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Be Ahead of It...Don't Chase It

That is some of the best advice I have heard recently. It certainly applies to sellers in this market. The idea is to price aggressively.

As REALTORS® we know, and so do the sellers, that prices have dropped. We are not only not experiencing a rise in prices we have had to make some big adjustments as the inventory grows. The idea now is to get ahead of the market as it goes down...don't chase it which means don't drop your prices when it is too late.

If a house should be priced at $450,000 we have to really convince the sellers. It's not working to go along with a $475,000 price and then 2-3 months later reduce it to $450,000 when the market value is now $425,000.

It is better to take our lickings from the sellers once, when we list, than each and every time we have to talk to them about a reduction or why no one is showing the house let alone writing a contract. I'm wondering if many of you are still experiencing unrealistic expectations on the part of some sellers.

Posted by Kathleen "Kate" Elim LAKE ANNA, VA Real Estate on 09/30/2007 07:58 PM

Comments (5)

cma, pricing, price reductions, buyers market, seller adjustment

Post is included in group: Newbies Again

5 Comments on Be Ahead of It...Don't Chase It

Yes, I agree with you. I've preached this concept in the last slow market and I've found that only VERY motivated sellers will adjust their price down.

09/30/2007 08:10 PM

by Wayne Miller (Beach & Luxury Realty, Inc)

Good post. Things have changed so drastically over the last couple of years. It's so much easier to get sellers to be reasonable, and that's a good thing. Wish we could predict the market, but we just can't. The market is what it is, and when it speaks, we have to listen, even if it's saying what we don't really want to hear.

09/30/2007 08:18 PM

by Sharon Filbig | San Diego County Real Estate (Prudential California Realty)

Thanks for your comment Wayne. I agree that it takes a motivated seller. I just try to convince them that I'm an agent that's motivated to get my listings sold and the first step is to price it right. It doesn't always work but it's worth a shot.

Hi Sharon. I'm glad you're having success with your sellers.

09/30/2007 08:28 PM

by Kathleen "Kate" Elim LAKE ANNA, VA Real Estate (RE/MAX Lake & Country)

Alot of my seller's are "becoming" realistic.... but its still an upward battle... I think it truly depends on motivation. Have a good day!

10/02/2007 09:17 PM

by Desiree Daniels New Jersey Real Estate (609) 448-2222 (RE/MAX Tri County)

Kathleen,

Welcome to Activerain. Great 1st post! You're off to a great start. Their are several tools you can use as a Newbie here on Activerain.

Join a group - The Newbie Group is a good one to get lots of good advice starting out.
Make sure you read the Community Guidelines. It will help you figure out what you can and cannot do around here.
Invite others - You'll get extra points and help your ranking :)
Brad Andersohn did a great post called Blog Starter Kit
The Real Estate Tomato did a blog on 101 Things to Write About on Your Blog

This should get you started for now. There's a lot to learn. Welcome aboard.

10/18/2007 09:02 AM

by Tracy Santrock-Cary NC Real Estate Blog (Fonville Morisey)

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