I spend a lot of time evaluating the market in an effort to maintain an edge.  Often I like to sit with a top agent and discuss the market to get their perspective.  Yesterday, I had the a great conversation with one of my agents... we will call him Super Agent:

Steve:  Super Agent, what are you thinking about when you are out working with a buyer?

Super Agent:  My job when working with a buyer is to point out the value in each property (and in some cases lack therof).  I am out to find them a property that meets their criteria for the best price.  My role is to assist them in making emotional decisions in a responsible and financially savy manner.  The good news is that buyers have a lot to choose from in the current environment.

Steve:  What about sellers?

Super Agent:  As a listing agent, it is my job to help sellers make informed decisions on price as well as positioning within the marketplace.  Pricing is critical in the current environment as only 1 in 4 properties that are listed for sale are selling today.

Steve: Super Agent, what is your biggest challenge with sellers?

Super Agent:  It's hard to get homeowners to put themselves in the position of the buyer.  Buyers have difficulty in justifying an inflated price because of all the great memories, or because the seller needs a specific amount of money to close the sale.  I hear often the seller say "I not going to give my house away.  If someone won't pay what I am asking, I won't sell."  To that I say, Mr. seller you are absolutely right, you won't sell, because the buyer won't buy.

Steve: Super Agent what words of wisdom to you have to offer a seller?

Super Agent:  Number one, the seller has to remove themselves from the transaction a bit and focus on the reality of the market.  Most homes are not worth as much today as they were last year.  There are fewer buyers in the market place, and mortgages are more difficult to secure so the competition is a very real consideration.

Number  two, sellers need to understand that buyers will see them all, so it is important to understand the inventory and make sure that the property is positioned competitively in the marketplace.  Remember the agent representing the buyer's job is to find the best property at the best price.

Number three, in this market, it does you no good to over price your home, many agents will take a listing on a hope and a prayer... ever heard the saying "throw it against the wall and see if it sticks."  In this market, it isn't going to stick unless it is positioned properly in the market place and marketed properly.  At the end of the day, 1 will stick and 3 won't, you want to be the 1.

Steve:  Thanks Super Agent for giving us your insight, I am sure that homeowners will find your comments valuable if and when they are ready to sell their property.

Super Agent:  You are welcome Steve, I am happy to meet with any homeowners and provide them with specific recommendations on the best way to position their property in the market place when they are ready to sell.  Have them contact me at (909)  336-2131.