I have gone on several listing appointments in the last few days. I am beginning to see a pattern of disbelief on the seller's faces. A look of yes, I have been reading all the news reports, I have been watching on TV, yes I am informed and I know about the sub-prime, but does that mean me? Isn't that about everyone else? The stages of grief in selling a home seem to be:
1. Information gathering. This is the first step. This is when we are called in for a CMA. However in this current market if you use sales from six months ago, that went to contract eight months ago that doesn't really apply. Prices have softened since then. So, market reports, absorption rates, charts, graphs, newspaper articles and links about projections and a long discussion leads us to the second stage.
2. Denial. This is what you do even though it is all right their. Statistics and facts not opinion. So now the question is what is special about my house? how can I drive the price up? I am smarter than all the other sellers out there so I will figure this out where no one else could. Is my school better, is transportation better, there must be something about my house that means all of the above doesn't apply to me. This leads to:
3. Blame. You are wrong and I will continue to talk to agents, and anyone else I can find to tell me what I want to hear. I know there are people out there who will make this alright. Which leads to:
4. Hiring the Agent Who Tells Me What I Want To Hear. See I told you. I found someone who agrees with me. Who sees how special my house is and who knows the value. They will list it at the price I want. So there. Which leads to:
5. Frustration. A lot of wasted down. Placing the house on the market at too high a price and no one wants to show it. My agent doesn't know what to say. They should have told me the truth at the beginning. So I sit and know I am furstrated. I go to my agents office and speak to the broker. Where are you advertising the house, why am I not getting traffic, why, why, why. You want me to lower my price? But you said.....Which leads to:
6. Acceptance. Well I guess all those statistics, absorption rates, market reports, price reductions and all that stuff you showed was correct. I have lost six months, prices have softened further and I haven't sold my house. If only I had listened. Boo Hoo.