Once You've Tested the Market, You Need to Act Upon the Results

Once You've Tested the Market, You Need to Act Upon the Results

I've had quite a few recent conversations with homeowners in the Apostle Islands and South Shore area lately, all of those conversations centered around the search for a price that will bring results.  These would-be sellers have something in common, and that something is frustration.

The situation appears to be worse on the mainland, compared to our recent market upturn on Madeline Island.  Properties in Bayfield County, particularly those priced at over three hundred thousand dollars, aren't exactly flying off the shelves.  A lot of sellers appear to be stubbornly holding to their price.

One seller shared his frustrations about the mainland real estate market, telling me that he had "tested the market " (in the $700,000s) and he encountered a complete lack of buyer interest. 

When you've been on the market for a year or two, with no change in price, the market is trying to tell you something.  There's that well-worn saying about doing the same thing over and over, yet expecting a different result.  Assuming that your home is in good condition (clean, nicely decorated and so forth) and also assuming that your marketing (or your real estate agent's marketing) is capable of reaching the buying public, what else can you do? 

I know sellers who don't seem to have learned much from their "testing the market" experience.  Waiting on the sidelines and hoping for a market miracle isn't a great option either.

A price correction of two or three per cent may not be enough to do the trick.  In a dormant or slow market area, Buyers want to see signs of seller motivation and a willingness to negotiate. 

Keeping the same list price year after year but changing real estate agents is kind of like moving from one hospital room to another, hoping to get over the measles.  It probably won't give you results.  By all means, find a new listing agent if your previous agent wasn't reaching prospects or marketing your property at its best.  But even the best marketing strategy and presentation probably won't work if your home is overpriced.