“What can you do to sell my house WITHOUT dropping the price,” he asked me several times throughout my listing presentation. He confided that he had cancelled his last listing agreement just days ago due to lack of showings. The home is new within a few years and in an upscale location but yet at the same time it has some low end features that are not common in his development. It has some laminate floors, it has some cheap bamboo floors, it has Corian instead of granite in the bathrooms and the basement is unfinished. And while it does has some upscale features they are very taste specific with an almost southwestern flair. It sits on the smallest lot in this development and has a tiny little deck. It is also square footage wise one of the smallest in the area due to the unfinished basement. It is a beautiful house in my opinion but no showings and no offers says to me it is priced to high!
So needless to say he wasn’t overjoyed when I told him that it was worth 10k less then the last guy priced it at if we looked at the CMA. There were several homes in the development that had sold also very comparable to his that backed my price. As I left the home I knew that I would never hear from him again. The way he kept asking his main question proved to me that he hadn’t come to terms with the fact that his price was too high. Now more so then ever you have to have all three spokes of the wheel to successfully sell your home…. those being location, condition and PRICE! Consumers are being more cautious then ever about spending money and they will look around until they find the very best deals and with the market being depressed there are lots of them.
You can advertise all over the internet, have broker opens, have public opens have selling bonuses, give money for closing costs, and pay discount points and if it doesn’t pencil out to be a great deal moneywise your house will get passed over again and again. While you think you can wait this out your house will sit there and get market worn, which is an invitation for low-ball offers, and further price declines down the road. To put it in a different light imagine buying a car. There are several cars mostly all the same with the same mileage. You are most likely going to buy the cheapest car with the lowest miles in the nicest condition. The dealer that has the same car for 5k more is just going to be a pawn to push you in the direction of the deal! People don’t care where you advertise they just want a deal! Well he was a nice guy and I do wish him luck but I don’t want to market his home for a long time while he figures it out! Have a nice weekend everyone!
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