Had an interesting conversation with a fellow agent in my office the other day.  He mentioned something that I had noticed, but not really thought too much about.  Why aren't sellers calling and screaming for their offers right now? 

This particular associate has been in Real Estate for a long time.  He was in the business when interest rates flirted with 20% in the late 80s.  He was around for the stagflation of the 70s.  In short, he's been around.

One thing appears to be substantially different in today's difficult market versus those dark times.  Anecdotally speaking, sellers appear to be resigned to the fate that they are being told to expect.  Namely, a long stay on the market.  I have further noticed that many seem to accept the eventuality that their homes might not sell at all.  This is in stark contrast to what you usually expect from a seller in a down market. 

No angry phone calls.  No awkward chance encounters at the grocery store.  Just a shrug of the shoulders and the resignation that they'll take the home off the market if they cannot get their price.

While this makes for a less stressful work day, it is not a relief that I welcome.  With the media and agents alike bombarding sellers with both the reality and hyperbole of today's down market, many sellers are dissuaded from doing what is necessary to sell their homes. 

"Replace the carpet?  Forget it.  I'm not spending any money on a house that probably won't sell anyway!"

"Reduce the asking price? Absolutely not.  I'm going to get low-balled no matter where it's priced, so I'm not going to give anything away!"

"Nothing else is selling, so it's just the market, not my price."

Call me crazy, but if I have a tricky market and a host of competition with which to contend, I am going to pull out all of the stops to make sure that I am the one that sells.  I want to make darned sure that I have the property in the best condition at the best price.  Fix-up?  Absolutely.  And I never ask what has to be fixed, but what more can I fix?  Price?  Slightly under the competition, and slightly under the comps.  Marketing?  This is not the time to scrimp on the advertising budget.  The first thing many people do in a down market is to cut out advertising due to fear of never recouping the expense.  To stand out from the sea of listings, a property must be marketed heavier than ever.  If the traditional means are not getting it done, it's time to get creative. 

Plenty of properties are not selling right now, but plenty still are.  If you curl up into a ball and expect the market to kick you for the next 6 months, it will!  If you do not need to sell your house, or just want to test the market, don't.  The surefire way to get property values moving in the right direction again is to bring supply back in balance with demand.  So do the community and yourself a service and sit this one out if your heart is not in it.  Thinning the selling pool to those sellers who really want to sell will ultimately help everyone's bottom line.  In short, sellers need to determine whether they want to swim or get out of the pool.

Leave this market to the sellers who call their agents screaming for offers.