I Live in Realityville in Colorado Springs:: Do You?
This is a REALITY check for all sellers and listing agents in Colorado Springs. Debe Maxwell has written a great article about pricing homes correctly for today's market. A lack of showings and subsequently offers, means that the property is over priced and requires a price correction - back into market REALITY. One point that I would add is that all listing agents should be monitoring the market closely by conducting a market analysis for each listing on a regular basis - at least monthly. This will also help sellers determine if they are in the market and if shopping is actually occurring (Pendings and Under Contracts). If comparable properties are going under contract and your property was not viewed, this is another indication that you are out of the market and a price correction is warranted.
In Colorado Springs we always set up an MLS property website for our sellers, so they can monitor the market AS the market changes, i.e., when properties go U/C, pending or price reductions.
Nancy Murray
Ann Knoll
Murray Knoll Partners
With Keller Williams Clients'Choice
Colorado Springs, CO
Direct: 719-964-4810
http://www.OurDistrict20Homes.com/
nancy@ourdistrict20homes.com
I Live in Realityville :: Do You?
I love listings! Listings are so enjoyable to me--I enjoy the market analysis, the staging and prep, the constant marketing challenge, 'romancing' the Realtors®, creating ads, showing homes and seeing the look on sellers' faces when an Offer is received and ultimately Closing occurs so that they can move on to the next chapter in their lives. Everything about listing a home is fun for me with the exception of pricing a home. Pricing is serious business and can make or break everything else that you've put into selling your home.
Yes, I've been guilty of allowing sellers to overprice. This market has taught me more about overpricing than I ever wanted to learn! I say, "No more!" And yes, pricing IS ultimately the seller's decision--I am in charge of the process, they are in charge of pricing. I may advise, cajole, beg, plead but, THEY price their property!
What is seller's reality? If your home is listed in MLS with an agent who is marketing your property thoroughly, is updated and staged well (including being decluttered), and has been on the market over 60 days with few buyers coming through and absolutely NO Offers, then the market has spoken, reality has reared its ugly head. What did the market say to you? You're OVERpriced!
Times have changed since your neighbor or friend sold their home for a hefty profit. Times have changed since your neighbor or friend sold their home in a couple of DAYS with multiple Offers. Times have changed since your neighbor sold his home with few upgrades in his home--buyers just wanted to find a home quickly in that particular school zone--OR before another one got away! Now, the supply is incredibly high, the demand low and buyers can afford (no pun intended) to take their time to locate the BEST deal.
However, times have also changed in YOUR favor--nearly 90% of buyers are shopping for a home online and if your home is marketed well there, then your home IS being seen by prospective buyers. Your home is shown inside and out, upstairs and down--all over the internet. Buyers are savvy these days and can easily cost-compare homes online and if yours appears to be overpriced, they move/click on. Why wouldn't they? Would YOU overpay for a home when you can get a better price on a similar new home?
Fussing at your agent for lack of showings or not doing his/her job (remember, we are the experts--this IS our business), isn't going to get the job done. Yelling that the neighbor's agent had one more open house than you have had, isn't going to get the job done. Screaming for a newspaper ad which doesn't sell homes any longer, isn't going to change the reality. Complaining that the last showing agent hasn't provided feedback within the hour--or even within the week isn't going to get the job done; if their buyer liked the home, you WILL get an Offer!
Herein lies the reality - your price needs to be adjusted. Period. Plain and simply, the sooner you make the adjustment, the sooner your burden of carrying the costs of the home and keeping your home in showing condition will come to an end and the sooner the next chapter in your life will begin.
Sorry sellers, this is simply Realityville...welcome to MY world!
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