.  I think most sellers are now being realistic in regards to pricing their home, but I still get the occasional "my house is worth more than that".   I won't take a listing if the seller is not realistic about today's market. 

Monika, This is excellent advice. The last few offers that I have received where the seller even countered the buyers walked. If the offer is even in the ball park a seller needs to seriously consider accepting it. In my market right now buyers will walk over the smallest change in their offer. And why not? There are another 200 similar homes to choose from. They will find a seller willing to accept their price.

Hi Bill...It's called pay back is a bitch. I had a buyer actually tell me that when they wrote up a LOW offer on a house!

Linda...Agents need a reality check big time. The story I told in my post, it was at the agents recommendation that the seller waited "to be fair" for an other offer that never came.

Harold...Thank you so much. Taking an OPT (Owner priced turkey) is a kiss of death. Just simply not worth it.

 Bryant... It's a vicious circle isn't it...why take a listing priced higher than one just like it that hasn't sold? So each new listing comes on the market a little lower priced. Buyers have many choices now. Sellers in many cases just don't understand it.

many sellers still refuse to believe that the buyer is king.

the only offers, that are offers, are those in hand, nothing else counts.

Monika...

Not much else I can say Blog Boy (Broker Bryant) beat me here.

Nice post. Pretty post :)

P.S. The Active Rain Bull Shhh! Bag still has room if you need it :)

TLW...ROAR!

Jay...I'm with you on that. I think the one in hand rules...the other isn't worth the paper its written on. Or not written on apparently.

Too bad some people still think otherwise! 

TLW...that bag was too much!  I kind of expected that deposit to be made but when it did I cracked up!

Great post!  May we also add that sellers shouldn't second guess themselves on price when they DO get a buyer in a soft market.  It's amazing that while everyone wants a quick sale, the folks who actually GET one when the neighbors have been on the market for x months start wondering if they gave it away.  Trust us-you did NOT give it away-you just priced it and prepared it correctly!

Excellent post Monika - in this market you need to consider every offer even if they are low balls, they need to be countered and never set aside - straight forward offers are difficult to come across and waiting is never a good strategy.

Monika - if only all sellers would read this post and heed the words you wrote!  It's quite challenging in this market to get showings, never mind offers, and I try to convey to all my sellers.  It has to be priced realistically and the condition needs to match the price.

Great post full of very timely info on pricing!
Ann

Thank you Leigh...The old I under sold it syndrome.  Always happens doesn't it, no matter what we tell them..they second guess themselves and us.

Ines...Thank you so much. It's a struggle here and agents and sellers are still in denial. I think you have to negotiate differently when you are in a buyers market. Problem is many of the agents have never known buyers market before...so they are totally unprepared to advise their sellers how to handle the offers.

Ann...Thanks so much! This is a challenging market with new rules and a power shift. Hard to adjust even for us seasoned agents. 

Hi Moni, I'm starting to think I'm going to begin telling my clients to look at this like a stable investment not a fast money thing. We don't normally have that conversation, but I think I'm going to incorporate that into my first talks with them.  Especially since I have so many first timers now. Thanks!

Monika,

I see this play out over and over again.  I can't believe sellers are still trying to drag out the process and of course the buyers are walking.

HI CC...I had someone near crying because in their mind they lost about 100,000 in 2 years time...2005 price compared to 2007. That is equity money but none the less very very real money to them.

Jennifer...It's called denial...that is where competent advice from a professional agent  can make a big difference.

Monika, It's not just equity money in RI.  A lot of people here bought homes in 2005 that are not selling for the same price now. They are being listed lower than 2005. Many of these homebuyers bought with no down, etc...THis was their full mortgage!  These are the one's I feel bad for, having to lower their price and actually being forced to sell.

The ones who have been sitting on equity for awhile need to rethink their prices if selling is what they really want to do. Like the stock market, paper money is worth nothing til you sell it.

Excellent post and you are always giving me good advice.

Karen,

Thanks so much for stopping by. I do feel bad for the people who bought in 2003 to 2005...our prices are heading back to 01 and 02 levels. It's tough out there right now for sellers.

Jay..Now if only you'll listen to me <gg> more often. 

Monika -- you are so correct -- I hope that agents in New Hampshire will read your post -- I know it is tough for everyone right now -- but overpricing properties and offering low co-broke fees is not helping either the sellers or the buyers.  So -- PAY ATTENTION TO MONIKA -- she knows what she is talking about.

Monika - you are so full of ssssssssound Advice!  Wish you were closer, I'd have you booked solid over here!  Thanks for sharing this post, I have bookmarked it to forward to those when deemed necessary!!

GREAT INFORMATION!!!  B-)

Thank you Joan...You are right..overpricing is a killer! Sellers need to do everything they can to make their home stand out!

Brad...Thank you so much for the kind words!  I wish I was closer...maybe someday Brad.

Ditto to the "Bird in the hand".  I try to inform all Sellers that an expected offer is not an offer at all, and if we have one in writing to only consider that one.  too many times lately I have had agents say "my client is interested and wants to put an offer" then you never hear from them again.

Me, I am more concerned with the agent that told the seller to wait-what is their feeling now that the seller lost a sale?

Kathy...The agent believes the right thing was done..."to be fair" and the seller agreed. Next time I'm sure the agent will react differently. Or at least I hope so.

As a homeowner who has recently sold their home, I can attest first hand it is indeed a different market than it was 2,3, or 5 yrs ago when we bought our home.  Where as 2 yrs ago realtors were begging for sellers, now they have their pick of too many, and are weeding through them like so many insensitive buyers.  We felt we had a very good idea what our home was worth, and what its strengths and weaknesses were.  Upon first consultation with our realtor, however, we were dismayed at what she felt the value was.  She told us our home a full 10% below what we felt it was worth, and nothing we said seemed to matter. "You have to be realistic"  she told us over and over.  "The market isn't what it was" she kept saying.  I knew the market was softening, which is why I chose to buy up at this time, hoping there would be fewer eligble buyers in my price range. 

The comps she pulled were not even close, literally miles and miles away. Some off by as much as 700sqft.  She was comparing my 4br home, on a dead end st,  close to commuting, with access to hiking on conservation land, to homes so close to the street plows would burry the front door!  But that's in my zipcode right?  I swear, where do realtors earn their money?  We had recently spent $40,000 in upgrades to our kitchens and bathrooms, and her reply was "you screwed up, its the nicest house on the street. I'm sorry" 

the recent town apprasial of my house (100%) was more than our asking price. 

We refused to listen to her, and she begrudgingly listed our house for what we felt was a fair price.  We multiple offers, within hours of showing both from excellent buyers who'd been looking for a long time for the right house.  They knew what they wanted.  I'm now writing to you from the kitchen of our new home, a home I found without the help of a Realtor, because I knew what I wanted.  My home was on the market for a total of 57 hours.  I think we priced it right. 

Realtors are not appraisers.  They have no right telling you what your home worth.  They can only guide.

Realtors are not lawyers.  They can't sell a home for you if they wanted to.  They can only help.

Realtors are not necessary, they will not be around if they continue to charge 5-6% for phone calls and pushing paper.  They will soon be sitting on the stoop with new car salesmen and travel agents.

Your database is turning on you. 

Hello No name.

Just Like not every home is created equally neither are REALTORS. I am so glad you stuck to your guns and got your price. I am surprised however that you stuck with your REALTOR as it really sounds like she had no idea what she was doing. 

The market is tricky and unless there are no other comps available I can't see using homes that don't compare without doing price adjustments. I'm not an appraiser but I really feel in my market I know as much as most appraisers, if not more as to what is attracting buyers and selling.  I work with my sellers and would never begrudgingly take a listing. I am happy that it worked out for you and only wish many seller were as market savvy as you. I appreciate your comment very much. Where are you located...just the state if you don't mind sharing.

Thanks 

Monika,

That was stated very well.  As to No Name, I don't see myself sitting on a stoop.  There are more people that use and value the services of Realtors than not.  Everyone has the right to feel the way they do.  That was one agent, not us all. 

Great post Monika, you really understand your market and it's conditions.

Thanks Ray. Yeah..I'm not going to be sitting on a stoop either. There is a lot of value to the service most of us perform. Sadly there are some agents that give us all a bad name.